FIMBank plc - Full-Year Results

On 9 April 2025, FIMBank plc published the Annual Report and Financial Statements for the year ended 31 December 2024.

Net interest income decreased by 6.2% to USD51.8 million (2023: USD55.2 million) as the increase in interest income (+USD1.8 million to USD97.3 million) was outweighed by the increase in interest expense (+USD5.2 million to USD45.5 million). The increase interest expenses were driven higher amounts owed to customers.

FIMBank reported an loss of USD0.63 million from its non-interest activities which however was lower than the USD3.65 million loss in 2023. The lower expense was driven by higher fee and commission income and lower net trading losses.

The financial performance was dented by net impairment losses of USD2.50 million, compared to an impairment of USD1.96 million in 2023. As a result, operating income amounted to USD48.7 million, which is minimally lower than the USD49.6 million figure recorded in the previous year.

Total operating costs fell by 7.8% to USD40.4 million (2023: USD43.8 million) due to lower administrative expenses.

Overall, FIMBank reported a profit before tax of USD8.32 million, which is 43.6% higher than the USD5.79 million reported in 2023. After accounting for a tax expense of USD8.17 million and a profit attributable to minority interests of USD0.03 million, the net profit attributable to shareholders amounted to USD0.12 million (2023: loss of USD0.03 million).

The Statement of Financial Position as at 31 December 2024 shows that total assets decreased by 27.5% (or USD435 million) to USD1.15 billion reflecting declines virtually across all assets. Total liabilities fell by 31.3% (or USD439 million) to USD0.96 billion, with amounts owed to customers declining to USD0.68 billion (31 December 2023: USD0.93 billion) and amounts owed to institutions and banks falling to USD0.24 billion (31 December 2023: USD0.41 billion). Shareholders’ funds advanced by 2.4% (or USD4.3 million) to USD183.1 million which translates into a net asset value per share of USD0.3505 (31 December 2023: USD0.3422).

FIMBank ended the year with a Total Capital Ratio of 21.3%, a Liquidity Coverage Ratio of 352% and a Net Stable Funding Ratio of 158%, all comfortably exceeding regulatory minimums. The Group also recorded a 2-percentage point year-on-year decline in the Non-Performing Loan (NPL) Ratio to 2.85%.

Outlook

In his commentary, the Chairman highlighted that looking ahead, the global economic outlook for 2025 remains challenging but with reasonable prospects for moderate growth across financial markets. The Chairman explained that the Group will focus on sustaining revenue growth through careful asset selection and disciplined capital allocation. Moreover, FIMBank will continue to streamline operations, driving cost efficiencies through process refinements and consolidations.

The Directors explained that to strengthen its capital base, the Bank received a USD20 million subordinated loan from its major shareholder in February 2025, qualifying as Tier 2 capital under the Capital Requirements Regulation. This injection will further reinforce the Group’s balance sheet and support its asset growth ambitions, reflecting the continued confidence and commitment of the major shareholder.