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Follow on Google News | FIMBank plc holds 2013 Annual General MeetingFIMBank Group reports pre-tax-profit of USD8.84 million.
By: Media Consulta Malta Ltd The FIMBank Chairman also made reference to the Extraordinary General Meeting held at the end of January when an overwhelming majority of shareholders approved the two principal resolutions. This development will enable two major Middle Eastern banks, members of the KIPCO Group, to acquire a controlling interest in the company through a multi-step approach, subject to the relative regulatory approvals. “This is an important milestone for FIMBank which will increase the Group’s capability and provide it with the potential to compete with the leaders in our market.” The first item on the Meeting’s agenda – the approval of the 2012 consolidated audited financial statements - was accompanied by a presentation by FIMBank Group President Margrith Lütschg-Emmenegger. The FIMBank Group registered a pre-tax-profit of USD8.84 million during 2012, an increase of 7 per cent over 2011. Ms Lütschg-Emmenegger reported that the Group’s Balance Sheet saw considerable growth, with Total Consolidated Assets as at 31 December 2012 standing at USD1.13 billion, an increase of 11 per cent over end-2011 figures. The FIMBank President also explained that in 2012, the Group’s Operating Income increased by 4 per cent over the same period in 2011, from USD37.40 million to USD38.72 million, while Group Operating Expenses for the same period decreased marginally from USD28.92 million in 2011 to USD28.49 million in the year under review. Reflecting on FIMBank’s performance and future strategy, Ms Lütschg-Emmenegger stated that potential for growth was due to three principal factors: the presence of the KIPCO Group as a reference shareholder, the resulting stronger capital base, and the existing pool of highly skilled and talented human capital. “These three factors will represent a defining moment in the history of the Bank, allowing it to significantly increase its market share”, said Ms Lütschg-Emmenegger. She explained that “The acquisition by KIPCO will accelerate FIMBank’s growth trajectory and lend added impetus to management’s focus and commitment to continuously improve performance and achieve set strategic objectives”. Ms Lütschg-Emmenegger also outlined FIMBank’s main strategic objectives for the coming years. These include the Group’s determination to pursue growth in its international factoring operations, with Slovenia, Kenya, China and Chile being the markets targeted for FIMBank’s next factoring joint ventures. Shareholders approved resolutions to pay a net dividend of USD 5,279,120, representing a net dividend of USD 0.0369 per ordinary share. For information about the FIMBank Group please visit http://www.fimbank.com. End
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