2018 a challenging year for the banking sector – APS chairman
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A continuing low interest rate regime, a strong competitive environment and an ever-increasing regulatory burden made 2018 a challenging year for the banking sector, APS chairman Frederick Mifsud Bonnici said in the bank’s latest annual report. “All thi2018 a challenging year for the banking sector – APS chairman
A continuing low interest rate regime, a strong competitive environment and an ever-increasing regulatory burden made 2018 a challenging year for the banking sector, APS chairman Frederick Mifsud Bonnici said in the bank’s latest annual report. “All this coupled with the objective of strengthening and promoting the Bank to retain existing customers and as an attractive alternative to potential new customers and to meet future challenges and growth made it even tougher,” Mr Mifsud Bonnici said. However, Mr Mifsud Bonnici said he believed the Bank’s senior management “ably led by the chief executive officer”, Marcel Cassar, have done a remarkable job. In 2018 APS Bank’s Group Operating Income expanded by 4.6 per cent, from €42.8 million to €44.7 million (Bank: by 6.3 per cent to €45.7 million) and Pre-tax Profit increased by 1.5 per cent, from €18.4 million to €18.6 million (Bank: by 7.7 per cent to €19.7 million). The APS chairman emphasised that the costs of compliance with new and changing regulation “are increasing unrelentingly”. He said he had no doubt that regulation has many benefits and beneficiaries, however, to be effective and efficient, a regulatory regime and... Read more














