The Malta Independent on Sunday
APS Bank registers all-round growth in profits, revenue and assets
Despite the challenging interestrate landscape and competitive environment, APS Bank Group reported all-round growth in 2016, with Operating Income increasing by 10% to €34.9 million, pre-tax profit by 2% to €15.8 million and total assets/liabilities by 16% 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% and a strong Total Capital Ratio of 16.9%.
These results were announced at the 2016 Presentation of Financial Results, held last Wednesday.
Chairman E.P. Delia described the results as “very satisfactory … as they encourage us to look ahead with confidence”. He noted that “such a performance was underlined by the Group’s values of social and ethical banking and the collective contribution of all stakeholders”.
2016 was also marked by a number of significant milestones, such as the successful implementation of a new core banking system, initiation of a branch network transformation as well as strong business growth at the level of retail, MSME and mid-cap commercial facilities, with deposits and lending activity increasing by 16%. Another mark reached was the surpassing of the €100 million under management in APS Funds SICAV and the formation of a wholly-owned investment management subsidiary ReAPS Asset Management Limited. APS Bank has also been making progress in the suite of products and services it offers, from home finance to EIF-supported business schemes. The bank will shortly be launching a range of social banking services.
CEO Marcel Cassar hailed the results as “fruits of a strategy that draws on the bank’s market strengths and maximises on the business and revenue opportunities that they offer”. Referring to the various projects and re- forms in progress, he emphasised that “APS will remain a customer-friendly bank … we will not use technology to replace personal interaction with the customer”.