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.

Featured Image:

APS Bank CEO Marcel Cassar / APS Bank

Related

Malta investment insights: MCConsult Founder Miriam Camilleri

3 March 2024
by Robert Fenech

She sheds light on the nuances surrounding the maritime industry in Malta as part of the latest edition of Malta ...

The Convenience Shop planning to make international expansion by 2025, says CEO Martin Agius

1 March 2024
by Fabrizio Tabone

He was speaking as the retail chain marks 15 years since it opened its first outlet in Żebbug, back in ...

New AQA SURE FUND seeks to focus on how ‘fish behave in your pond’ for high returns

1 March 2024
by MaltaCEOs

An actively managed strategy will focus attention on market behavior for a high yielding investment product.

How many airports is Malta connected to in 2024?

1 March 2024
by Fabrizio Tabone

MaltaCEOs.mt takes a look at the options available to travellers, as well as key business destinations, in the wake of ...

Close Bitnami banner
Bitnami