The FIMBank Group registered a loss of $7.1 million for 2015, compared to a loss of $45.2 million in 2014.

As at the end of December, total consolidated assets stood at $1.44 billion, a marginal increase of two per cent over the $1.41 billion reported at the end 2014, while total consolidated lLiabilities stood at $1.27 billion, up by 3.5 per cent from $1.23 billion in 2014.

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Net income for 2015 stood at $34.9 million, compared to a loss of $4.7 million in the previous year. During 2015, net interest income rose by four per cent from $28.4 million to $29.6 million. Similar improvements with respect to 2015 were noted in foreign currency operations and other operating income.

These were offset by a significantly lower level of fee income from trading assets and documentary credits, mainly due to a change in the geographic focus and up-scaled client target base.

Net impairments decreased by 80 per cent, standing at $10.3 million, compared to $50.7 million in 2014. As a result of controlled impairments and marked-to market-losses, the group improved its net income by $39.7 million, to $34.9 million. Operating expenses increased by $7.2 million to $47 million, primarily as a result of various one-off costs related to business reorganisation and the strategic redeployment of resources.