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FIMBank plc – Full-Year Results

Matthew Fabri

March 27, 2026

27 March, 2026
5 min read
27 March, 2026
5 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 26 March 2026, FIMBank plc published its Annual Report and Financial Statements for the year ended 31 December 2025. The 2024 comparative figures were restated to reflect the classification of Egypt factoring business as a discontinued operation.

Net interest income increased by 2.2% to USD45.8 million (2024 restated: USD44.8 million) as the 16.9% (or USD14.5 million) decline in interest income to USD71.4 million was offset by the 16.9% (or USD15.5 million) drop in interest expense to USD25.6 million.

FIMBank reported a loss of USD3.7 million from its non-interest activities (2024 restated: loss of USD0.18 million). The deterioration was driven primarily by a USD5.8 million downward revaluation of the Sustainable Investment Fund held by the Bank.

Net impairment losses narrowed to USD0.68 million from USD2.4 million last year, reflecting continued improvement in asset quality. As a result, operating income amounted to USD42.2 million (2024 restated: USD44.7 million). The Group recorded a further improvement in the NPL Ratio, which fell to 1.90% from 2.85% last year.

Total operating costs rose by 4.1% to USD39.3 million from USD37.8 million last year. As a result, profit before tax from continuing operations amounted to USD2.2 million (2024 restated: USD4.5 million).

Overall, FIMBank reported a profit before tax of USD2.20 million and net profit attributable to shareholders of USD0.11 million (2024: USD0.12 million). Excluding the profits attributable to discontinued operations, the continuing operations recorded a loss of USD1.6 million compared to the comparable figure of USD3.7 million in 2024.

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 18.8% (or USD215 million) to USD1.36 billion, primarily driven by a USD170.1 million increase in trading assets. Total liabilities rose by 22.3% (or USD215 million) to USD1.18 billion, with customer deposits increasing to USD0.85 billion (31 December 2024: USD0.68 billion). Shareholders’ funds amounted to USD183.8 million (31 December 2024: USD183.6 million), which translates into a net asset value per share of USD0.3517 (31 December 2024: USD0.3505).

FIMBank ended the year with a Total Capital Ratio of 19.3%, a Liquidity Coverage Ratio of 223% and a Net Stable Funding Ratio of 153%, all exceeding regulatory minimums.

Outlook

In his commentary, the Chairman highlighted that the global outlook for 2026 remains uncertain, with expectations of moderate economic growth tempered by geopolitical risks and evolving monetary policy conditions. The Chairman explained that the Group will focus on strengthening core revenue streams, optimising capital deployment, enhancing operational efficiency, and advancing its digital transformation initiatives.

The Directors noted that a significant strategic development during the year was the announcement by Jordan Kuwait Bank of its intention to acquire the combined 88.89% shareholding currently held by United Gulf Holding Company. and Burgan Bank. Completion of the transaction remains subject to regulatory approvals from the relevant authorities in Jordan and Malta, including the Central Bank of Jordan, the Malta Financial Services Authority, and the European Central Bank.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 26 March 2026, FIMBank plc published its Annual Report and Financial Statements for the year ended 31 December 2025. The 2024 comparative figures were restated to reflect the classification of Egypt factoring business as a discontinued operation.

Net interest income increased by 2.2% to USD45.8 million (2024 restated: USD44.8 million) as the 16.9% (or USD14.5 million) decline in interest income to USD71.4 million was offset by the 16.9% (or USD15.5 million) drop in interest expense to USD25.6 million.

FIMBank reported a loss of USD3.7 million from its non-interest activities (2024 restated: loss of USD0.18 million). The deterioration was driven primarily by a USD5.8 million downward revaluation of the Sustainable Investment Fund held by the Bank.

Net impairment losses narrowed to USD0.68 million from USD2.4 million last year, reflecting continued improvement in asset quality. As a result, operating income amounted to USD42.2 million (2024 restated: USD44.7 million). The Group recorded a further improvement in the NPL Ratio, which fell to 1.90% from 2.85% last year.

Total operating costs rose by 4.1% to USD39.3 million from USD37.8 million last year. As a result, profit before tax from continuing operations amounted to USD2.2 million (2024 restated: USD4.5 million).

Overall, FIMBank reported a profit before tax of USD2.20 million and net profit attributable to shareholders of USD0.11 million (2024: USD0.12 million). Excluding the profits attributable to discontinued operations, the continuing operations recorded a loss of USD1.6 million compared to the comparable figure of USD3.7 million in 2024.

The Statement of Financial Position as at 31 December 2025 shows that total assets increased by 18.8% (or USD215 million) to USD1.36 billion, primarily driven by a USD170.1 million increase in trading assets. Total liabilities rose by 22.3% (or USD215 million) to USD1.18 billion, with customer deposits increasing to USD0.85 billion (31 December 2024: USD0.68 billion). Shareholders’ funds amounted to USD183.8 million (31 December 2024: USD183.6 million), which translates into a net asset value per share of USD0.3517 (31 December 2024: USD0.3505).

FIMBank ended the year with a Total Capital Ratio of 19.3%, a Liquidity Coverage Ratio of 223% and a Net Stable Funding Ratio of 153%, all exceeding regulatory minimums.

Outlook

In his commentary, the Chairman highlighted that the global outlook for 2026 remains uncertain, with expectations of moderate economic growth tempered by geopolitical risks and evolving monetary policy conditions. The Chairman explained that the Group will focus on strengthening core revenue streams, optimising capital deployment, enhancing operational efficiency, and advancing its digital transformation initiatives.

The Directors noted that a significant strategic development during the year was the announcement by Jordan Kuwait Bank of its intention to acquire the combined 88.89% shareholding currently held by United Gulf Holding Company. and Burgan Bank. Completion of the transaction remains subject to regulatory approvals from the relevant authorities in Jordan and Malta, including the Central Bank of Jordan, the Malta Financial Services Authority, and the European Central Bank.