APS Bank registered a Group profit before tax of €3.8 million in Q1 2021, up from €2 million from the same period in 2020.
Commenting on the bank’s financial results, CEO Marcel Cassar said “Usually, our first quarter is the most challenging, this year especially so as the pandemic effects continue to bite.”
The CEO added “We are confident that our business model will endure and overcome the current uncertainty, yet the extent of the rebound of key sectors such as tourism is going to be critical even for the short-to-medium term economic recovery.”
During the same period under review, the Bank registered a pre-tax profit of €3.9 million, down from the €5.2 million registered in Q1 of 2020, as per Group and Bank unaudited financial statements presented at a recent meeting of the Board of Directors.
Mr Cassar stated, “As we experience a gradual pick-up in business sentiment, we shall maintain a prudent watch on credit underwriting and asset quality, mindful that pandemic-related developments will continue to shape the landscape for quite some time to come.”
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