FimBank annouces $4.55 million after tax profit

The FIMBank Group has announced an after-tax profit of $4.55 million for the six months ended June 30, an increase of 12 per cent when compared with $4.08 million registered for the same period in 2011.

The group's results were yesterday approved by the board of directors.

The results show that group operating income stood at U$18.65 million (2011 – U$18.95 million) while total consolidated assets increased by six per cent to remain above the $1 billion mark by June 30 this year.

Group basic earnings per share for the period rose to $0.03,2 from $0.02,88 in 2011. Liquidity ratios continued to be well above the statutory requirements during the period under review, while Basle II solvency ratio, at 18.10 per cent, remained robust and comfortably above the regulatory benchmark.

The directors noted that the period under review was characterised by a deepening uncertainty in global confidence particularly underlined by the situation in the Eurozone and a relative slowing down in main emerging markets.

The report concludes that "navigating these rough waters remains a challenge for the FIMBank Group, while at the same time creating opportunities for a niche player in the finance of international trade".

FIMBank chairman John C. Grech stated that the group will face the future with optimism knowing that it is "well positioned to succeed in the new financial landscape".

"We are confident that the robust nature of FIMBank's successful business model will enable the Group to meet the challenges ahead and to manage the outcome of turbulent economic and market forces," stated Dr Grech.