FIMBank Group announces positive half-yearly results

29.08.2012

The FIMBank Group has announced an after-tax profit of USD4.55 million for the six months ended 30 June 2012, an increase of 12% when compared with USD4.08 million registered for the same period in 2011. This figure emerges from the consolidated interim results of the FIMBank Group which were approved by its Board of Directors on 28th August 2012.

Other key financial indicators highlighted in the Group’s interim results show that Group Operating Income stood at USD 18.65 million (2011- USD 18.95 million) while total consolidated assets  increased by 6% to remain above the USD 1 billion mark by 30 June of this year. Group basic Earnings per Share for the period rose to US cents 3.20 from US cents 2.88 in 2011. Liquidity ratios continued to be well above the statutory requirements during the period under review, while Basle II solvency ratio, at 18.10%, remained robust and comfortably above the regulatory benchmark.

In their Half-Yearly Report the Directors note that while the period under review was characterised by a deepening uncertainty in global confidence particularly underlined by the situation in the Eurozone and a relative slowing down in main emerging markets. The Report concludes that “navigating these rough waters remains a challenge for the FIMBank Group, while at the same time creating opportunities for a niche player in the finance of international trade”.  FIMBank Chairman Dr John C. Grech stated that the Group will face the future with optimism knowing that it is “well positioned to succeed in the new financial landscape”. “We are confident that the robust nature of FIMBank’s successful business model will enable the Group to meet the challenges ahead and to manage the outcome of turbulent economic and market forces”, stated Dr Grech. 

Commenting on the FIMBank Group’s results and performance for the first half of 2012, the President Margrith Lütschg-Emmenegger attributed the positive results registered in this period to the fact that the Group “remains guided by our culture and values, particularly in relation to the way we implement our modus operandi and the development of strong and long-standing relationships with our clients and partners”. While pointing out that operating in a volatile global economic environment has become the norm, Ms Lütschg-Emmenegger underlined the fact that FIMBank is involved in implementing short term trade finance and is “amply diversified with regard to exposure as well as products, a factor which will prove critical in lessening the impact for us”. Finally, the FIMBank President reiterated the Group’s commitment to continue pursuing the basics of banking, “balancing our quest for growth with a fiscal regime of cost and risk management, while building on our strong capital and liquidity positions”.

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