Malta, May 2014: The year ended 31 December 2013 was another very positive year for IIG Bank. Not only did the Bank's balance sheet grow by over 40%, from $78.5 million to $111 million, but during the year, the Bank managed to expand its business of trade finance into new geographical areas and new industries. During the second half of 2013 the Bank started to develop its operational capabilities and correspondent banking network to support this new business which focuses more on financing the cycle of commodity trade flows in a structured manner.
During 2013, the Bank generated total revenues before tax of $1,827,462 up from $1,449,174 in 2012, made up of $1,005,910 in operating profit before tax and $821,552 in net gains on financial assets. In the initial months of 2014, the Bank's loan portfolio increased by 65% to $50 million and customer deposits reached $95 million. All the 2012 revenues attributable to the shareholder were reinvested in the Bank in the form of Tier I capital while the Board has recommended that the same policy is adopted in respect of the 2013 revenues.
IIG Bank is successfully building a client base with a global reach. As an international trade finance bank specialising in export finance of commodities, it is acquiring a client base of traders that typically trade in consumer consumables, construction materials and energy products all over the world, including the emerging markets.
Reporting on the performance of the Bank, Raymond Busuttil, Managing Director and Chief Executive Officer of IIG Bank (Malta) Ltd, said: "The Bank is well on its way to establish a name for itself as a niche international trade finance bank. We are very excited by the response we have generated so far in these new markets. We promote a relationship-based customer service and receive excellent feedback from our customers in appreciation of our approach to service delivery."
"Looking forward we believe that trade finance continues to be resilient despite the crises that crop up around the world from time to time. These tend to cause some disruption of a temporary nature, but on the whole, demand for commodities continues to grow consistently, especially as the leading economies of the world continue to show clear signs of recovery. We certainly believe that despite our size, we have a role to play by taking advantage of select opportunities."
"I take this opportunity to thank my colleagues for their dedication to deliver an excellent service and to our customers for their loyalty and support."