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22.08.19 4 NEWS THE FIMBank Group has announced a pre-tax profit of USD9.6 million for the first six months of 2019, an increase of 38 per cent on the USD7.0 million reg- istered during the same period in 2018. ese figures emerge from the publi- cation of the Group's Interim Financial Statements for 2019, which were ap- proved at a meeting of its Board of Di- rectors, on the 8th August 2019. At 30th June 2019, Total Consolidated Assets stood at USD1.77 billion, down by 5 per cent when compared to the USD1.87 billion reported at end-2018. Total Consolidated Liabilities stood at USD1.48 billion, or 7 per cent less than the USD1.59 billion reported at end 2018. On the other hand, deposits from corporate and retail clients increased by USD65 million. During the period under review, the Group's net operating income saw a marginal decrease of 2 per cent, from USD28.3 million to USD27.8 million. Net interest income increased by 19 per cent to USD16.0 million, as improve- ments in the liability structure of the Group offset the reduction in interest income resulting from lower asset lev- els. Due to the Group maintaining ade- quate coverage on non-performing ex- posures identified in 2018, net impair- ment charges for the first six months of 2019 amounted to USD0.6 mil- lion, compared to the USD2.1 million charged in 2018. In the current year, net impairments are inclusive of the suc- cessful recovery of a fully provided ex- posure, amounting to USD3.0 million. Commenting on the financial results, FIMBank Group CEO Murali Subrama- nian stated that the strong performance registered during the first half of 2019 was a further reflection of FIMBank's risk-balanced business model transfor- mation. He explained that the Group has "successfully completed a de-risking exercise of its main portfolios, aimed at strengthening its varied exposures across the different products andgeo- graphical presences, thereby reducing concentrations, and ensuring sustained growth in the years to come. is has led to a short-term reduction in the size of the balance sheet, as key portfolios have readjusted their client and mar- ket profile, refining structuring and in- creasing risk mitigation." FIMBank Group Chairman Dr John C. Grech expressed the satisfaction of the Board with the results of the first half of 2019. He stated that FIMBank's positive performance, which has now extended into its fourth year, comes in the context of a "critically important transforma- tion of the underlying portfolios of the Group during this period, the result of which places FIMBank in a position of strength, as it makes its business model fundamentals even more attractive." Grech commented that FIMBank's expertise in structuring transactions across the trade-related product portfo- lio, together with the ability of its peo- ple to pursue and maintain the building of business partnerships with the Bank's diverse client base, remained key to FIMBank's reputation. e FIMBank Chairman stated that while the return to asset growth would be a priority going forward, "we will remain vigilant on risk, controls and governance in order to ensure that the expansion of the business is executed in a sustainable way." He explained that FIMBank "has suf- ficient business pipeline, funding, and resource structures in place to support this path. Under the leadership of CEO Murali Subramanian and his manage- ment team, with the right mix of talent and focus on client delivery, and oper- ating within a riskbalanced approach, we are confident of FIMBank's ability to generate higher value and returns for the benefit of all stakeholders." Meanwhile, FIMBank's Board of Di- rectors will not be recommending an interim dividend for the period under review. FIMBank announces half-yearly pre-tax profit of USD9.6 million GASANMAMO Insurance is this year celebrating 20 years in business; 20 years since the merger of two leading insurance providers – Gasan Insur- ance Agency and Galdes & Mamo Ltd. Undoubtedly, the firm looks back at what has been achieved during the past 20 years with pride and took the occasion to celebrate this milestone together with the board, management and staff as well as business partners. "Over the last 20 years we have evolved and grown, and this progress has been multidimensional. In spite of very challenging years, during which we participated in large catastrophic losses forced by storms, wind, flood and hail as well as our fair share of li- abilities and property losses caused by accidents and fires, we have managed to register strong performances year on year," said Julian Mamo, Managing Director at GasanMamo Insurance. Surely, this success has been possible because of the support of GasanMa- mo's customers who rely on the com- pany's products and services. Mamo had words of praise for the "incredible team at the insurance firm, who are always ready to go the extra mile to make sure our customers are well taken care of." GasanMamo is grateful to its cus- tomers, staff members and partners for reaching such an important mile- stone in the history of this company. "We are very thankful and proud of our long-lasting relationships with our clients and intermediaries. We look forward to growing these part- nerships to continue to achieve suc- cess in an ever-changing and chal- lenging business environment," Mamo said. GasanMamo is looking forward to more successful years in the industry. Mamo believes that in the years to come, the insurance business, like many others will evolve drastically. "Compliance and regulatory pres- sures combined with the changes in market and customer demands, will drive companies to find a way to be large yet nimble. Technology will be fundamental in security and integri- ty of data, market knowledge as well as distribution and convenience for customers. It is set to be a fascinating onward journey, one that I relish for GasanMamo," he said. Malta's leading insurance firm at- tributes their growth and success to their remarkable team. The company is truly proud about the fact that its employees are con- stantly passionate in helping their clients according to their respective needs. GasanMamo Insurance celebrates 20 years in business

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