At Lombard Bank’s Annual General Meeting last Thursday, chairman Christian Lemmerich, expressed satisfaction over the bank’s Consolidated Net Profit after tax of €9 million for the last financial year, representing an increase of 12 per cent.

According to Mr Lemmerich, the performance – although very much in the black – had to be seen in the light of the challenging and uncertain financial and economic conditions across the globe.

Shareholders’ funds increased by a further 11 per cent, while the Group’s total assets increased by four per cent to €567.8 million.

The Group performed well, with profits before tax reaching €13.94 million. The financial statements presented highlighted the robust financial fundamentals of the Group, with the bank’s capital adequacy ratio now standing at 18 per cent, which is well above the required eight per cent as per Basel II. The loan to deposit ratio stood at a prudent 71 per cent, further evidencing a pragmatic approach to the bank’s asset/liability management.

Shareholders also adopted a resolution declaring a final gross dividend of €0.115 per share representing a final gross payment of €4.151 million.

All the other ordinary resolutions presented to the meeting were adopted. During the meeting, the chairman paid tribute to the late Joseph M. Demajo, who had passed away earlier in the week and who had served as a director of the company for over 10 years.

The board of directors of the bank is composed of Christian Lemmerich (chairman), Kimon Palamidis, Joseph Said, Dimitris Spanodimos, Christos Stylianides and Michael Zammit.