The Lombard Bank Group’s Board of Directors on Thursday approved their financial results; the group registered profit before taxation of €13.94 million, a year-on-year increase of 7.8 per cent, despite last year’s background of adverse economic conditions.

All sectors of the bank’s activities showed positive trends and contributed to the increase, the group said in a statement.

Bank chairman Christian Lemmerich commented, “Despite upheavals in the markets, the bank continues to pay dividends at consistent levels, and it is the bank’s intention to continue doing so.

“As far as the business prospects for this year are concerned, we feel that we are well placed to take advantage of the business opportunities which a growing economy presents from time to time.”

Earlier this year, MaltaPost, the group’s main subsidiary, had announced a profit after tax of €2.11 million. Postal sales revenues benefited from growth in mail activity as well as from philatelic sales.

Mr Lemmerich observed that the bank’s, “Capital Adequacy ratio now stands at 18 per cent, comfortably above the required eight per cent as per Basle II. Additionally, we have maintained a strong and prudent loan to deposit ratio that now stands at 71 per cent − a level that is considered, in the banking industry, to be conservative. Especially in times of financial turmoil, as we have witnessed over the past few years, the strength and solidity which these two ratios represent are of considerable importance.”

During the meeting the Board of Directors of Lombard Bank proposed that the shareholders approve a gross dividend of €0.115 per share, an increase of 15 per cent, to be paid to shareholders on the company’s register as at 29 March 2011.