APS Bank CEO Marcel Cassar today called for “institutional serenity and supervisory stability” while delivering an address on the bank’s all-round growth in profits, revenue and assets.
“I think there is a need for [institutional serenity and supervisory stability], not only for our industry but for the image of Malta in general. Sometimes you get asked; ‘but why do you get too concerned about making these statements? You are predominantly local in your business model.’ This is true, but even the local environment needs to have stability because we are building a lot of our business on industries which needs serenity and stability - property and rental markets also need stability. The challenge is to navigate safely in these unchartered waters,” he said.
Citing statistics and figures in order to illustrate the bank’s robust growth, Mr Cassar highlighted the all-round growth on group level, an increase in operating income by 10 per cent to €34.9 million, pre-tax profit up by two per cent to €15.8 million and total assets/liabilities up by 16 per cent to €1.28 billion
In a year marked by significant investment in new technology and infrastructure projects, human capital, reorganisation as well as increasing compliance and regulatory requirements, the group returned a cost-efficiency ratio of 54.4 per cent.
Chairman Emmanuel P Delia described the results as “very satisfactory..as they encourage us [APS] to look ahead with confidence”.
Mr Cassar shed light on the collective agreement to be signed in the upcoming days for its staff, which is valid for the years 2017 to 2019. He spoke of the “introduction of new concepts” by replacing the traditional grade structure use in banks and for civil servants, to “something more promising and rewarding for the staff.”
“We have engaged an international consultant to assist us, while process has already started,” he said.
The institution’s driving principles of reputation, competition, technology and talent were stressed. “We are constantly juggling these four elements.”
Adding to this, an increase in wage costs was registered. The CEO acknowledged the difficulty of retaining the right people in such an ultra-competitive market.
The year APS is marked by the introduction of a new core banking system, initiation of a branch network transformation as well as strong business growth at the retail.