FIMBank holds its 2018 An­nual Gen­eral Meet­ing

The Malta Business Weekly - - FRONT PAGE -

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.

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