By the end of 2020, the total value of assets held by APS Group expanded more than €250 million, to reach €2.4 billion, the bank reported on Thursday.

Furthermore, lending activity at the bank, which is owned by the Archdiocese of Malta and Gozo, grew by 13.8 per cent to reach €1.8 billion in 2020, with over 60 per cent of this growth coming from households and mortgage financing.

Addressing the bank’s experience during the COVID pandemic, its CEO Marcel Cassar commented: “Unlike the 2008 financial crisis, we are experiencing a catastrophe of the real economy not of banks, which are stronger and more resilient today”.

APS Group brought in a net comprehensive income of €11,644,000, it recorded, emphasising that “despite the unprecedented economic circumstances, the group’s positive performance underscores its resilience in the face of numerous challenges presented by COVID”.

“Along the different phases of the pandemic, the Bank continued to stand by its personal and business customers with credit support and moratoria”, it said.

Driven mainly by the continued growth in the bank’s lending book, net income from interest grew by 9.4 per cent to reach nearly €50 million.

Interest receivables on loans and advances increased by €5.8 million to hit €65.5 million in 2020.

Other operating income plummeted by 34.4 per cent in 2020, to total €7.9 million, as opposed to the €12 million reported in 2019.

The company saw a fairly distinct increase in operating expenses, which rose by 15.8 per cent to €35.2 million, bringing the cost-to-income ratio of the bank to 61.9 per cent.

The bank commented that “higher overheads were largely due to the continuous investment in human capital, in technology and various projects, including to the physical infrastructure and branch network”.

Additionally, “there was an increase in costs related to regulatory requirements and COVID preventative measures”, it said.

Looking to the future, Mr Cassar said, “while an effective vaccine may signal the start of rebound in terms of human health, a return to business normality is still way off”.