IIG Bank made a profit of $640,940 (471,865) in 2013, compared with $594,005 (437,349) the previous year.

The bank’s balance sheet grew by over 40 per cent, from $78.5 million (57.80m) to $111 million (81.72m) and, during the 12-month period ending December 2013, the bank managed to expand into new geographical areas and new industries.

During the second half of 2013 the bank started to develop its operational capabilities and correspondent banking network to support this new business which focuses more on financing the cycle of commodity trade flows in a structured manner.

Total revenues before tax reached $1,827,462 (1,345,230), up from $1,449,174 (1,066,837) in 2012, made up of $1,005,910 (740,566) in operating profit before tax and $821,552 (604,859) in net gains on financial assets.

In the initial months of 2014, the bank’s loan portfolio increased by 65 per cent to $50 million (36.8m) and customer deposits reached $95 million (70m).

All the 2012 revenues attributable to the shareholder were reinvested in the bank in the form of Tier I capital while the board has recommended that the same policy is adopted in respect of the 2013 revenues.

IIG Bank is an international trade finance bank specialising in export finance of commodities.