FIMBank Plc

Interim / Quarterly Report • Aug 13, 2021

COMPANY ANNOUNCEMENT

The following is a Company Announcement issued by FIMBank p.l.c. ("FIMBank" or the "Bank") pursuant to the Malta Financial Services Authority Listing Rules.

Quote

The Board of Directors of FIMBank met on 12 August 2021, to approve the Consolidated and the Bank's Interim Financial Statements for the six months ended 30 June 2021.

The Half-Yearly Report, drawn up in terms of the Listing Rules, is attached to this Company Announcement. The Interim Financial Statements are unaudited but independently reviewed by KPMG, the Registered Auditors.

In accordance with the requirements of the Listing Rules the Half-Yearly Report is being made publicly available for viewing on the Bank's website at www.fimbank.com.

Unquote

Andrea Batelli Company Secretary

13 August 2021

Condensed Interim Financial Statements 2021

Condensed Interim Financial Statements 2021

Contents	Page
Directors' report pursuant to Listing Rule 5.75.2	2
Condensed interim financial statements:
Condensed interim statements of financial position	6
Condensed interim statements of profit or loss	8
Condensed interim statements of other comprehensive income	9
Condensed interim statements of changes in equity	10
Condensed interim statements of cash flows	14
Notes to the condensed interim financial statements	15
Statement pursuant to listing rule 5.75.3	37
Independent auditors' report on review of condensed interim financial statements	38
Schedules to the condensed interim financial statements
Additional regulatory disclosure (Pillar III)	ਤੋਂ ਹੋ

Directors' report pursuant to listing rule 5.75.2

For the six months ended 30 June 2021

The Directors ("Board" or "Directors") present their report together with the Condensed Interim Financial Statements of FIMBank p.l.c. ("the Bank'), and FIMBank Group of Companies ("the Group") for the six months ended 30 June 2021. The report is prepared in accordance with Article 177 of the Companies Act, 1995 (Chapter 386, Laws of Malta, ("The Companies Act") including further provisions as set out in the Sixth Schedule of the Companies Act and in accordance with the requirements of Listing Rule 5.75.2.

Results for the year

For the six months ended 30 June 2021, the FIMBank Group reported an after-tax profit of USD1.0 million aftertax loss registered for the six months ended 30 June 2020. No reserves are presently available for distribution.

These published figures have been extracted from the FMBank Group's for the six months ended 30 June 2021 as approved by the Board of Directors on 12 August 2021.

Further information about the results are provided in the Statements of Other Comprehensive Income on pages 8 and 9 and in the Review of Performance section within this report.

Group structure and principal activities

The Group comprises the Bank and its wholly owned subsidiaries, London Forfaiting Company Limited ("LC"), FM Business Solutions Limited ("FBS"), FIM Property Investment Limited ("FP"), The Egyptian Company for Factor"), FIM Holdings (Chile) S.p.A. ("FHC") and FIMFactors B.V. ("FIMFactors"). LFC and FIMFactors are themselves parents of a number of subsidiaries as set out below. The Group is supervised on a consolidated basis by the Malta Financial Services Authority ("MF5A"), whilst some of its subsidiaries are subject to authorisation and regulation according to the respective jurisdictions in which they operate.

A brief description of the activities in the Group follows (% shareholding follows after the name):

• The Bank is a public limited company reqistered under the laws of Malta Stock Exchange. It is licensed as a credit institution under the Banking Active in principally active in providing international trade finance and to act as an internediary to other financial institutions for international settlements, factoring and loan syndications.
• The Bank has two branches reqistered in Dubai International Finance Centre, United Arab Emirates and Athens, Greece. Both branches are regulated by their respective Regulators;
• · LFC (100%) is registered in the United Kingdom as a private limited liability company. It was founded in 1984 and provides international trade finance services (with particular focus on forfaiting business) through an international network of offices. Some of these offices have distinct corporate status in the various jurisdictions where they are providing the service. LFC's activities include the trading of bills of exchange, promissory notes, loans, deferred payment letters of credit and the financial facilities to companies and banks;
• · FBS (100%), registered in Malta, has as its primary purpose the provision of information technology and support services to the Group. The current structure of this operation is presently being reconsidered and may result in the merger or liquidation of FBS;
• FPI (100%), registered in Malta, owns and manages FIMBank's Head Office in Malta. FP is responsible for the day-to-day management of the building and leasing of space for commercial purposes;
• Egypt Factors (100%), registered in Egypt, is active in providing factoring services to Egyptian companies;
• FHC (100%), registered in Chile, previously served as a corporate vehicle and is currently in the process of being liquidated; and
• · FIMFactors (100%), registered in the Netherlands, is the Bank's holdings in factoring subsidiaries and associated companies. These are:
  • a. India Factoring and Finance Solutions (Private) Limited (88.16%), incorporated in Mumbai, India, to carry out the business of factoring in India. India Factoring is regulated by the Reserve Bank of India; and
  • b. BrasilFactors S.A. (50%), an equity-accounted in São Paulo, Brazil, with its core business focused on factoring services, targeting small and medium-sized companies. The other shareholder in this construction Bank (50%).

Annual general meeting

The Bank convened its Annual General Meeting remotely as per Legal Notice 288 of 2020 . The Board composition following the Annual General Meeting is as follows:

John C. Grech (Chairman) Masaud M. J. Hayat (Vice Chairman) Abdel Karim A.S. Kabariti Claire Imam Thompson Fdmond Brincat Hussain Abdul Aziz Lalani Majed Essa Ahmed Al-Ajeel Mohamed Fekih Ahmed Osama Talat Al-Ghoussein Rabih Soukarieh Rogers David LeBaron

Review of performance

The financial and operating performance of the First six months of 2021 was, as anticipated, marked by the impact of the disruption brought about by the COVID-19 pandemic. Although economic recovery has been gaining momentum this process continues to be hindered by the ripple effects of the past events.

The Group's strategy has been aligned to the new economic reality and financial projections have been careflect our progress towards recovery. We are pleased to note, that daff of the year, the key components of this revitalised strategy have translated into a positive outcome in the Group's performance.

The Group was successful in resolving a few recovering legacy cases, which were delayed by a slowdown in the various legal jurisdictions during the course of the Group is reaping the benefits of the de-risking process which was implemented throughout the last two years, as no other material as non-performing during this period. This has allowed the Group to progress on a key strategic objective, that of decreasing the size of its non-preforming the asset quality ratios.

The interest revenue generation potential remains impacted by the current low interest rate environment. This creates an opportunity for the future once central banks determine that the recovery is safe and conditions are ripe to start considering monetary policies. The pick-up in overall business volumes and improving valuations are the increase in non-interest income.

