APS Bank has said that their ability to remain focused and capitalise on any arising opportunity resulted in a 2.4% increase in operating income and a pre-tax profit of €6 million as at 31st December 2009. The Bank registered an increase of €55 million in its assets, now totaling €723 million, which was mainly supported by a rise in customer deposits of €48 million. The Bank’s financial results were announced during the annual general meeting held on 22nd of April 2010.

APS Bank Chairman, Professor Emanuel P. Delia said, “Regardless of the uncertainties brought about by the global financial meltdown and the demanding local market environment, the Bank has pursued its vision relentlessly and attained satisfactory financial results. A clear demonstration of trust that the Maltese community continues to have in the APS Bank.”

“APS Consult Ltd., the Bank’s capacity building and consultancy arm, performed well during 2009 offering an array of services to both local and foreign clients. The demand for its advisory services are expected to increase as clients strive to restructure and recapitalise during these challenging times. Concurrently, the Bank’s other subsidiary, APS Funds SICAV plc attained good returns. A second fund with a strong ethical leaning is being considered.”

Professor Emanuel P. Delia explained that, “A positive performance has never been measured solely in monetary terms. It should include broader aspects, such as sound governance, staff development and motivation, improving the workplace and the branch network, implementing innovative systems and delivering new products and services.” He also emphasised on the Bank’s social commitment, “Our firm social commitment has been rooted in the very nature of the Bank,” explaining that the Bank has been actively involved in the community as an essential part of its corporate responsibility, aiming to make a meaningful difference mainly in the educational, literary, cultural and sports-related fields.

“Operating expenses increased by 13.4% over the previous year. Overall, this upward movement mirrored the heavy investments made in the Bank’s infrastructure, including the optimisation of internal processes, product offerings, technology enhancements and the opening of new offices. In 2009 the refurbishment of the Floriana mini-branch was completed. This mini-branch is intended to serve as a proof-of-concept exhibiting a modern way of banking. Another development was the restructuring of the Gozo Branch planned to be officially opened in September 2010. Moreover, following the migration of most of the back office operations to the new APS Centre in Swatar (B’Kara), this state-of-the-art premises will be officially inaugurated in October 2010. These events will fittingly coincide with the Bank’s centenary commemorations.”

“The Bank feels that it is well positioned and aims to be one of the leading drivers of ethical, social and economic development in the banking sector. Professor Delia concluded by saying that, “the next three years will see the Bank grow further by basing its operations on its sound business model, by building on the same principles, and stepping up endeavours in a wider regional context.” He expressed his gratitude to all stakeholders for their part in thrusting the Bank to its present standing.”

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