The Malta-based FIMBank Group has reported a 35% increase in its 2011 after tax-profit to US$9.13 million.
Total Consolidated Assets as at 31 December 2011 exceeding the US$ 1 billion mark to reach US$1.018 million, an increase of 18% over end-2010 figures.
The Group’s Operating Income after Net Impairment increased by 16% over the same period in 2010, from US$32.24 million to US$37.40 million, while Group Operating Expenses for the same period increased to US$28.92 million.
The directors will be recommending to the annual general meeting the payment of a scrip dividend amounting to US$2,738,034 (2010: USD3,371,955), representing a net dividend per ordinary share of US cents 2.003884 2010: US cents 2.480242). Moreover, the directors will be recommending a 1 for 25 Bonus Issue of Ordinary Shares by way of capitalisation of Share Premium.
Commenting on the Group’s performance and the current outlook, President Margrith Lütschg-Emmenegger said that while 2011 had again proved the Group’s ability to navigate the troubled waters of prolonged economic difficulties in the major developed countries, coupled with political unrest in key markets, 2012 should bring much needed signs that the worst may indeed be over.
“FIMBank has a proven track record of turning troubled times into opportunities, and 2011 was no exception. In a global scenario characterised by instability, FIMBank’s business model, built and refined over the years, has enabled us to continue successfully identifying opportunities in a diverse range of product niches and geographical markets. However, current market conditions also continue to call for prudence, attention to strong risk management, compliance and focus on doing what the Group knows best – trade finance in emerging markets”.
She explained that 2012 will also start to see the business landscape affected by the onset of Basle III, an international regulatory framework for banks which in the coming years will introduce more stringent requirements, particularly for capital adequacy and liquidity: “Despite these challenges”, said Ms Lütschg-Emmenegger, “the FIMBank Group has now established a wide and diversified product range which, driven by strong business fundamentals, will continue to provide it with opportunities to grow and profit”.