APS Bank has declared a 20% decline in its profits for 2024 compared to the previous year despite the fact that other local banks are hitting record profits and revenues. Profits were weighed down by a reduction in net interest income going down by about around 11% from €73.6 million in 2023 to €65.5 million in 2024.
The Group’s profit for 2024 was €23.8 million compared to €30.2 million in 2023. The Bank’s profit was for 2024 was €22.5 million compared to €27.8 million in 2023. The Group’s and the Bank’s return on average equity was 6.3% and 6% for 2024 respectively, and 7.5% and 6.8% for 2023 respectively. Customers deposits increased by around €500 million increasing to €3.567 billion from the previous year and the loan book increased from €2.8 billion to €3.19 billion.
APS Bank has underperformed in the past two years compared to Malta’s other leading banks, BOV and HSBC Malta. APS Bank CEO Marcel Cassar reiterated that APS is still interested in buying HSBC Malta.
Newsroom
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