Malta, May 2015: During the financial year 2014 IIG Bank registered significant progress in developing its business strategy which is targeted towards a global presence in international trade and commodity finance. This development was supported by yet another record year of profits and balance sheet growth.
The Bank generated a profit for the year before tax of $2,838,714, up from $1,005,910 in 2013, and a net (fair value) gain on financial assets before tax of $5,813,860. All the previous year's revenues attributable to the shareholder were reinvested in the Bank in the form of Tier I capital while the Board has recommended to apply the same policy for the 2014 revenues.
The Bank's balance sheet grew by yet another 40% during 2014, from $111 million to $156.3 million, the same percentage growth as in the previous year, and its equity, composed of its share capital, the investments' fair value reserve and the retained earnings after tax for the year, increased from $14.8 million to $20.1 million.
IIG Bank has successfully built a loyal customer base supporting both its deposit liabilities and its loan assets portfolio. In its marketing initiatives, the Bank remains focused on establishing long lasting relationships with clients, ensuring that the service expectations of its discerning customers are met efficiently and effectively.
Reporting on the performance of the Bank, Raymond Busuttil, Managing Director and Chief Executive Officer of IIG Bank (Malta) Ltd, said: "The Bank has gained recognition for the quality of its service to depositors on the domestic market and as a niche player in the world of international trade and commodity finance. We have achieved a lot in the relatively short period of our existence and our prospects are indeed very exciting but challenging, as we continue to expand our presence into new geographical areas with every new business relationship that we take on board."
"Looking forward we believe that the Bank has a bright future ahead. The world economic climate is slowly changing from stagnation to one of growth, with the first positive signs being seen in the United States. This should hopefully fuel growth in other parts of the world. If this continues and becomes sustainable, the resulting increase in consumer demand would foster a better environment for global trade, despite some regional crises that crop up around the world from time to time. We have invested in our operational infrastructure and specialist human resources to be ready and to take advantage of prospective developments"
"Our success is certainly a team effort and therefore I take this opportunity to thank my colleagues and our board members for their dedication and support. I also thank our loyal customers for their trust and continued support."