FIMBank holds its 2018 Annual General Meeting
FIMBank plc recently held its Annual General Meeting at the Intercontinental hotel. In his opening address, the chairman of the FIMBank Group, Dr John C. Grech, explained to the shareholders present the background to the Group’s performance last year. He referred to the 2017 financial results as “a clear indicator of the sound strategic path adopted over the past years and a highlight of the commitment and resolve in ensuring a strong and sustainable growth trajectory for FIMBank”.
Dr Grech emphasised that: “The measures our management team undertook from 2015 onwards, as part of a transformation strategy for the bank, resulted in a cycle of higher growth-generation in terms of value, and a sustainable basis for increased returns, which we see today reflected in positive financial results. Effectively, we will strive to grow and sustain our positive run, committed to deliver shareholder value as we reap the rewards of the outstanding work undertaken by our excellent management team.”
Dr Grech added that the recent Rights Issue was a significant milestone in the bank’s development specifically underlining the underwritten agreement by the bank’s majority shareholder, United Gulf Holding, which saw an injection of $105m allowing FIMBank to strengthen its capital base and extinguish a $50m sub-ordinated loan agreement.
A presentation by the FIMBank Group CEO, Murali Subramanian followed the chairman’s opening statement. Discussing the immediate outlook for the Group, Subramanian commented that: “Throughout the rest of this year, we expect to continue building on the business verticals we have transformed and strengthened over the past years.” He also expounded on the bank’s longer term plan emphasising upon profitability growth and the evolution of FIMBank’s business model.
The FIMBank Group CEO added that “The spirit of entrepreneurship and pursuit of excellence across businesses, products and markets, will remain at the heart of the Group’s strategy. This will be achieved through superior client service, best in class and tested risk management, governance stability, as well as efficiency in funding and cost structures. The scaling up of the business, supported by an expert management team will enable the Group to maintain a resilient business model.”
The Group Chief Financial Officer Ronald Mizzi proceeded to explain that for the year ended 31 December 2017 the Group registered a profit of $7.7 million, compared to a restated profit of $5.4 million in 2016. At 31 December 2017, total Consolidated Assets stood at $1.64 billion, a decrease of 6 per cent on the $1.74 billion reported at end 2016.
In terms of the Group’s future, Mr Mizzi emphasised upon the relentless pursuit in the execution of strategy, highlighting client origination and delivery, product evolution, risk and governance stability and cost efficiency as key foundations for a successful 2018.
In his concluding remarks to the AGM, Dr Grech had words of praise for the Group’s institutional investors, Burgan Bank and United Gulf Holding and minority shareholders, thanking them for their unwavering support. He also thanked his fellow directors, management and staff members for their hard work, dedication and commitment.