Notwithstanding the challenging economic and financial environment, APS Bank Group continued its growth trajectory in 2015 as it registered a record pre-tax profit of €15.6 million, an increase of 22% over the previous year. This performance is the result of improvements in the main sources of Bank income as well as a stronger contribution from the APS Funds SICAV. Deposits and credit activity also continued to grow, by 6% and 11% respectively, a commendable result for the Bank in the tough market and regulatory climate which characterised 2015.With total assets in excess of €1.1 billion and equity of €117.8 million, the Group is poised for further growth in line with the targets set out in the 2016-2018 Business Programme.

These numbers were announced by the Bank’s Chairman, Mr E. P. Delia, during the Annual General Meeting of shareholders held on Thursday, 28 April, 2016. Mr Delia made reference to the investment embarked upon in the Bank’s technology infrastructure, operational framework and human resources. Moreover, he commented: “The Group’s strong capital base will allow us to keep on meeting the ever-increasing regulatory requirements for capital and liquidity whilst placing us on a sure footing as we respond positively to new business opportunities. At the same time, we continue supporting actively cultural initiatives which contribute to personal development and social cohesion.”

The Annual General Meeting was followed by a presentation to a wider audience that included the Bank’s management as well as financial intermediaries, professionals, representatives of supervisory bodies and the media during which the Chief Executive Officer, Mr Marcel Cassar, elaborated on the Group’s performance and outlined the priorities for the Group going forward. Mr Cassar commented: “We have delivered good 2015 results built on strong fundamentals however we are also sharpening and modernising our ideas as regards strategy, markets, support, governance, people and quality – these are the bedrock elements for our next phase of growth. An exciting future lies ahead for APS Bank.”