Lombard Group posts €13.94m pre-tax profit

The Group performed well with profits before tax reaching €13.94 million. While addressing shareholders present for the meeting, the Bank’s Chairman, Christian Lemmerich, expressed satisfaction upon the attainment of a Consolidated Net Profit after tax of €9.0 million, representing an increase of 12% over the Financial Year 2009.

The chairman stated that such a performance was to be seen in the light of challenging and uncertain financial and economic conditions world-wide.

Shareholders’ funds increased by a further 11% while total assets of the group increased by 4% to €567.8 million. The financial statements presented highlighted robust financial fundamentals of the group with the bank’s capital adequacy ratio now standing at 18% which is well above the required 8% as per Basel II.

The loan to deposit ratio stood at a prudent 71% further evidencing a pragmatic approach to the bank’s asset/liability management.

Shareholders also adopted a resolution declaring a final gross dividend of €0.115 per share representing a final gross payment of €4.151 million.

All other ordinary resolutions presented to the meeting were adopted. During the meeting the Chairman paid tribute to the late Joseph M. Demajo who passed away earlier in the week and who had served as a director for over ten years. The Board of Directors of the Bank is composed of Christian Lemmerich (Chairman), Kimon Palamidis, Joseph Said, Dimitris Spanodimos, Christos Stylianides and Michael Zammit.