The Fimbank Group announced net profit of $6.1 million for the first half of 2018, a 47 per cent rise on the $4.1m registered in the same period in 2017. These figures emerged from the group’s interim financial statements for 2018, which were approved at a meeting of its board of directors on August 14.
In the period under review, operating revenues less operating costs more than tripled, from $2.7m to $9.8m, as revenues rose by $4.4m and costs were cut by $2.7m. This was a result of many factors, including increased volumes and better yields on its product offering, reduced cost of funds as the group was more selective in its funding sources, and successful implementation of measures in managing costs.
Following the successful completion of the $105m rights issue concluded in May 2018, the group’s equity at June 30 stood at $274m, with the CET1 ratio at 16.7 per cent. At the end of the reporting period, total consolidated assets stood at $1.95bn, an increase of 19 per cent over the $1.64bn reported at end-2017, while total consolidated liabilities stood at $1.67bn, or 14 per cent more than the $1.47bn reported at end 2017.
BOV Investment Centres register progress
Bank of Valletta’s Investment Centres have continued to register positive response from its customers.
Roberta Bellizzi, BOV’s Investments Centre Manager, said: “Since they were set up six years ago, the bank’s Investment Centres have continued to serve as ‘centres of expertise’ in their respective areas. Simultaneously, we have continued to invest in the professional training of our teams in these centres, who maintain very close and open communication lines with their satellite branches.”
Six out of every 10 meetings conducted with customers are held at the customer’s preferred branch, rather than the Investment Centre itself, which is line with the bank’s two-pronged objective, which is to offer professional service at these centres while making the service as accessible and convenient as possible to customers.
Young generation keen on accounting profession
The Malta Institute of Accountants took part in the ‘I Choose Careers Fair’ held by the Ministry for Education and Employment for students in Years 10 and 11.
Visitors from as young as Year 7 also attended and showed great interest in the accounting profession as they approached the MIA exhibition stand for advice about opportunities that best prepare them for their future. Students were offered practical information on what it takes to become a professional, and the various openings possible after that.
Members of the Institute dispelled the idea that accounting is a dull desk-job and spoke about the exciting opportunities professionals find and the growing influence of the field across all sectors. Accounting offers a dynamic career with life-long opportunities, both in Malta and abroad, which students were evidently enthusiastic to learn more about.
MIA members took the opportunity to explain the values of the Institute and its role to support and empower professionals.