In 2011 APS Bank delivered an improved performance against a backdrop of a slow recovering economy in the Maltese Islands and a wider array of competition in the financial services sector.

During the Annual General Meeting, the Annual Report and Financial Statements were presented. Mr. Emanuel P Delia, APS Bank Chairman, observed that this year’s results show that a unit’s social commitment is not inconsistent with profitability. The Group’s profits before tax reached €8.4 million, making this another record year in terms of earnings.

The Chairman said that “the results obtained during 2011 indicate that the total assets rose to €814.3 million from €786.6 million with lending increasing by €50.7 million. On the other hand, deposits have fallen slightly, decreasing by €11.9 million, but the Bank availed itself of other sources of funds.

2011 was also marked by important cultural events such as the organisation of the first Photography Exhibition in conjunction with the Malta Photographic Society themed ‘Banking on our local heritage’ and the launch of a new photography competition themed ‘Green.’

The subject was thought-provoking, and participation was again very encouraging. The number of entries increased over the previous year. The Bank further sought to promote the visual arts through the organisation of the first ‘APS Bank Art Exhibition’, which is part of a three-year programme.

The highlight of the Bank’s commitment to the local cultural scene was its 10th Anniversary Concert featuring the ‘Liturgical works for St. John’s’ written by the Maltese composer Nicolò Isouard and performed for the first time after 200 years at the St. John’s Co-Cathedral in Valletta. Besides, the Bank launched its Second National Music Competition for Maltese Composers; nine works were submitted and these are now being judged by an international panel.

This year the Bank also published the 10th volume of its Occasional Papers Series. This comprised a number of papers presented during the Annual General Meeting of the European Federation of Ethical and Alternative Banks (FEBEA) held in Malta in 2010.

The subsidiary APS Consult Limited, the Bank’s consultancy arm, has further developed its role as a facilitator for economic and social restructuring, bringing agents of change together to meet the objectives of efficiency, competitiveness and sustainability in various sectors of the economy. In addition, APS Funds SICAV plc made the necessary preparations to launch the first ethical fund in 2012, while it saw its APS Income Fund grow by 21.6%.”

Mr. Delia expressed his gratitude to all stakeholders because it was their joint-collaboration that made possible the results registered in 2011. Following the increase in its capital base over the three year period 2011-2013, the Bank will be expanding its branch network in the near future. Besides, it will also be introducing new communication channels to reach the general public.

Click here to download the Annual Report and Financial Statements for 2011.

Photo shows APS Bank Chairman, Mr. E. P. Delia, addressing the floor during the Bank’s AGM.

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