Fimbank announces $7.7 million profit for 2017

The FIMBank Group registered a profit of $7.7 million for the year ended December 31, compared to a restated profit of $5.4 million in 2016.

Total consolidated assets stood at $1.64 billion, a decrease of 6% on the $1.74 billion reported at end 2016.

The drop in assets is attributed to a reduction in business assets aimed at achieving better capital requirements, partly offset by increases in treasury balances as a result of higher liquidity requirements. Trading Assets decreased by $127 million, whilst loans and advances to customers increased by $140 million.

At the end of the period under review, total consolidated liabilities stood at $1.47 billion, down by 6% from $1.57 billion in 2016. Operating income before net impairment for 2017 stood at $51.7 million, an increase of 12% over the $46.1 million registered in 2016.

During 2017, net interest income rose by $3 million as a result of overall improved interest yields and increased efficiency in cost of funds and funding volumes. This rise was also mirrored in an increase of $3.7 million in net fee income, to $18.5 million, on improved fees on documentary credits and forfaiting.

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