Throughout the period in review, the Group's capital position remained strong with a total capital ratio of 18.4%. This allows the Bank to benefit from improving business conditions and capture incremental revenue streams of business of buitable risk-adjusted returns.

For the first half of the year, the Group reported USD1 million reflects the Group's focus and its successful adaptation to the challenging conditions experienced over the past months.

Statements of profit or loss

The results for the period under review are summarised in the table be read in conjunction with the explanatory commentary that follows:

		Group
	2021	2020	Movement
	USD	USD	USD
Net interest income	12,724,828	16,563,542	(3,838,714)
Net fee and commission income	5,827,397	4,949,235	878,162
Net results from trading assets and other financial instruments	1,729,403	(3,447,324)	5,176,727
Net results from foreign currency operations	397,103	412,201	(15,098)
Dividend income	1,089,189	240,817	848,372
Other operating income	373,118	449,173	(76,055)
Net operating revenues	22,141,038	19,167,644	2,973,394
Operating expenses	(20,772,281)	(18,475,003)	(2,297,278)
Operating income before net impairment	1,368,757	692,641	676,116
Net impairment losses	911,274	(15,884,755)	16,796,029
Operating income/(loss) after net impairment	2,280,031	(15,192,114)	17,472,145
Taxation	(1,299,346)	(4,200,372)	2,901,026
Profit/(Loss) for the period	980,685	(19,392,486)	20,373,171

FIMBank Group reported a profit before tax of USD2.3 million for the six months ending 30 June 2021. These results show the Group on its way to recovery, following the impact of the Group's performance, which had caused the Group to withstand a loss before tax of USD15.2 million in the prior year period.

The Group's net operating revenues decreased by 16% from USD19.2 million. Net interest income dropped by 23% to USD12.7 million, as central banks continue to maintain low interest rate policies, designed to counter the COVID-19 pandemic impact, especially in the U.S. and the Eurozone, which impact the Group's principal currencies. In addition, interest and risk-free instruments, which are held by the Group to preserve adequate levels of liquidity, remain negative. Net fees and commission rose by 18% to USD5.8 million, as the Group recorded new transactions and business volumes picked up. Results from trading assets and other financial instruments improved significantly to reach a net gain of USD1.7 million, compared to a net loss of USD3.4 million in H1 2020. Effects from foreign exchange rate movements and other operating income were essentially flat year on year. The Group received USD1.1 million of dividends from its investment in an unlisted sub-fund, compared to USD0.2 million in same period last year.

Operating expenses for the six months under review stood at USD20.8 million, up by 12% from same period last year.

Driven by an improving credit environment, the Group released USD0.9 million of net provision for the year. Compared to net impairment losses of USD15.9 million in the prior year period, which was subjected to a number of COVID-19 related impairment events. On the performing Stage 2 exposures, USD2.3 million of provisions were released, on the basis of lower expected credit losses and improving macro-economic indicators. In comparment charge of USD 0.6 million as at June 2020. The low number of impairment events facilitated the Group to increase its Stage 3 provisions by only USD1.0 million for the period under review, a drop of USD13.5 million from prior year period. Write-offs at USD1.5 million were flat year on year and recoveries at USD1.0 million were USD0.6 million higher than same period last year.

Provisions for tax for all group entities for the ending 30 June 2021.3 million. During the same period last year, the Group provided for USD1.4 million of tax and wrote-off USD2.8 million of deferred taxes due to the impact of the recoverability of tax losses which had a finite expiry.

Financial position

At 30 June 2021, total consolidated assets at USD1.86 billion marginally increased by USD21 million (1%) from end-2020. There has been a shift in the asset mix, in particular in treasury balances with the Central Bank of Malta dropped by USD114 million whilst treasury bills and deposits with banks increased by USD68 million respectively. Financial assets at fair value through other comprehensive income rose by USD14 million. As the pandemic pushed through the Group continued to maintain a level of liquidity significantly above the regulatory minima, as a safety measure against potential shocks which could have resulted from the global disruption caused by the commercial side, trading assets increased by USD26 million, whereas loans to customers shrank by USD9 million.

Total consolidated liabilities as at 30 June 2021.62 billion, a marginal increase of 1% over the USD1.60 billion reported at end-2020. Amount due to customers and debt securities in issue dropped by USD95 million respectively. Whereas anount due to banks rose by USD130 million.

As at financial reporting date the Group had USD231 million of total equity (31 December 2020: USD23 million drop related mainly to a downward valuation of financial assets held at fair value through OCl recorded in the fair value reserve.

At the end of the June 2021, the Group's CET1 and CAR ratios were both at 18.4% (31 December 2020: 18.5%), 87 basis points above the regulatory requirement which includes the impact of an additional capital charge under the SREP Pillar II requirement set by MFSA.

Second half of 2021

Meanwhile, the world continues to cope with the pandemic impact. With improving vacination rates, countries appear to be on their way towards finding a new norm in a post-pandemic world, still marked by the COVD-19 virus. While we expect a gradual economic recovery, given the deep damage inflicted on the fabric of the recovery is unlikely to be 'V-shaped'.

Following Malta's positive assessment by MoneyVal, the recent decision Task Force to 'qreylist' the jurisdiction was unexpected. In preparation for such an outcomed its attention on measures designed to mitigate the subsequent risks and potential impact. The primary areas of concern were and contingency action plans were prepared. A prolongation of the 'greylisting' status could however lead to longer term implications. Although thus not had any significant impact, it may be too early to assess all potential repercussions. The Group will therefore continue to monitor developments, while remaining well prepared to execute action plans in a timely manner.

During the rest of 2021, the Group will continue to focus on its key objectives, as set out in the long-range plan, which encapsulates the corporate strategy designed to achieve performance in a sustainable and resilient manner with the goal of delivering long-term value. The focus on the banking fundamentals will remain alongside the utilisation of apital, on the principles of risk-adjusted returns. We will continue to effectively manage our cost base while prioritising investment in order to improve corporate, risk management and compliance functions. The Bank will be giving priority to simplifying a range of operational and business designs, with the objective of removing complexity on various levels across the organisation to deploy lasting improvements. Building on the recovery success of the first half of the year, the Bank will pursue further decreases in the non-performing asset portfolio.

With its highly skilled talent pool across multiple dictions, continued investments in IT infrastructure and the support of a solid shareholder base, FIMBank is well-positioned to continue progressing towards the achievement of its strategic objectives in a steady, sustainable manner. During these complex times, the Bank will endeavour to remain close to all of its partners around the world and will strive to maintain high customer service levels.

