FIMBank plc - Interim Directors’ Statement

Wednesday, July 5th, 2017

On 5 July, FIMBank plc issued an Interim Directors’ Statement updating the market on its performance since the start of the year.

The Bank noted that the process of strengthening its operating health is ongoing and is moving in line with plans and expectations. The Board also acknowledged a positive performance and result. Cost control measures had positive results and a disciplined business management strategy allowed FIMBank to improve its efficiency as well as its asset quality.

FIMBank also added that the first half of 2017 was characterised by material and positive results on recovery of bad debts as management has successfully recovered on some exposures that had impacted previous years’ performance. Moreover, recently, the MFSA confirmed the revoking of administrative measures it had imposed on FIMBank in 2016.

In conclusion, FIMBank warned that market conditions have yet to improve and regulatory oversight, especially on capital ratios, has become stronger. Nonetheless, the Bank continues to adopt a prudent business model and approach.

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