FIMBank plc recently held its annual general meeting at the Hilton. An overview of the key elements which led to the group’s results for 2018 was given to all shareholders present.
During his presentation to the shareholders, FIMBank group CEO Murali Subramanian explained that the performance across the group in 2018 was characterised by growth in the forfaiting, factoring, local real estate financing, and shipping businesses. He highlighted the fact that London Forfaiting Company Ltd (LFC) reported its highest profit ever since being acquired by FIMBank in 2003. Moreover, at the end of 2018, Egypt Factors had returned to its first full year of profit since the acquisition of the company by the group in 2016. He added that in 2018, his team “vigorously pursued the further upgrading of FIMBank’s asset origination and product differentiation efforts. Further improvements in operational efficiencies also allowed it to continue making inroads into greater revenue generation, while optimising on its capital and funding resources.”
Subramanian also pointed out that the past years: “have been marked by rapid changes in the nature of our business and the technology which supports it. During 2018, we were successful in keeping up with these developments, primarily by attracting and retaining the best talent, and by maintaining a leading edge in our Information Technology capabilities. Among others, in the year under review we embarked on the upgrading of the bank’s core system.”
The FIMBank CEO concluded that: “The group is expected to continue evolving within rigorous parameters and frameworks, aimed to solidify its origination and risk processes, achieving growth at a sustainable pace.”
FIMBank group chairman John C. Grech said that: “The bank’s performance, despite the myriad of challenges faced throughout the year, reflects the resilience of our dynamic business model. It bolsters our commitment and resolve to respond to future challenges, ensuring sustainability for the years to come.”
Group chief financial officer Ronald Mizzi went on to explain that FIMBank’s consolidated audited financial statements show that for the year ended December 31, 2018, the group registered an after-tax profit of $10.2 million, compared to an after-tax profit of $7.7 million in 2017.
Mizzi referred to the 2018 USD105 million Rights Issue as a key milestone in the bank’s progression which enabled it to strengthen its capital base. He explained that during 2018 revenues from core operating assets have strengthened and with continued investment in the group’s resources, FIMBank can continue building on solid foundations, scale the operations and keep transforming the business for better and higher returns.
In his concluding remarks to the AGM, Grech highlighted that FIMBank is celebrating its 25-year anniversary.
“The banks has developed a reputation for trustworthiness and reliability, as we continue building strong banking relationships with our varied clientele,” he said.
“When looking back at our achievements, we must highlight the importance and consistent support of all our stakeholders, without whom we would not have achieved such significant results across the years.”
Shareholders approved resolutions to declare a 1:30 bonus share issue by capitalisation of the share premium account.