FIMBank plc has reported a profit before tax from continuing operations of €3.7 million ($4.3 million) in the first six months of this year, compared to a loss before tax of €0.8 million ($0.9 million) in the corresponding period of 2025.

FIMBank plc is a provider of trade finance, factoring and forfaiting solutions, and has a presence in a number of financial and trading centres.

The group comprises the bank and its wholly owned subsidiaries, London Forfaiting Company Limited, FIM Property Investment Limited, The Egyptian Company for Factoring S.A.E. (Egypt Factors), and FIMFactors BV. 

The ultimate parent company of FIMBank plc is Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), a group registered in Kuwait which has major investments across the Middle East and North Africa.

After taxation and discontinued operations, the group said it recorded a profit of €2.7 million ($3.2 million), compared to a loss of €1.5 million ($1.8 million) in the comparative period.

The group said that this improvement was driven by a significant increase in operating results from the non-trading portfolio, which rose by 60.3 per cent to €23.0 million ($26.8 million). The result also benefited from “significantly lower fair value losses recognised on unlisted sub-fund units held within the group's legacy financial investments portfolio and measured at fair value through profit or loss.”

It said that fair value losses on these investments amounted to €0.3 million ($0.3 million) during the first half of 2026, compared to €3.8 million ($4.5 million) in the corresponding period of 2025.”

Operating expenses totalled €17.4 million ($20.3 million), an increase of 6.6 per cent compared to the corresponding period in 2025. “The increase was primarily driven by higher regulatory fees, staff costs and professional and consultancy fees.”

In June 2026, Fitch Ratings reaffirmed the group's 'B+' rating with a Stable Outlook.

As at 30th June 2026, the group's consolidated assets stood at €1.10 billion ($1.29 billion), reflecting a decrease of 5.1 per cent compared to 31st December 2025. “The reduction was primarily driven by lower forfaiting balances recognised within trading assets as the group continued to actively manage its balance sheet and create capacity for future growth opportunities. Notwithstanding the lower period-end balance, average consolidated assets for the six-month period ended 30th June 2026 were 13.9 per cent higher than the corresponding period in 2025,” it said.

As at 30th June 2026, the group's consolidated liabilities amounted to €0.95 billion ($1.11 billion), reflecting a decrease of 6.1 per cent compared to 31st December 2025, it said, adding that this is largely in line with the reduction in consolidated assets. “The movement was primarily driven by an 8.5 per cent decrease in amounts owed to customers, mainly reflecting lower term deposit balances,” it added.

Progress on FIMBank acquisition

The group said that during the period, progress continued on the proposed acquisition of FIMBank by Jordan Kuwait Bank, which remains subject to the required regulatory approvals. Jordan Kuwait Bank had announced plans to acquire a controlling stake in FIMBank plc last October. FIMBank said that management continues to dedicate the necessary resources to support the completion of the transaction. The transaction involves the purchase of combined shareholdings held by United Gulf Holding Company B.S.C. and Burgan Bank K.P.S.C.

United Gulf Holding, Burgan Bank, and Jordan Kuwait Bank are all subsidiaries of the Kuwait Projects Company (Holding) K.S.C.P. (KIPCO).

“In parallel, work on the planned disposal of Egypt Factors continued, supporting the group's objective of further optimising capital allocation and focusing management resources on its core business activities.” Accordingly, the entity's results for the six-month periods ended 30th June 2026 and 30th June 2025 were presented separately as "profit from discontinued operations."

The group said it also continued implementing a number of streamlining initiatives, which are aimed at simplifying organisational structures, strengthening accountability, improving execution efficiency and reducing operational complexity across the organisation