Lombard's pre-tax profits up 24%

Lombard Bank Malta plc recorded a pre-tax profit of Lm2.183 million for the financial period that ended on December 31, 2003.

The results emerge from the audited accounts of Lombard Bank and its subsidiaries as approved by the board of directors, who met in Valletta yesterday.

The accounts cover the 15-month period from October 1, 2002 to December 31, 2003, in line with the bank's decision to change its financial year to a calendar-year basis.

Comparative results are for the 12 months which ended on September 30, 2002 and the comparative figures and percentages should be construed accordingly, the bank said.

The profits represent an increase of 56 per cent over 2002 but on an annualised basis, the bank has improved its pre-tax performance by 24 per cent.

Lombard Bank said that against a background of declining interest rates and competitive lending conditions, it increased its net interest income by 26 per cent to Lm3.62 million. Fees and commissions contributed Lm0.47 million while profits on dealing activities amounted to Lm0.57 million. Operating income was up by 24 per cent to Lm4.7 million.

Earnings per share for 2003 amount to 35.2 cents, an increase of 52 per cent over 23.1 cents in 2002.

A gross final dividend of nine cents per share is being proposed for the approval of the annual general meeting.