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 $6.1 million for the first six months of 2018, an increase of 47 per cent on the $4.1 million registered during the same period in 2017.
During his opening speech, Fimbank group chairman 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 $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 among others the salient milestones and issues which marked the group’s financial performance during the first six months of the year, while analysing the trends relating to the main key performance ratios.
“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,” he said. “This was supported by the new capital injected earlier in the year, enabling Fimbank to achieve the objectives set for 2018 and beyond.”