MBR ISSUE 44

BANKING NEWS
Malta Business Review
FIMBank Meets
Professional Stakeholders
FIMBank recently hosted a meeting with
professional stakeholders to discuss the Bank’s
interim financial results for 2018. The meeting
revolved around the key developments at
FIMBank, including its interim after- tax profit
of USD 6.1 million for the first six months of
2018, an increase of 47 per cent on the USD
4.1 million registered during the same period
in 2017.
During his opening speech, FIMBank Group
Chairman Dr John C. Grech referred to the
Rights Issue announced in March, which
he referred to as a ‘significant milestone’ in
the Group’s development. He stated that
the raising of additional equity amounting
to USD 105 million in the second quarter of
2018, “was a statement of strategic intent,
taking the Group’s capital strength to a
superior level, and unlocking the potential
for further growth.” Looking towards the
future with optimism, Dr Grech reinforced
that the turnaround is over, a strong indicator
that FIMBank is now in growth mode, and
that the results obtained recently show an
acceleration of performance on the bottom
line, a process that is expected to continue.
FIMBank’s CEO, Murali Subramanian,
elaborated on FIMBank’s strategy, explaining
that this is founded on the “core pillars
of client origination and delivery, product
evolution, funding efficiency, and risk and
governance stability.” Mr Subramanian added
that “Consistent planning, hard work, and
perseverance, have contributed to our stable
performance and the creation of a sustainable
platform for further success.”
The Group’s Chief Financial Officer, Ronald
Mizzi, provided a detailed overview of
FIMBank’s financial results, highlighting
amongst others the salient milestones and
issues which marked the Group’s financial
performance during the first six months of the
year, whilst analysing the trends relating to the
main key performance ratios. In this regard,
he concluded that “the Group recorded
positive results across the main key areas,
with assets growing compared to last year,
revenue increasing, asset quality improving,
and costs being managed adequately across
all businesses. This was supported by the new
capital injected earlier in the year, enabling
FIMBank to achieve the objectives set for
2018 and beyond.” MBR
Creditline: FIMBank
"Consistent planning,
hard work, and
perseverance, have
contributed to our
stable performance
and the creation of a
sustainable platform for
further success.
Professional Stakeholders Meeting
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