IIG Bank (Malta) Ltd has generated total revenues before tax of $1,449,174 for the year ended December 31.

Revenues include $931,582 in operating profit before tax and $517,592 in net gains on financial assets, an increase in total revenues before tax revenues of $1,049,139 or 362 per cent over the $400,035 generated in 2011.

The balance sheet recorded substantial growth from its year-end net assets of $37.5 million in 2011 to $78.5 million in 2012, with increased activity in all areas of business. All the 2011 revenues attributable to the shareholder were reinvested in the bank in the form of Tier I capital. The board has recommended that the same policy is adopted in respect of the 2012 revenues.

IIG Bank is an international trade finance bank specialising in pre-export finance of soft commodities focusing on the emerging market economies of Latin America. Its customer loan portfolio increased from $25million in 2011 to $40 million in 2012, while customer deposits rose from $17.6 million to $43.7 million.

“The bank set out to establish itself as a niche bank which promotes a relationship-based customer service while seeking to grow in a consistent and sustainable manner, and we are surpassing our goals,” IIG Bank (Malta) chief executive and managing director Raymond Busuttil said.

He added that trade finance, especially the soft commodity sector, continues to be resilient despite the crisis.

“In a world where economies continue to struggle, demand for basic foodstuffs is not diminished. Prices for agricultural products do fluctuate, but typically these remain attractive enough to encourage export trade and demand for the financial support to do so. We are therefore positive that our loan assets will continue to expand in this direction while seeking geographical diversification,” he said.