Issue link: https://maltatoday.uberflip.com/i/982634
maltatoday | WEDNESDAY • 16 MAY 2018 11 BUSINESS FIMBank registers $7.7 profit for 2017 www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way FIMBANK Group chairman John C. Grech described the bank's 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 sus- tainable growth trajectory for FIMBank." "The measures our manage- ment 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 sustain- able basis for increased returns, which we see today reflected in positive financial results. Ef- fectively, we will strive to grow and sustain our positive run, committed to deliver share- holder value as we reap the re- wards of the outstanding work undertaken by our excellent management team." Grech added that the recent Rights Issue was a significant milestone in the Bank's devel- opment specifically underlin- ing the underwritten agree- ment by the Bank's majority shareholder, United Gulf Hold- ing, which saw an injection of USD 105 million allowing FIM- Bank to strengthen its capital base and extinguish a USD 50 million sub-ordinated loan agreement. A presentation by the FIM- Bank Group CEO Murali Sub- ramanian followed the Chair- man's opening statement. Discussing the immediate outlook for the Group, Sub- ramanian commented that, "Throughout the rest of this year, we expect to continue building on the business verti- cals we have transformed and strengthened over the past years." He also expounded on the Bank's longer term plan em- phasising upon profitability growth and the evolution of FIMBank's business model. "The spirit of entrepreneurship and pursuit of excellence across businesses, products and mar- kets, will remain at the heart of the Group's strategy. This will be achieved through supe- rior 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." Chief Financial Officer Ron- ald Mizzi proceeded to ex- plain that for the year ended 31 December 2017 the Group registered a profit of USD7.7 million, compared to a restat- ed profit of USD5.4 million in 2016. At 31 December 2017, total Consolidated Assets stood at USD1.64 billion, a decrease of six per cent on the USD1.74 billion reported at end 2016. In terms of the Group's future, Mizzi emphasised upon the relentless pursuit in the execu- tion of strategy, highlighting client origination and delivery, product evolution, risk and governance stability and cost efficiency as key foundations for a successful 2018. John Grech had words of praise for the Group's institu- tional investors, Burgan Bank and United Gulf Holding and minority shareholders, thank- ing them for their unwavering support. Seventh edition of BOV Aviation Outlook THE 2018 edition of the BOV Aviation Outlook, the seventh edition of this event, featured the participation of ATR, the largest regional aircraft manu- facturer in the world. It tackled the implications of BREXIT as well as the possibility of a looming pilot shortage. The fully packed conference featured delegates from over 40 companies and entities in- volved in the local aviation sec- tor. Addressing the conference, Kenneth Farrugia, Chief Busi- ness Development Officer at Bank of Valletta said "As a systemically important Bank within the Maltese Commu- nity, the Bank enjoys very fruit- ful relationships with members of the aviation industry. Our people have gained expertise in the field through many years of experience in the banking busi- ness as well as in the aviation industry, so no matter the stage of operations, we can move hand in hand for a smooth take-off and landing." ATR Vice President Raffaele Fiorentini delivered an engag- ing presentation explaining how ATR's latest model, the ATR 600 is proving to be a true profit maker on thin regional routes making small airports fully accessible with an aircraft that boasts the latest innova- tions in the cockpit, in custom- er comfort as well as the cur- rent lowest seat per mile cost. Air Malta's First Officer Kris- tian Farrugia discussed the im- plications of BREXIT on the industry. "There is a flurry of interest from UK registered airlines to get a European AOC as they want to ensure their operations are not thwarted in any way after the UK leaves the European bloc in March 2019," said F/O Farrugia. "The local register could continue to grow exponentially by attracting UK based AOC holders to the is- land." Maltese aviation pioneer Cap- tain Norman D'Amato tackled the looming pilot shortage. "There are various avenues available to those who aspire to become commercial pilots," said the Ryanair's Base Captain on the island. "With the num- ber of passengers expecting to double by 2036, the recruit- ment drive all over the globe has reached unprecedented levels. There are a multitude of options available to aspir- ing candidates as airlines try to cope with the ever harsher bat- tle for top talent to fill in their flight decks." The event moved to the pres- entation of the BOV Aviation Awards, presented to individu- als or organisations who have made an impact on the local aviation industry. The much-coveted life- time achievement award was scooped by aviation insurance expert Martin Azzopardi. He was Air Malta's Insurance Buy- er and Risk Manager for over 30 years. He also represented the Maltese government at EU level after the 2001 terrorist at- tacks. The Aviator of the Year Award went to Flight Examiner Trevor Darmanin. Over the past nine years Trevor has dis- tinguished himself as a highly talented flight instructor. He can best be described as an un- flustered, determined and resil- ient aviator who at the tender age of 25 qualified as a Flight Examiner, making him one of the youngest ever on the island. Aerospace giant ATR was crowned Leader of the Year. Jean Charles Burguiere and Raffaele Fiorentini collected the award. ATR is today the largest regional aircraft man- ufacturer in the world and, under the helm of Christian Scherer, it is actively pursuing new avenues including a possi- ble 90-seat turboprop. Airlines have been pressing ATR for a larger version of the ATR-72 or a possible completely new design. There is little doubt that in today's world ATR is the undisputable leader in the regional world.