Malta-based Fimbank has revealed an increase of 35% in after-tax profit in 2011, reaching US$9.13mn. After-tax profits recorded for 2010 hit US$6.74mn.
Total consolidated assets exceeded US$1bn at the end of 2011, marking an 18% increase over the bank’s 2010 results.
Group equity stood at US$125mn at the end of last year, and increase of 3% compared to levels reported in December 2010.
The bank has managed to successfully weather the political uprisings in North Africa and the Middle East; key markets for Fimbank. The financial institution has many business interests in North Africa and Middle East, including joint venture factoring companies such as Egypt Factors and Levant Factors.
Bank president Margrith Lutschg-Emmenegger, comments: “Fimbank has a proven track record of turning troubled times into opportunities, and 2011 was no exception. In a global scenario characterised by instability, Fimbank’s business model, built and refined over the years, has enabled us to continue successfully identifying opportunities in a diverse range of product niches and geographical markets.”
Last Updated March 14, 2012
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