Approved by the Board on 12 August 2021 and signed on its behalf by:

John C. Grech Chairman

Masaud M. J. Hayat Vice Chairman

Condensed interim statements of financial position

		Group		Bank
		30 Jun 2021	31 Dec 2020	30 Jun 2021	31 Dec 2020
	Note	USD	USD	USD	USD
Assets
Balances with the Central Bank of Malta,
treasury bills and cash		273,050,719	319,287,524	273,028,758	319,267,749
Derivative assets held for risk management	11	/07,417	991,624	716,425	1,019,288
Trading assets		478,643,229	452,326,547
Loans and advances to banks		231,961,222	193,139,577	212,113,366	179,364,067
Loans and advances to customers		582,714,891	591,995,726	802,167,783	779,834,360
Financial assets at fair value through
profit or loss		20,548,134	20,385,323	20,548,134	20,385,323
Financial assets at fair value through
other comprehensive income		167,465,882	153,327,686	167,465,882	153,327,686
Investments at amortised cost		9,964,469	9,839,457	9,964,469	9,839,457
Investments in subsidiaries	12			150,448,858	147,436,214
Property and equipment		31,306,909	32,166,816	2,762,736	3,507,509
Investment property		17,223,820	17,223,820
Intangible assets and goodwill	13	9,599,895	9,698,335	3,981,974	4,008,725
Current tax assets		1,214,049	1,397,553	46,908	76,225
Deferred tax assets		24,769,140	25,875,734	15,580,635	15,590,955
Other assets		5,901,640	6,390,301	4,674,366	5,570,562
Total assets		1,855,071,416	1,834,046,023	1,663,500,294	1,639,228,120
Liabilities and equity
Liabilities Derivative liabilities held for risk management	11	335,915	1,629,434	335,915	1,629,434
Amounts owed to banks		559,818,778	429,443,480	504,767,876	387,900,641
Amounts owed to customers		1,006,776,171	1,101,570,295	947,224,551	1,037,118,337
Debt securities in issue	14	38,563,676	50,832,661
Current tax liabilities		390,539	337,725
Deferred tax liabilities		4,215,075	4,215,075
Provision for liabilities and charges		149,362	275,889	18,507	173,051
Other liabilities		13,641,283	12,583,335	7,218,172	7,645,488
Total liabilities		1,623,890,799	1,600,887,894	1,459,565,021	1,434,466,951
Equity
Share capital		261,221,882	261,221,882	261,221,882	261,221,882
Share premium		858,885	858,885	858,885	858,885
Reserve for general banking risks		3,577,435	3,358,738	3,577,435	3,358,738
Currency translation reserve		(10,860,820)	(10,011,229)
Fair value reserve		11,266,101	13,367,626	312,056	2,413,581
Other reserve		2,982,435	2,982,435	2,681,041	2,681,041
Accumulated losses		(38,312,347)	(39,027,680)	(64, / 16,026)	(65,172,958)
Total equity attributable to equity holders of the Bank		230,673,571	232,750,657	203,935,273	204,761,169
Non-controlling interests		507,046	407,472
Total equity		231,180,617	233,158,129	203,935,273	204,761,169
Total liabilities and equity		1,855,071,416	1,834,046,023	1,663,500,294	1,639,228,120

Condensed interim statements of financial position

		Group		Bank
		30 Jun 2021	31 Dec 2020	30 Jun 2021	31 Dec 2020
	Note	USD	USD	USD	USD
Memorandum items
Contingent liabilities	15	1,582,421	1,910,418	37,356,338	44,246,902
Commitments	16	114,190,258	105,043,456	110,866,654	105,245,766

These condensed interim statements were approved by the Board of Directors and authorised for issue on its behalf by:

John C. Grech Chairman

Masaud M. J. Hayat Vice Chairman

Adrian A. Gostuski Chief Executive Officer

Juraj Beno Chief Financial Officer

Condensed interim statements of profit or loss

For the six months ended 30 June 2021

		Group		Bank
		2021	2020	2021	2020
	Note	USD	USD	USD	USD
Interest income		19,105,836	23,081,776	10,315,759	12,436,186
Interest expense		(6,381,008)	(6,518,234)	(5,419,118)	(5,181,825)
Net interest income		12,724,828	16,563,542	4,896,641	7,254,361
Fee and commission income		8,141,313	7,934,579	2,579,750	3,045,090
Fee and commission expense		(2,313,916)	(2,985,344)	(1,065,744)	(1,654,064)
Net fee and commission income		5,827,397	4,949,235	1,514,006	1,391,026
Net trading results	9	1,860,787	(1,967,202)	144,361	1,067,930
Net gain/(loss) from other financial instruments carried
at fair value		265,719	(1,067,921)	265,719	(1,067,921)
Dividend income	10	1,089,189	240,817	7,289,189	240,817
Other operating income		373,118	449,173	60,475	56,851
Total operating revenues		22,141,038	19,167,644	14,170,391	8,943,064
Administrative expenses		(19,090,785)	(16,769,398)	(11,369,902)	(11,365,461)
Depreciation and amortisation		(1,681,496)	(1,705,605)	(1,504,730)	(1,476,648)
Total operating expenses		(20,772,281)	(18,475,003)	(12,874,632)	(12,842,109)
Operating income/(loss) before net impairment		1,368,757	692,641	1,295,759	(3,899,045)
Impairment of investments in subsidiaries	12			(87,356)	(5,000,000)
Net impairment gain/(loss) on financial instruments	18.2	911,274	(15,884,755)	128,533	(15,758,125)
Operating income/(loss) after net impairment		2,280,031	(15,192,114)	1,336,936	(24,657,170)
Profit/(Loss) before tax		2,280,031	(15,192,114)	1,336,936	(24,657,170)
Taxation		(1,299,346)	(4,200,372)	(61,307)	(572,786)
Profit/(Loss) for the period		980,685	(19,392,486)	1,275,629	(25,229,956)
Profit/(Loss) attributable to:
Owners of the Bank		874,030	(19,146,119)	1,215,629	(25,229,956)
Non-controlling interests		106,655	(246,367)
		980,685	(19,392,486)	1,275,629	(25,229,956)
Earnings per share
Basic earnings/(loss) per share (US cents)		0.17	(3.66)	0.24	(4.83)

