The Company's principal activity is the operation of a credit institution under the Banking Act, Cap 371 of the Laws of Malta, in accordance with the credit institutions license granted by the Malta Financial Services Authority. The Bank is a niche international trade finance bank with customers spread over Europe, the Middle East, Asia and Africa, and provides facilities and trade services, primarily to import/export companies, especially those trading with and in emerging markets.
The Bank generated a profit for the year before tax of $6,543,793, up from $2,838,714 in 2014. During 2015, net interest income increased to $5,083,909, net fee and commission income to $556,185, and other income from trading gains and disposal of financial assets by $3,858,864 for a comprehensive operating income of $9,498,958. Administrative expenses of $2,627,452, rose marginally by 6% over 2014. During 2015 all the previous year's revenues attributable to the shareholder were reinvested in the form of Tier I capital, while the Board has recommended to apply the same policy for the 2015 revenues.
The Bank's balance sheet grew by 23% during 2015, from $156.3 million to $192.8 million, and its equity, composed of its share capital, the investment portfolio's fair value reserve and the retained earnings after tax for the year, increased from $20.1 million to $23.4 million.
In the current challenging environment, the Bank recognizes the need to conduct business in a prudent manner, to maintain adequate capital resources and strong liquidity.