FIMBank Group announced today a pre-tax profit of USD9.6 million from January to June 2019, an increase of 38 per cent on the USD7.0 million registered during the same period in 2018.
The figures emerged from the Group’s Interim Financial Statements for 2019, which were approved at a meeting of its Board of Directors on 8th August 2019.
At 30th June 2019, Total Consolidated Assets stood at USD1.77 billion, down by 5 per cent when compared to the USD1.87 billion reported at the end of 2018. Total Consolidated Liabilities stood at USD1.48 billion, or 7 per cent less than the USD1.59 billion reported at the end 2018. On the other hand, deposits from corporate and retail clients increased by USD65 million.
During the period under review, the Group’s net operating income saw a marginal decrease of 2 per cent, from USD28.3 million to USD27.8 million. Net interest income increased by 19 per cent to USD16.0 million, as improvements in the liability structure of the Group offset the reduction in interest income resulting from lower asset levels.
Commenting on the financial results, FIMBank Group CEO Murali Subramanian stated that the strong performance registered during the first half of 2019 was a further reflection of FIMBank’s risk-balanced business model transformation. He explained that the Group has “successfully completed a de-risking exercise of its main portfolios, aimed at strengthening its varied exposures across the different products and geographical presences, thereby reducing concentrations, and ensuring sustained growth in the years to come. This has led to a short-term reduction in the size of the balance sheet, as key portfolios have readjusted their client and market profile, refining structuring and increasing risk mitigation.”
FIMBank Group Chairman Dr John C. Grech expressed the satisfaction of the Board with the results of the first half of 2019. He stated that FIMBank’s positive performance, which has now extended into its fourth year, comes in the context of a “critically important transformation of the underlying portfolios of the Group during this period, the result of which places FIMBank in a position of strength, as it makes its business model fundamentals even more attractive.”
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