Condensed interim statements of other comprehensive

income

For the six months ended 30 June 2021

	Group		Bank
	2021	2020	2021	2020
	USD	USD	USD	USD
Profit/(Loss) for the period	980,685	(19,392,486)	1,275,629	(25,229,956)
Other comprehensive expense
ltems that are or may be reclassified subsequently to profit or loss:
Movement in translation reserve:
Foreign operations - foreign currency translation differences	(856,672)	(2,034,613)
Movement in fair value reserve:
Debt investments at fair value through other comprehensive
income - net change in fair value	(1,730,525)	89,597	(1,730,525)	89,597
Debt investments at fair value through other comprehensive l
income - reclassified to profit or loss	(360,681)		(360,681)
Related tax	(10,319)	(587,090)	(10,319)	(587,090)
Other comprehensive expense, net of tax	(2,958,197)	(2,532,106)	(2,101,525)	(497,493)
Total comprehensive expense	(1,977,512)	(21,924,592)	(825,896)	(25,727,449)
Total comprehensive expense attributable to:
Owners of the Bank	(2,077,086)	(21,707,586)	(825,896)	(25,727,449)
Non-controlling interests	99,574	(217,006)
	(1,977,512)	(21,924,592)	(825,896)	(25,727,449)

For the period ended 30 June 2021

Group

	Attributable to equity holders of the Bank
	Share capital USD	Share premium USD	Reserve for general banking risks USD	Currency translation reserve USD	Fair value reserve USD	Other reserve USD	Accumulated OSS USD	Total USD	Non- controlling interests USD	Total equity USD
Balance at 1 January 2021	261,221,882	858,885	3,358,738	(10,011,229)	13,367,626	2,982,435	(39,027,680)	232,750,657	407,472	233,158,129
Total comprehensive expense
Profit for the period							874,030	874,030	106,655	980,685
Other comprehensive expense: Fair value reserve: Debt investments at fair value through other comprehensive income – net change in fair value –					(1,740,844)			(1,740,844)		(1,740,844)
comprehensive income - reclassified to profit or ાજરડ Translation reserve:					(360,681)			(360,681)		(360,681)
Foreign operations - foreign translation difference				(849,591)				(849,591)	(7,081)	(856,672)
Total other comprehensive expense			-	(849,591)	(2,101,525)		-	(2,951,116)	(7,081)	(2,958,197)
Total comprehensive expense Transfer between reserves		l	- 218,697	(849,591)	(2,101,525)	-	874,030 (218,697)	(2,077,086)	99,574	(1,977,512)
Balance at 30 June 2021	261,221,882	858,885	3,577,435	(10,860,820)	11,266,101	2,982,435	(38,372,347)	230,673,571	507,046	231,180,617

For the period ended 30 June 2020

Group

	Attributable to equity holders of the Bank
	Share capital USD	Share premium USD	Reserve for general banking risks USD	Currency translation reserve USD	Fair value reserve USD	Other reserve USD	Retained earnings/ (Accumulated (OSS) USD	Total USD	Non- controlling interests USD	Total equity USD
Balance at 1 January 2020	261,221,882	858,885	2,323,486	(7,086,044)	11,311,278	2,916,863	10,937,616	282,483,966	(1,471,364)	281,012,602
Total comprehensive expense
Loss for the period							(19,146,119)	(19,146,119)	(246,367)	(19,392,486)
Other comprehensive expense: Fair value reserve: Debt investments at fair value through other comprehensive income – net change
in fair value					(497,493)			(497,493)		(497,493)
Translation reserve: –				(2,063,974)				(2,063,974)	29,361	(2,034,613)
Total other comprehensive expense			-	(2,063,974)	(497,493)		-	(2,561,467)	29,361	(2,532,106)
Total comprehensive expense			-	(2,063,974)	(497,493)	-	(19,146,119)	(21,707,586)	(217,006)	(21,924,592)
Transfer between reserves			90,569			66,122	(2,122,039)	(1,965,348)	1,965,348	-
Balance at 30 June 2020	261,221,882	858,885	2,414,055	(9,150,018)	10,813,785	2,982,985	(10,330,542)	258,811,032	276,978	259,088,010

For the period ended 30 June 2021

Bank

	Share capital USD	Share premium USD	Reserve for general banking risks USD	Fair value reserve USD	Other reserve USD	Accumulated losses USD	Total equity USD
Balance at 1 January 2021	261,221,882	858,885	3,358,738	2,413,581	2,681,041	(65,772,958) 204,761,169
Total comprehensive expense
Profit for the period						1,275,629	1,275,629
Other comprehensive expense: Fair value reserve: – Debt investments at fair value through other comprehensive income - net change in fair value – Debt investments at fair value through other comprehensive income				(1,740,844)			(1,740,844)
- reclassified to profit or loss				(360,681)			(360,681)
Total other comprehensive expense			l	(2,101,525)		l	(2,101,525)
Total comprehensive expense			l	(2,101,525)	l	1,275,629	(825,896)
Transfer between reserves			218,697			(218,697)
Balance at 30 June 2021	261,221,882	858,885	3,577,435	312,056	2,681,041		(64,716,026) 203,935,273

For the period ended 30 June 2020

Bank

	Share capital USD	Share premium USD	Reserve for general banking risks USD	Fair value reserve USD	Other reserve USD	Accumulated osses USD	Total equity USD
Balance at 1 January 2020	261,221,882	858,885	2,323,486	357,233	2,681,041		(8,761,104) 258,681,423
Total comprehensive expense
Loss for the period						(25,229,956)	(25,229,956)
Other comprehensive expense: Fair value reserve: – Debt investments at fair value through other comprehensive income
- net change in fair value				(497,493)			(497,493)
Total other comprehensive expense				(497,493)			(497,493)
Total comprehensive expense				(497,493)		(25,229,956)	(25,727,449)
Transfer between reserves			90,569			(90,569)
Balance at 30 June 2020	261,221,882	858,885	2,414,055	(140,260)	2,681,041	(34,081,629) 232,953,974

Condensed interim statements of cash flows

For the six months ended 30 June 2021

	Group		Bank
	2021	2020	2021	2020
	USD	USD	USD	USD
Cash flows from operating activities
Interest and commission receipts	28,336,870	31,275,527	10,673,158	10,774,145
Exchange received/(paid)	2,089,585	(84,811)	2,535,485	1,637,874
Interest and commission payments	(7,970,404)	(9,331,275)	(7,159,880)	(6,313,438)
Payments to employees and suppliers	(19,968,561)	(16,376,781)	(10,534,613)	(13,24/,997)
Operating profit/(loss) before changes in operating
assets/liabilities	2,487,490	5,482,660	(4,485,850)	(7,149,416)
(Increase)/Decrease in operating assets:
Trading assets and financial assets at FVTPL	(25,340,705)	27,205,611
Loans and advances to customers and banks	5,609,234	19,724,188	8,940,910	(18,145,436)
Other assets	1,896,710	(104,549)	1,334,112	(2,440,844)
Increase/(Decrease) in operating liabilities:
Amounts owed to customers and banks	(2,808,879)	132,935,611	(6,535,562)	135,485,028
Other liabilities	197,905	(231,904)	13,045	(229,296)
Net advances from subsidiary companies			(35,021,334)	27,502,015
Net cash (used in)/generated from operating activities
before income tax	(17,958,245)	185,011,617	(35,754,679)	135,022,051
Income tax paid	(110,463)	(6/6,061)	(38,088)	(549,171)
Net cash flows from operating activities	(18,068,708)	184,335,556	(35,792,767)	134,472,880
Cash flows from investing activities
Payments to acquire financial assets at fair value
through other comprehensive income	(48,745,087)	(47,460,108)	(48,745,087)	(47,460,108)
Payments to acquire property and equipment	(306,743)	(1/8,112)	(216,6/8)	(17,530)
Payments to acquire intangible assets	(482,687)		(482,687)
		(103,202)		(103,202)
Proceeds on maturity of debt investments at fair value
through profit or loss		67,000,000		67,000,000
Proceeds on disposal of financial assets at fair value
through profit or loss	15,026		15,026
Proceeds on disposal of financial assets at fair value
through other comprehensive income	28,271,462		28,271,462
Proceeds on disposal of property and equipment	9,754		9,754
Receipt of dividend	1,089,189	240,817	4,189,189	240,817
Net cash flows from investing activities	(20,149,086)	19,499,395	(16,959,021)	19,659,977
Cash flows from financing activities
Net movement in debt securities	(12,201,942)
		(28,497,790)
Payment of lease liabilities	(596,206)	(538,189)	(1,709,285)	(198,598)
Net cash flows used in financing activities	(12,798,148)	(29,036,579)	(1,709,285)	(198,598)
(Decrease)/increase in cash and cash equivalents	(51,015,942)	174,798,372	(54,461,073)	153,934,259
Analysed as follows:
Effect of exchange rate changes on cash and cash equivalents	(10,102,737)	(1,189,124)	(10,679,611)	(1,077,953)
Net (decrease)/increase in cash and cash equivalents	(40,913,205)	175,987,496	(43,781,462)	155,012,212
(Decrease)/increase in cash and cash equivalents	(51,015,942)	174,798,372	(54,461,073)	153,934,259
Cash and cash equivalents at beginning of period	241,923,849	145,170,011	267,909,686	163,886,941
Cash and cash equivalents at end of period	190,907,907	319,968,383	213,448,613	317,821,200

Notes to the condensed interim financial statements

For the six months ended 30 June 2021

Reporting entity 1

FIMBank p.l.c. ("the Bank") is a credit institution domiciled in Malta with its registered address at Mercury Tower, The Exchange Financial and Business Centre, Elia Zammit Street, St. Julian's, STJ3155, Malta. The CondensedInterim Financial Statements of the Bank as at and for the six months ended 30 June 2021 include the Bank and its subsidiaries (together referred to as the "Group" and individually as "Group Entities").

The financial statements of the Group as at, and for the year ended, 31 December 2020 are available upon request from the Bank's registered office and are available for viewing on its website at www.fimbank.com.

Basis of accounting

The Condensed Interim Financial Statements have been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU. The Condensed Interim Financial Statements do not include all the information required for the Annual Reports and Financial Statements and therim Financial Statements should be read in conjunction with the Annual Report and Financial Statements 2020 of FIMBank p.l.c.

On 11 March 2020, the World Health Organisation declared that the novel Coronavirus ("COVID-19") could be characterized as a pandemic. The impact of the outbreak has been widespread across the globe and has distressed many countries including those markets where the Group operates. Although the finance has been significantly impacted by the pandemic and although there is still a high degree of uncertainty and risk associated with the plobal economic forecasts, the Board of Directors confirm that, at the time of approving these Condensed Interim Financial Statements, the Group is capable of continuing to operate as a going concern for the foreseeable future.

In preparing these Financial Statements, consideration has also been given to the Public Statement ESMA 32-63-1041, issued by the European Securities and Markets Authority on 28 October 2020, which promotes transparency and consistent of European requirements for information provided in the annual financial reports of listed companies under the current circumstances related to the COVID-19 pandemic.

The Condensed Interim Financial Statements were approved by the Board of Directors on 12 Auqust 2021.

Use of judgements and estimates กก

The preparation of the Condensed Interim Financial Statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

In preparing these condensed interim financial statements made by management in applying the Group's accounting policies and the key sources of estimation were the same as those applied to the financial statements as at and for the year ended 31 December 2020.

In prepaing these Financial Statements, the significant judgments made by management in applying the Group's Accounting Policies and the key sources of estimation uncertainty are still being impacted by the volatility resulting from the COVID-19 pandemic. Such impact on specific areas of significant judgement is separately disclosed in Notes 18 and 19 of these Financial Statements.

4 Significant accounting policies

The accounting policies applied in these Condensed Interim Financial Statements are the same as those applied in the Group's Consolidated Financial Statements as at and for the year ended 31 December 2020.

4.1 Standards issued but not yet effective

A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2022 and earlier application is permitted. However, the Group has not early adopted any of the forthcoming new or amended standards in preparing these Condensed Interim Financial Statements.

5 Changes in accounting policies

The following amendments to standards were effective from 1 January 2021 but did not have a material effect on the Group's financial statements.

(i) Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16: Interest Rate Benchmark Reform Phase 2.

Interest rate benchmark reform

A fundamental reform of major interest rate beng undertaken globally to replace and reform interbank offered rates ('IBOR') with alternative nearly risk-free rates (RFR), referred to as 'IBOR reform'.

The Group is following three major milestones:

• · not later than 30 September 2021.
• · Existing contracts pegged to LIBOR GBP, EUR, CHF, JPY covering all tenors or LIBOR USD for one-week and 2 months:
  • o and maturing before 31 December 2021, will continue being pegged to their existing interbank offered rates until maturity; o and maturing after 31 December 2021, will be converted to a risk-free rate before 31 December 2021.
• Existing contracts pegged to LIBOR USD for overnight, 1 month, 3 months, 6 months and 12 months:
  • o and maturing before 30 June 2023, will continue being pegged to their existing interbank offered rates until maturity;
  • o and maturing after 30 June 2023, will be converted to a risk-free rate before 30 June 2023.

The Group will use risk-free rates as calculated by external trusted providers. All new risk-free rates will have forward-looking term rates and if not available backward-looking term rates. EURIBOR, which also has forward looking nature, may continue to be used in new and legacy contracts, as long as the ECB will only publish backward-looking term rates for €STR (Euro short-term rate).

The Group has engaged external consultan impact assessment and provide strategic recommendations and best practice solutions on the implementation of this reform. The Group has appointed an IBOR Conversion Steering Committee to manage its transition to alternative rates, which is being led by the treasury function. The IBOR Conversion team is addressing any queries or issues clients may encounter in response to these developments. The team is also dedicated to ensures are appropriately and smoothly transitioned, and that fallback language is updated in anticipation of all deadlines, where necessary. From a commercial perspective, the Group will focus on developing and issuing new products and facilities based on alternative reference rates, while remediating existing IBOR-based transactions. The Group is therefore well prepared for the cessation of IBOR and is reasition process.

With respect to loans, whilst the absolute majority have floating rates linked to IBOR, these have before the end of 2021. At the present time, no fall-back provisions have been contracted for when BOR ceases to exist. The majority of the Bank's financial liabilities are linked to fixed rates of interest that do not depend on IBOR.

With respect to derivative instruments, the Bank holds such positions for risk management purposes only. The Bank did not designate any derivatives as hedging instruments in cash flow hedges.

Operating segments б

The Group identified five significant reportable segments (trade finance, forfaiting, factoring, real estate and treasury) which are represented by different Group entities, For each of the entities, executive management reports on a monthly basis.

During the period under review there have been no changes to the classification or measurement of operating segments as a result of COVID-19. The financial position and performance of the different operating segments was impacted depending on the macro-economic environment of the respective business.

Information about operating segments

Group - June 2021

	Trade finance USD	Forfaiting USD	Factoring USD	Real estate USD	Treasury USD	Total USD
External revenue
Interest income	1,569,233	9,024,542	4,268,370	2,296,359	5,026,461	22,184,965
Net fee and commission income	643,602	3,217,418	1,571,671	371,665	330,802	6,135,158
Net trading results		1,399,502			461,285	1,860,787
Net gain from other financial
instruments					265,719	265,719
Dividend income	1,089,189					1,089,189
	3,302,024	13,641,462	5,840,041	2,668,024	6,084,267	31,535,818
Reportable segment (loss)/profit before income tax	(1,854,154)	3,758,002	(2,116,900)	1,257,964	5,780,318	6,825,230

Group – June 2020

	Trade finance USD	Forfaiting USD	Factoring USD	Real estate USD	Treasury USD	Total USD
External revenue
Interest income	2,447,687	11,311,944	4,876,609	2,450,428	5,892,811	26,979,479
Net fee and commission
income/(expense)	951,900	(182,001)	1,814,098	469,090	5,017,536	8,070,623
Net trading results		(1,967,202)				(1,967,202)
Net loss from other financial
instruments					(1,067,921)	(1,067,921)
Dividend income	240,817					240,817
	3,640,404	9,162,741	6,690,707	2,919,518	9,842,426	32,255,796
Reportable segment (loss)/profit
before income tax	(12,293,019)	(589,636)	(6,967,472)	1,166,163	7,510,461	(11,173,503)

Group - June 2021

	Trade finance USD	Forfaiting USD	Factoring USD	Real estate USD	Treasury USD	Total USD
Reportable segment assets	190,915,392	484,658,851	373,703,216	76,132,793	649,738,683	1,775,148,935
Reportable segment liabilities	73,810,455	85,281,998	112,258,559		1,341,181,911	1,612,532,923
Group - December 2020
	Trade finance USD	Forfaiting USD	Factoring USD	Real estate USD	Treasury USD	Total USD
Reportable segment assets	230,740,331	459,398,105	322,815,443	93,693,321	651,047,518	1,757,694,718
Reportable segment liabilities	76,380,384	90,020,926	75,157,615		1,323,043,782	1,564,602,707

Reconciliations of reportable segment revenues, profit or loss, assets and liabilities

Group

	30 Jun 2021 USD	30 Jun 2020 USD
Revenues
Total revenue for reportable segments	31,535,818	32,255,796
Consolidated adjustments	(3,387,007)	(6,212,100)
Other revenue/(loss)	373,235	(357,818)
Consolidated revenue	28,522,046	25,685,878
Profit or loss
Total profit/(loss) for reportable segments	6,825,230	(11,173,503)
Other profit/(loss)	2,178,159	(1,297,853)
	9,003,389	(12,471,356)
Profit on disposal of property and equipment	8,892	847
Effect of other consolidation adjustments on segment results	(6,732,250)	(2,721,605)
Consolidated profit/(loss) before tax	2,280,031	(15,192,114)
	30 Jun 2021	31 Dec 2020
	USD	USD
Assets
Total assets for reportable segments	1,775,148,935	1,757,694,718
Other assets	76,659,559	76,125,320
	1,851,808,494	1,833,820,038
Effect of other consolidation adjustments on segment results	3,262,922	225,985
Consolidated assets	1,855,071,416	1,834,046,023
Liabilities
Total liabilities for reportable segments	1,612,532,923	1,564,602,707
Other liabilities	12,944,744	38,476,799
	1,625,477,667	1,603,079,506
Effect of other consolidation adjustments on segment results	(1,586,867)	(2,191,612)
Consolidated liabilities	1,623,890,800	1,600,887,894

Fair values of financial instruments

7.1 Valuation of financial instruments

The Group has an established control framework with respect to the measurement of fair values. This framework includes reports to the Group's Chief Financial Officer and executive management having overseing all significant fair value measurements, including Level 3 fair values. Market risk and related exposure to fair value movement is also a key function of the Group's Assets-Liabilities Committee and all valuations of financial instruments are review and approval. Significant valuation issues are reported to the Group's Audit Committee.

The Group measures fair values of an asset or liability using fair value hierarchy that reflects the significance of the inputs used in making the measurements:

Level 1: inputs that are quoted market prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes assets or liabilities valued market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data.

Level 3: inputs that are unobservable. This category includes all assets or liabilities for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument's valuation. This category also includes assets or liabilities that are valued based on quoted prices for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.

Valuation techniques include net present value and discounted cash flow models, comparison to similar instruments for which market observable prices exist, and other valuation models. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit spremia used in estimating discount rates, bond and equity prices, foreign currency exchange rates, and expected price volatilities and correlations.

The objective of valuation techniques is to arive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.

The Group uses widely recognised valuation models for determining the fair value of common and more simple financial instruments, like interest rate and currency swaps that use only observable little management judgement and estimation. Observable prices and model in the market for listed debt securities and exchange traded derivatives and simple over-the-counter derivatives like currency rate swaps. Availability of observable market prices and model inputs reduces the need for management judgement and estimation and, also reduces the uncertainty associated with determination of fair values. Availability of observable market prices and inputs varies depending on the products and is prone to changes based on specific events and general conditions in the financial markets.

For more complex instruments, the Group uses proprietary valuation models, which are usually developed from recognised valuation models. Some or all of the significant inputs into these models may not be observable in the market prices or rates or are estimated based on assumptions. Example of instruments involving significant unobservable inputs include certain overthe-counter structured derivatives and securities for which there is no active market. Valuation models that employ significant unobservable inputs require a higher degree of management and estimation in the determination of fair value. Management judgement and estimation are usually required for selection of the apropriate valuation model to be used, determination of expected future cash flows on the financial instrument being valued, determination of probability of counterparty default and prepayments and selection of appropriate discount rates.

Fair value estimates obtained from models are adjusted for any other factors, such as liquidity risk or model uncertainties, to the extent that the Group believes that a third-party market participant would take them into a transaction. Fair values reflect the credit risk of the instrument and include adjustments to take account of the Group entity and the counterparty where appropriate.

7.2 Financial instruments measured at fair value – fair value hierarchy

The table below analyses financial instruments measured at fair value hierarchy into which the fair value measurement is categorised.

Group - 30 June 2021

	Level 1 USD	Level 2 USD	Level 3 USD	Total USD
Assets
Derivative assets held for risk management:
foreign exchange		707,417		707,417
Trading assets Financial assets at fair value through profit or loss		53,077	478,643,229 20,495,057	478,643,229 20,548,134
Financial assets at fair value through other
comprehensive income	167,465,882			167,465,882
Liabilities
Derivative liabilities held for risk management:
foreign exchange		335,915		335,915
Group - 31 December 2020
	Level 1 USD	Level 2 USD	Level 3 USD	Total USD
Assets
Derivative assets held for risk management:
foreign exchange		991,624		991,624
Trading assets			452,326,547	452,326,547
Financial assets at fair value through profit or loss Financial assets at fair value through other		53,077	20,332,246	20,385,323
comprehensive income	153,327,686			153,327,686
Liabilities
Derivative liabilities held for risk management:
foreign exchange		1,629,434		1,629,434

Bank - 30 June 2021

	Level 1 USD	Level 2 USD	Level 3 USD	Total USD
Assets
Derivative assets held for risk management: foreign exchange interest rate Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income	167,465,882	707,417 9,008 53,077	20,495,057	707,417 9,008 20,548,134 167,465,882
Liabilities
Derivative liabilities held for risk management: foreign exchange		335,915		335,915
Bank - 31 December 2020
	Level 1 USD	Level 2 USD	Level 3 USD	Total USD
Assets
Derivative assets held for risk management: foreign exchange interest rate Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income	153,327,686	991,624 27,664 53,077	20,332,246	991,624 27,664 20,385,323 153,327,686
Liabilities
Derivative liabilities held for risk management: foreign exchange		1,629,434		1,629,434

7.3 Level 3 fair value measurements

7.3.1 Reconciliation

The following table shows a reconciliation from the opening balances for fair value measurements in Level 3 of the fair value hierarchy.

Group - 30 June 2021

	Trading assets USD	Financial assets at fair value through profit or loss USD	Total USD
Balance at 1 January 2021	452.326.547	20,332,246	472,658,793
Total gains and losses in profit or loss	2,375,479	(92,872)	2,282,607
Purchases	309,455,196	898,492	310,353,688
Settlements	(280,781,936)		(280,781,936)
Effects of movement in exchange rates	(4,732,057)	(642,809)	(5,374,866)
Balance at 30 June 2021	478,643,229	20,495,057	499,138,286

Group - 30 June 2020

		Financial assets at
	Trading	fair value through
	assets	profit or loss	Total
	USD	USD	USD
Balance at 1 January 2020	460,238,536	125.342.798	585,581,334
Total gains and losses in profit or loss	(3,398,217)	(1.067.921)	(4,466,138)
Purchases	211,411,030		211,411,030
Settlements	(238,657,705)	(67,000,000)	(305,657,705)
Effects of movement in exchange rates	41.065	(65,927)	(24,862)
Balance at 30 June 2020	429,634,709	57,208,950	486,843,659

Bank - 30 June 2021

Financial assets at fair value through profit or loss USD
20,332,246
(92,872)
898,492
(642,809)
20,495,057

Bank - 30 June 2020

	Financial assets at fair value through profit or loss USD
Balance at 1 January 2020	125,342,798
Total qains and losses in profit or loss	(1,067,921)
Purchases
Settlements	(67,000,000)
Effects of movement in exchange rates	(65,927)
Balance at 30 June 2020	57,208,950

7.3.2 Unobservable inputs used in measuring fair value

The below sets out information about significant unobservable inputs used at 30 June 2021 in measuring financial instruments categorised as Level 3 in the fair value hierarchy.

Trading assets

The 'trading assets' portfolio represent forfaiting assets, that is the discounting of receivables generated from an a without recourse basis. The assets would be evidenced by a number of different debt instruments including bills of exchange, promissory notes, letters of credit and trade or project related syndicated and bi-lateral loan (financing) agreements.

The Group establishes fair value of its trading a valuation technique based on the discounted expected future principal and interest cash flows. The discount rate is an estimate based on current expected credit margin spreads and interest rates at the reporting date. Inputs to valuation technique reasonably represent market expectation and measures of risk-return factors in the financial instrument.

The Group uses the LIBOR yield curve as of each reporting date plus an adequate credit margin spread to discount the trading assets held. At 30 June 2021, the interest rates used range between 1.90% and 10.27% (31 December 2020: between 2.06% and 10.27%).

The effect of an estimated general increase of one percentage point in interest rate on trading assets at 30 June 2021 would reduce the Group's profit before tax by approximately USD3,924,212 (31 December 2020: USD1,115,543).

Financial assets at fair value through profit or loss

'Financial assets at fair value through profit or loss' mainly represent holdings in three funds as follows:

• an unlisted sub-fund of a local collective investment scheme regulated by the MFSA, which is independently run by an investment manager licensed and regulated by the Financial Conduct Authority in London. The sub-fund invests in sustainable energy plants with returns generated throughout the life of each plant.

The fair value is measured by the Group based on periodical net asset valuations prepared by the scheme's independent administrator. The sub-fund's assets are marked to fair marked at observable traded prices where that is possible. Where there is no observable price, the assets are market practice. This may involve the use of models and forward projections. Inputs and assumptions used in these models may be subjective and could include a number of highly judgemental uncertainties including the projected valuations of the individual plants and the future potential income from each plant.

The effect of a ten-percentage point increase/decrease) in the net asset value of the sub-fund at 30 June 2021 would increase/(decrease) the Bank and Group equity by approximately USD1,782,395 (31 December 2020: USD1,851,723).

