FIMBank plc – Publication of the Annual Financial Report

FIMBank plc approved the Bank’s annual report and financial statements for the financial year ended December 31, 2020. The board resolved that the Bank’s annual report and financial statements be submitted for approval by the shareholders at the forthcoming Annual General Meeting.

Statement of profit or loss

Profit/loss before tax

20192020
$7.3 million-$35.8 million

Operating income

20192020
$44.3 million$3.2 million

Earnings per share

20192020
$0.86c-$8.98c

Statement of financial position

Total assets

20192020
$1.9 billion$1.8 billion

Total liabilities 

20192020
$1.61 billion$1.6 billion

CET1 ratio

20192020
16.9%18.5%

Capital ratio

20192020
16.9%18.5%

Dividends

As none of the reserves are available for distribution, the Board of Directors will not be recommending the payment of a dividend to the Annual General Meeting of Shareholders (2019: Nil).

Outlook

During the first months of 2021 we have observed new waves of infections and government responses with restrictive measures previously lifted now being re-imposed. This extends the uncertainty which the world has experienced over the previous year. However, with the approval and increased production of various vaccinations, the prospect of a rebound throughout 2021 is greater than ever. Nonetheless, the road to recovery is expected to be gradual and uneven.

The Group will continue pursuing business opportunities on the principles of risk adjusted returns. A moderate growth in diversified product offering will be scaled in the business lines and geographies that provide superior returns and pose less risk, to generate consistent value to the organization. The balance sheet has become more resilient after the full implementation of the de-risking process and various other initiatives that are currently being actioned. Complex structures are being gradually eliminated and business lines are being streamlined. Coverage for non-performing assets have been significantly improved, whilst a function fully dedicated to the recovery of nonperforming assets has been set-up to pursue our interests. These initiatives shall not only improve the overall portfolio quality but also help the Group with revenue generation and having resilience and sustainability principles high in the strategic priority list. In a context of tighter regulations, the Group’s drive to further improve governance and controls, shall be a source of future sustainable growth. Having a pool of human capital, that are highly skilled across multiple disciplines, continued investment in IT infrastructure and having the backup of a solid shareholder base, FIMBank is well positioned to progress towards its strategic objectives in a steady, sustainable manner

Click here to download the full financial statement.