Marcel Cassar / APS Bank

APS Bank plc CEO Marcel Cassar has labelled the first half of 2023 as the bank’s “best-ever”, having recorded stark improvements in its financial performance when compared to previous years.

This came after the publication of its Interim Financial Update for the opening six months of the year, where it announced a pre-tax profit of €16.8 million at group level and €16.1 million at bank level, rising from the €1.9 million and €13.6 million it recorded respectively in the same period last year. This was largely aided by a gross interest revenue of €49.6 million, attributable to a mix of growth across the bank’s credit portfolio and higher interest returns across most asset classes.

The group’s total assets at the end of the first half of 2023 increased by 10.3 per cent to €3.4 billion, while liabilities also grew by 10.8 per cent to €3.2 billion. The Board of Directors declared the payment of an interim net dividend of €2.1 million as scrip, equating to €0.0056 per ordinary share.

Delving deeper into the performance, Mr Cassar said: “We are proud to be announcing our best-ever half-yearly results for both the group and the bank.”

He remarked that in continuing with the first quarter’s trend, APS made “new, exciting inroads in commercial and corporate business”, increased its share in the home finance market even further, managed liquidity and capital efficiently, while also prioritising its sustainability agenda.

“We achieve this by being continuously transformative and innovative through our offerings of new products, channels, and services,” he added.

“Despite increasing pressures on funding costs, we remain committed to manage the transmission of interest rates with the concerns of all our customers in mind. This presents a continuous test for our asset-liability management, but our team and their modelling are rising to this challenge with excellent results for both bank and customers,” Mr Cassar explained.

He remarked that later in 2023, the bank is looking forward to a “stepping-up” of its funding activity through the launch of an issuance programme of Tier 2 debt instruments.

“Most importantly, our focus is firmly on looking at opportunities to create value for our customers and shareholders driven by a strong business model, robust operating fundamentals, and clear strategic priorities,” he concluded.

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APS Bank CEO Marcel Cassar / APS Bank


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