FIMBank Group reports $9.13 million post-tax profit

The FIMBank Group has registered a 35% increase in its post-tax profit during 2011 to reach $9.13 million.

The results for 2011 show that the group's operating income after net impairments increased by 16% over the same period in 2010, from $32.24 million to $37.40 million.

FIMBank president Margrth Lütschg-Emmenegger reported that total consolidated assets as at 31 December 2011 exceeded the $1 billion mark, for an increase of 18% over end-2010 figures, in itself a significant milestone for the FIMBank Group.

Shareholders approved resolutions to declare a net dividend of $2,738,034 (2.03c per share) and to pay such dividend by way of scrip, both as recommended by the board of directors, and a 1:25 bonus share issue by capitalisation of the share premium account.

The meeting also elected the board of directors, who are now subject to pending regulatory approvals.

Dr John C. Grech was appointed as chairman of the FIMBank Group, taking over from Najeeb Al Saleh who had occupied the post since 1997. The board also appointed Margrith Lütschg-Emmenegger as vice-chairman and approved changes to board committees to reflect the new Board membership.

Outgoing chairman Najeeb Al Saleh said the strategy adopted by FIMBank during 2011 had remained driven by a steady focus on the bank's core competency, trade finance: "a challenging business that took a long time to develop but also one the risks of which we understand and where we have built up expertise and a competitive advantage over the years."

Al Saleh said the FIMBank Group had ended 2011 with a stronger balance sheet and very healthy capital and liquidity ratios as a result of its ability to adapt and adjust quickly to the prevailing turbulent financial and economic climate.