APS Bank Group continues its steady expansion in 2013
The 2013 Annual Report and Financial Statements were presented during the APS Bank Annual General Meeting on Friday 25th April 2014. Mr E. P. Delia, the Bank’s Chairman, observed that although 2013 was characterised by significant challenges the Bank achieved its objectives and performance targets. The Bank continued implementing the economic/ financial model that enabled it to expand steadily, fulfilling its social and financial aims.
Total assets of APS Group rose to €965.1 million, up from €910.2 million in 2012, with both customers’ deposits and loans registering increases. These results signify a strong increase in customers’ trust as also evidenced by an increase of €38.1 million in deposits; with lending also rising to €563.3 million from €520.9 million in 2012. And, following the measures taken in previous years to strengthen loans administration, the Group’s pre-tax profits in 2013 amounted to €13.8 million.
2013 also saw the completion of the capitalisation exercise undertaken by the Bank’s shareholders through which a total of €12 million in fresh funds were injected in the Bank. The Group’s share capital now stands at €57.6 million, while shareholders’ funds are €98.6 million. These funds will continue to allow the Bank to extend its presence in local communities, while meeting new regulatory requirements and investing further in its infrastructure and human capital.
The Bank’s subsidiary, APS Funds SICAV plc, also registered another positive year. Assets under management increased from €40.3 million in 2012 to €49.9 million. Furthermore, the APS Regular Income Ethical Fund, in its first year of full operation, performed excellently, showing that there is a local demand for an investment opportunity that allows for a return on capital to be reconciled with socially-responsible investment decisions.
Bank operations expanded through the opening of two new branches in Zejtun and Attard. This demonstrates a willingness by the Bank to seek greater integration within the community.
In 2013, the Bank continued its commitment to sponsor music and visual art events as well as produce a number of publications. The highlight of the Bank’s cultural calendar remains its Annual Concert which this year attracted a record following. It featured Christopher Muscat’s Stabat Mater, the winning entry of the Bank’s second National Music Competition for Maltese Composers.
Collaborating with the Malta Photographic Society, the Bank held its exhibition entitled Movement in both Malta and Gozo. They also launched a competition themed, Contrast. Twelve photographs from the entries were reproduced in the Bank’s 2014 calendar. Besides, the third exhibition of artistic works by established and emergent local artists in various media - including wood, ceramics and paintings - was organised in October. The exhibits and the supporting programme were very much appreciated for their visual impact and educational content.
Of major significance this year was the completion of the preparatory work for the publication of a history of the Unione Cattolica San Giuseppe, the Founder of APS Bank. This publication will ensure that the legacy of an organisation that contributed in no small way to the empowerment of Maltese families be preserved for generations to come.
Mr E. P. Delia stated that with the participation of all stakeholders, the Bank will continue to propagate its legacy and support the development of Maltese society. The Chairman thanked all those who contributed to another successful year, including the Bank’s customers who continue to trust it with their resources and aspirations, its shareholders for their continuing support, and all its employees who provide a professional and customer-oriented service environment. Lastly, the Chairman thanked his fellow directors whose ongoing advice was indispensable throughout 2013.
The Annual Report and Financial Statements for 2013 can be downloaded from the Bank’s website www.apsbank.com.mt.