APS Bank has maintained its pre-tax profits of EUR7.45 million and increased its total assets to EUR645.0 million as at 31 December 2007. Moreover, the advances portfolio has grown by a further EUR51.25 million, partially supported by a rise in customer deposits of EUR9.60 million.
APS Bank chairman Professor Emanuel P. Delia described the bank’s financial year 2007 as “a particularly interesting and extremely challenging financial year for the bank”.
Reviewing last year’s bank performance Prof. Delia said APS Bank saw the basic groundwork laid for the launching of APS Funds Sicav plc and the consolidation of APS Consult Ltd, in particular developments in the sector of agriculture.
The year under review was also marked by intensive preparations for the changeover to the euro. “This created additional challenges and mainly involved the adaptation of our IT systems, the logistics of cash movements and training of staff members, which work was concluded successfully,” said Prof. Delia.
Prof. Delia remarked that the introduction of the euro posed threats but also gave rise to opportunities. “We are currently experiencing phenomena that are totally new in our ‘domestic’ market and we have to be on guard to anticipate and adjust to changing situations rapidly. On the other hand the initiatives we have taken over the past years, especially the membership in FEBEA (the European Federation of Ethical and Alternative Financial Institutions), offers the bank possibilities to actively participate in the setting up of an effective European network of social institutions,” Prof. Delia said
The launch of the bank’s ‘365 Online’ Internet banking service was met with remarkable success. Another two major projects undertaken by the Operations Division are the reconstruction and enlargement of the bank’s Gozo Branch, and the completion of its Operations Centre in Swatar, which will also house another branch.
The provisions in the MiFID (Markets in Financial Instruments Directive) were implemented in the bank’s existing framework with effect from 1 November 2007. This regulation laid out various new requirements for the European financial sector with the purpose of establishing a single European financial services market.
The bank has maintained its role as an integral contributing member of the community in which it operates. By concentrating on key themes and working in partnership with other institutions, the bank has focused on education, sports and cultural heritage including both musical and literary genres respectively.
Prof. Delia mentioned the open competition for Maltese composers for a musical work, the bank’s continuation with its current Grande Messe cycle, and the sponsorship of the restoration work that is being carried out on one of Malta’s oldest portable organs at Cospicua parish church.
“We were extremely delighted that the bank’s latest publication under the ‘Fond ghall-Kittieba tal-Malti’ entitled ‘Sa Ma Jasal Godot’, translated into Maltese by Chev. Dr Anthony Aquilina, placed first in the drama translations category of the National Book Council’s annual awards,” remarked Prof. Delia.
Another activity was the bank’s eighth annual seminar “Safeguarding Water Resources in the Maltese Islands” during which the bank addressed one of the most pressing problems related to the conservation, rational use and management of an invaluable resource such as water.
“The projects the bank has undertaken to improve its infrastructure and level of service, together with other planned initiatives and the strong overseas cooperation, will all contribute towards extending the bank’s effective contribution to society; more so when the full extent of their potential would have been developed,” said Prof. Delia.