FIMBank plc - Full-Year Results

The 2008 full-year results of FIMBank plc were published following a Board of Directors meeting held on Monday 9 March 2009.  The Directors recommended the payment of a scrip dividend of US$0.0225 per share.  Shareholders have the option of receiving the dividend in either cash or by the issue of new shares at a price which still has to be announced. Those shareholders as at close of trading on Wednesday 18 March will be entitled to this dividend.

During the year ended 31 December 2008, the FIMBank Group generated a pre-tax profit of US$34.4 million, substantially higher than last year mainly following the sale of the shareholding in the Indian factoring company. Net interest income increased by 35% to US$14.19 million due to increases in trade loans and advances whilst net fee and commission income climbed 33% to US$18.9 million reflecting improved performance at both Bank level and its subsidiaries (London Forfaiting Company and FIM Business Solutions Ltd). FIMBank explained that during the year it continued developing its trade finance strategy across a wider matrix of products, clients and geographies and the Directors commented that the strong growth of the first 9 months of the year was negatively effected by the financial turmoil during the final quarter of 2008.

The Board of Directors also approved a Bond Issue which is to take place in the second quarter of 2009.

A review of the Full-Year results is available here.

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