Fimbank yesterday issued seven per cent bonds worth €15 million after posting a 236 per cent increase in profits over 2007.

The bank made a profit of $24.8 million last year compared to $10.5 in 2007. The results were the bank's best ever, despite very difficult market conditions, Fimbank Group president Margrith Lütschg-Emmenegger said.

Ms Lütschg-Emmenegger said the results were helped by the gain on the disposal of shareholding in the Indian company Global Trade Finance Limited (GTF) in March. However, the bank would have still reported a profit had the sale not gone through.

The audited accounts, which the Fimbank board of directors approved last week in Cairo, also show that equity increased by 19 per cent to $117 million, total assets rose by nine per cent to $624 million and liquidity and capital adequacy ratios were strong and above those required by regulations.

The subordinate bonds will be offered at values of €100 and $100. The minimum investment is €2,000. The bank will consider increasing the bond issue by a further €15 million if the offer is oversubscribed.

Ms Lütschg-Emmenegger explained that the bond issue would support the group's expansion into new products, markets and investments, including new acquisitions. Shareholders, directors and employees would be rewarded for their loyalty with a three per cent discount.

Details of the published prospectus are available at www.fimbank.com.