In a clear demonstration of its financial acumen and strategic focus, FCM Bank Ltd has reported exceptional results for the past year in their 2023 annual financial report. During a recent interview with the bank’s Chief Corporate Officer Bonamy Mercieca, we gained core insight into the bank's impressive financial performance and customer-centric improvements including new savings rates.

Key financial achievements of FCM Bank in the past year

Discussing FCM Bank’s major 2023 financial achievements, Ms Mercieca reveals a “notable asset growth of almost 46 per cent” and shares “this significant increase reflects our successful efforts in portfolio development and strengthens our market position”.

In addition, the bank’s profitability before tax surged by more than 60 per cent compared to the previous year.

“This impressive growth demonstrates our effective management and operational efficiency,” Ms Mercieca shares.

Total operating income and profit before tax for FCM Bank between 2022 and 2023

When comparing the previous two years, Ms Mercieca cites the increase in operating income, which came in at €12,544,031 in 2023, up from €7,981,378 in 2022, mainly due to growth in corporate lending and higher interest rates.

Indeed, profit before tax for 2023 was €4,100,985, higher than the €2,500,681 reported in 2022.

FCM Bank’s loan portfolio in 2023

Asked about the bank’s loan portfolio during the past year, Ms Mercieca reveals that loans and advances to customers increased significantly, “reflecting strong growth in the corporate lending business“.

Strategic focus in 2023

Turning to the bank’s strategic direction in 2023, and how its efforts drove such a positive financial performance, Ms Mercieca points out that FCM continued to concentrate its efforts and resources on growing its corporate lending business, as well as managing its investment portfolio of fixed income securities.

Customer satisfaction

Here, Ms Mercieca shares that the bank spares no efforts in ensuring customer satisfaction, describing it as a “top priority”.

“Over the past year, we have introduced several initiatives to improve our services and offer personalised financial solutions, resulting in a high level of customer satisfaction,” she says, adding that the bank is “committed to continuously invest in enhancing the customer experience”.

Expertise and professionalism within FCM Bank’s team

Any organisation is as good as its staff complement, and on this note, Ms Mercieca attests that the bank’s team of expert employees provide “the best financial solutions, including attractive deposit rates and competitive financing options”.

“Whether our customers are looking to save or invest, our professionals are always ready to assist them efficiently and professionally,” Ms Mercieca proudly states.

Updates to FCM Bank’s savings accounts

On the bank’s efforts to improve customer experience and add value to the client, Ms Mercieca points out changes to FCM’s savings accounts offering.

Here, she says that since January, the interest rates on the bank’s Top Saver savings account increased to 3.58 per cent gross p.a. on total balances of €50,000 and above, and since April, to 2.61 per cent gross p.a. on total balances up to 49,999.

“This adjustment is part of our commitment to offering greater value to our customers and helping them achieve their savings goals faster.”

Depositing funds into FCM Bank accounts

On the options available for depositing funds with the bank, Ms Mercieca attests that it is a simple and convenient process which can be done either by online transfer or via cheque. On the latter, she adds that if the cheque is drawn from your own bank account, there are no extra charges.

Further, Ms Mercieca confirms that deposits with FCM Bank Limited are protected by the Depositor Compensation Scheme established under Regulation 4 of the Depositor Compensation Scheme Regulations, 2015. More information on this can be found here.

Further assistance

Asked how clients can go about securing further information or clarification on the bank’s various schemes and offerings, financial results and services, Ms Mercieca points us to FCM’s website, where a contact form, phone number and email is clearly laid out.

“If you have any questions or need further information about our results or services, please do not hesitate to contact us. Our team is here to help and ensure you have all the support you need. Please see the contact information below,” she adds.

FCM Bank Ltd. thanks its customers for their loyalty and trust, which have been crucial to its success. The bank remains dedicated to providing excellent financial services and looks forward to continuing our successful journey together.

This interview provides a comprehensive overview of FCM Bank's performance, strategic actions, and risk management as detailed in their 2023 annual report. If you have any specific sections or more detailed queries, feel free to ask!

For more information, please visit our website or contact our customer service team on (+356 2248 8000.

FCM Bank Ltd is regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta)