FIMBank Group registered a 35% increase in profit for 2011
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FIMBank recently held its Annual General Meeting. The Meeting was introduced by the Chairman of the FIMBank Group, Mr Najeeb Al Saleh. Referring to the Group’s performance for the 2011 financial year, Mr Al Saleh spoke about the strategy adopted by FIMBank during 2011, which had remained driven by a steady focus on the Bank’s core competency, Trade Finance, “a challenging business that took a long time to develop but also one the risks of which we understand and where we have built up expertise and a competitive advantage over the years.”
In his address, Mr Al Saleh described how the FIMBank Group had ended 2011 with a stronger balance sheet and very healthy capital and liquidity ratios as a result of its ability to adapt and adjust quickly to the prevailing turbulent financial and economic climate.
The first item on the Meeting’s agenda – the approval of the 2011 consolidated audited financial statements – was accompanied by a presentation by FIMBank President Margrith Lütschg-Emmenegger, who went on to highlight the fact that FIMBank had proven once again its ability to continue identifying opportunities even in crisis situations.
The FIMBank Group said that it registered a 35% increase in its after tax-profit during 2011 to reach USD9.13 million. “The results for 2011 also show that the Group’s Operating Income after Net Impairments increased by 16% over the same period in 2010, from USD32.24 million to USD37.40 million. Ms Lütschg-Emmenegger reported that Total Consolidated Assets as at 31 December 2011 exceeded the USD 1 billion mark, for an increase of 18% over end-2010 figures, in itself a significant milestone for the FIMBank Group.”
Shareholders approved resolutions to declare a net dividend of USD2,738,034 (i.e. US cents 2.033884 per share) and to pay such dividend by way of scrip, both as recommended by the Board of Directors, and a 1:25 bonus share issue by capitalization of the share premium account.
The Meeting also elected the Board of Directors following a poll that was taken for that purpose. A list of all the elected directors, subject to any pending regulatory approvals being duly forthcoming, may be found on the Bank’s website.
After the Meeting the new Board met and appointed Dr John C. Grech as chairman of the FIMBank Group, taking over from Najeeb Al Saleh who had occupied the post since 1997. The Board also appointed Margrith Lütschg-Emmenegger as Vice Chairman and approved changes to Board committees to reflect the new Board membership.
For more information about the FIMBank Group, kindly visit www.fimbank.com.
Photo shows the outgoing Chairman of the FIMBank Group, Mr Najeeb Al Saleh (centre) addressing the FIMBank AGM.