Issue link: https://maltatoday.uberflip.com/i/1097443
28.03.19 5 LOCAL NEWS THE FIMBank Group's Consol- idated Audited Financial State- ments show that for the year ended 31 December 2018, the Group registered an after-tax profit of USD10.2 million, com- pared to an after-tax profit of USD7.7 million in 2017. As disclosed in the Prelimi- nary Statement of Annual Re- sults published, during the year under review, net operating results more than tripled, from USD6.5 million to USD21.1 million, as the Group improved its revenues by USD9.9 million, and reduced its costs by USD4.7 million. A 20 percent increase in net revenues, from USD48.8 mil- lion to USD58.7 million, was generated on the back of both higher asset levels, as well as improved margins. During 2018, the Group rec- ognised a higher level of impair- ments when compared to 2017 due to a number of non-per- forming exposures. ese are being addressed with recovery efforts already underway. FIMBank Group CEO Murali Subramanian highlighted that "e performance across the Group in 2018 is underpinned by growth in the forfaiting, fac- toring, local real estate financ- ing, and shipping businesses. London Forfaiting Company Ltd (LFC), reported its highest profit ever since being acquired by FIMBank in 2003. At the end of 2018, Egypt Factors had returned to its first full year of profit, since the acquisition of the company by the Group in 2016." Subramanian stated that in 2018 his team vigorously pur- sued the further upgrading of FIMBank's asset originationand product differentiation efforts. Further improvements in op- erational efficiencies also al- lowed it to continue making inroads into greater revenue generation, while optimising on its capital and funding resourc- es. "e past years have been marked by rapid changes in the nature of our business and the technology which sup- ports it. During 2018, we were successful in keeping up with these developments, primarily by attracting and retaining the best talent, and by maintaining a leading edge in our Informa- tion Technology capabilities. Amongst others, in the year un- der review we embarked on the upgrading of the Bank's core system. is has significantly bolstered process efficiency, se- curity, availability, and a strong- er capacity to support new business. As a result of various operational improvements, our staff can focus on servicing cli- ents" said Subramanian. FIMBank Group Chairman Dr John C. Grech stated that "e Bank's performance, despite the myriad of challenges we faced throughout the year, reflects the resilience of our dynamic busi- ness model. It bolsters our com- mitment and resolve to respond to future challenges, ensuring sustainability for the years to come." e 2018 Rights Issue, leading to a cash injection of USD105 million, enabled an increase of USD225 million in total Con- solidated Assets, which by 31 December 2018 had reached USD1.87 billion, when com- pared to the USD1.64 billion reported at end-2017. Total Consolidated Liabilities as at 31 December 2018 stood at USD1.59 billion, up by USD119 million from USD1.47 billion at end-2017. e growth in liabilities was largely due to increases of USD177 million in deposits from corporate and retail cli- ents, offset by a marginal drop of USD8 million from whole- sale funding sources. e Rights Issue, a significant milestone in the Bank's devel- opment allowed FIMBank to strengthen its capital base. "is year, FIMBank cele- brates its 25 th year anniver- sary. e Bank has developed a reputation for trustworthi- ness and reliability, as we con- tinue building strong banking relationships with our varied clientele. When looking back at our achievements, we must highlight the importance and consistent support of all our stakeholders, without whom we would not have achieved such significant results across the years" said Grech. For 2019, the Group is expect- ed to continue evolving within rigorous parameters and frame- works, aimed to solidify its origination and risk processes, achieving growth at a sustaina- ble pace. FIMBank announces USD10.2m after-tax profit for 2018 "The performance across the Group in 2018 is underpinned by growth in the forfaiting, factoring, local real estate financing, and shipping businesses" BELAIR Property announced this week that is has opened a new office in Triq Sant' Anna, Mellieħa. e office and new team are led by Director Victoria Spiteri, in partnership with Director partners Jean- Pierre Camilleri and Gilberto Arredondo. e opening party included a large turn- out from the extended Belair Property family of customers, developers, banks, the team and local Mellieħa government officials to celebrate this exciting expan- sion into the northern region. For over 40 years Belair Property has re- mained a leader in the property sector by differentiating itself with a reputation for providing its network, whether customers or suppliers, an exceptional experience. "I admire what the Belair leadership has built over the years and I couldn't be more enthusiastic about being a partner partic- ipating in the growth of this organisation that for decades has focused on nurturing relationships with what is really a family rather than a team," Spiteri said. e expansion is something new for Be- lair Property and continues to build on an already established business ensuring that Belair Property remains on the forefront of Malta's real estate agency sector. A great deal of growth has taken place in Malta during the real estate booms of the past 15 years, and the expansion into the north is key to preserving Belair Proper- ty's ability to cultivate high-touch relation- ships. Belair Mellieħa is now a close neighbour to the property owners and developers in the area, something that has generated considerable excitement in the communi- ty the past few weeks since the office has become active. Camilleri was clearly excited. "We're really charged up by this opening, the entire team across the group has been buzzing the past few months with this new office build out, and the added energy of the new Directors and team," he said. "It's great to see our company growing and yet maintaining the tight family unit that is so rare. It's a challenge to keep a high level of integrity and professionalism in place when you expand a team like this, but we've done that and you can see it here tonight." Arredondo too had nothing but praise for the team and a positive outlook on the future. "Victoria and Jean worked tirelessly these past months to build this beautiful office, all credit goes to them," he said. "We all know there is so much activity in the mar- ket that every day brings a new discussion to the table about the future of the sector in Malta and we're going to give all we have in the north." Belair Property opens Mellieha office Left to right: Jean-Pierre Camilleri, Ian Casolani, John Francis Buttigieg, mayor of Mellie a, Victoria Spiteri and Gilberto Arredondo