• an unlisted sub-fund of a local collective investment scheme regulated by the MFSA, which is independently run by an investment manager licensed and regulated by the Financial Conduct Authority in UK. The sub-fund investments, with relativity complex structures and limited liquidity.

The fair value is measured by the Group based on periodical net asset valuations prepared by the scheme's independent administrator. The sub-fund's assets are marked to fair marked at observable traded prices where that is possible. Where there is no observable price, the assets value is determined in accordance with best market practice. This may involve the use of models and forward projections. Inputs and assumptions used in these models may be subjective and could include a number of highly judgemental uncertainties including the projected valuations of the individual assets and the future potential income from each asset.

The effect of a ten-percentage point increase/(decrease) in the net asset value of the sub-fund at 30 June 2021 would increase/(decrease) the Bank and Group equity by approximately USD177,262 (31 December 2020: USD181,502).

8 Classification of financial assets and liabilities

The following tables provide a reconciliation between line items of Financial Position and categories of financial instruments.

Group - 30 June 2021

			Fair value
	Mandatorily	Designated	through other
	at fair value	at fair value	comprehensive		Total
	through	through	income debt	Amortised	carrying
	profit or loss	profit or loss	instruments	cost	amount
	USD	USD	USD	USD	USD
Balances with the Central Bank of
Malta, treasury bills and cash				273,050,719	273,050,719
Derivative assets held for risk
management	707,417				707,417
Trading assets	478,643,229				478,643,229
Loans and advances to banks			-	231,961,222	231,961,222
Loans and advances to customers				582,714,891	582,714,891
Financial assets at fair value through
profit or loss	20,495,057	53,077			20,548,134
Financial assets at fair value through
other comprehensive income			167,465,882		167,465,882
Investments at amortised cost				9,964,469	9,964,469
Total financial assets	499,845,703	53,077	167,465,882	1,097,691,301	1,765,055,963
Derivative liabilities held for risk
Management	335,915				335,915
Amounts owed to banks				559,818,778	559,818,778
Amounts owed to customers				1,006,776,171	1,006,776,171
Debt securities in issue				38,563,676	38,563,676
Total financial liabilities	335,915			1,605,158,625	1,605,494,540

Group - 31 December 2020

			Fair value
	Mandatorily	Designated	through other
	at fair value	at fair value	comprehensive		Total
	through	through	income debt	Amortised	carrying
	profit or loss	profit or loss	instruments	cost	amount
	USD	USD	USD	USD	USD
Balances with the Central Bank of
Malta, treasury bills and cash				319,287,524	319,287,524
Derivative assets held for risk
management	991,624				991,624
Trading assets	452,326,547				452,326,547
l oans and advances to banks				193,139,577	193,139,577
l oans and advances to customers				591,995,726	591,995,726
Financial assets at fair value through
profit or loss	20,332,246	53,077			20,385,323
Financial assets at fair value through
other comprehensive income			153,327,686		153,327,686
nvestments at amortised cost				9,839,457	9,839,457
Total financial assets	473,650,417	53,077	153,327,686	1,114,262,284	1,741,293,464
Derivative liabilities held for risk
Management	1,629,434				1,629,434
Amounts owed to banks				429,443,480	429,443,480
Amounts owed to customers				1,101,570,295	1,101,570,295
Debt securities in issue				50,832,661	50,832,661
Total financial liabilities	1,629,434			1,581,846,436	1,583,475,870

Bank - 30 June 2021

			Fair value
	Mandatorily	Designated	through other
	at fair value	at fair value	comprehensive		Total
	through	through	income debt	Amortised	carrying
	profit or loss	profit or loss	instruments	cost	amount
	USD	USD	USD	USD	USD
Balances with the Central Bank of
Malta, treasury bills and cash				273,028,758	273,028,758
Derivative assets held for risk
management	716,425				716,425
Loans and advances to banks			-	212,113,366	212,113,366
Loans and advances to customers			-	802,167,783	802,167,783
Financial assets at fair value through
profit or loss	20,495,057	53,077			20,548,134
Financial assets at fair value through
other comprehensive income			167,465,882		167,465,882
Investments at amortised cost				9,964,469	9,964,469
Total financial assets	21,211,482	53,077	167,465,882	1,297,274,376	1,486,004,817
Derivative liabilities held for risk
Management	335,915				335,915
Amounts owed to banks
Amounts owed to customers				504,167,876	504,767,876
				947,224,551	947,224,551
Total financial liabilities	335,915			1,451,992,427	1,452,328,342

Bank - 31 December 2020

			Fair value
	Mandatorily	Designated	through other
	at fair value	at fair value	comprehensive		Total
	through	through	income debt	Amortised	carrying
	profit or loss	profit or loss	instruments	cost	amount
	USD	USD	USD	USD	USD
Balances with the Central Bank of
Malta, treasury bills and cash				319,267,749	319,267,749
Derivative assets held for risk
management	1,019,288				1,019,288
Loans and advances to banks				179,364,067	179,364,067
l oans and advances to customers				779,834,360	779,834,360
Financial assets at fair value through
profit or loss	20,332,246	53,077			20,385,323
Financial assets at fair value through
other comprehensive income			153,327,686		153,327,686
Investments at amortised cost				9,839,457	9,839,457
Total financial assets	21,351,534	53,077	153,327,686	1,288,305,633	1,463,037,930
Derivative liabilities held for risk
Management	1,629,434				1,629,434
Amounts owed to banks				387,900,641	387,900,641
Amounts owed to customers				1,037,118,337	1,037,118,337
Total financial liabilities	1,629,434			1,425,018,978	1,426,648,412

9 Net trading results

	Group		Bank
	2021	2020	2021	2020
	USD	USD	USD	USD
Net trading results from assets held for trading	1,463,684	(2,379,403)
Foreign exchange rate results	799.581	2,336,038	709.204	2,391,590
Net results on derivatives held for risk management	(402,478)	(1,923,837)	(564,843)	(1,323,660)
	1,860,787	(1,967,202)	144,361	1,067,930

10 Dividend income

	Group		Bank
	2021	2020	2021	2020
	USD	USD	USD	USD
Dividend income from equity investments at
fair value through profit or loss	1,089,189	240.817	1,089,189	240.817
Dividend income from subsidiary undertaking			6,200,000
	1,089,189	240,817	7,289,189	240,817

11 Derivatives held for risk management

	Group		Bank
	30 Jun 2021	31 Dec 2020	30 Jun 2021	31 Dec 2020
	USD	USD	USD	USD
Derivative assets held for risk management
foreign exchange	707,417	991,624	707,417	991,623
interest rate			9,008	27,665
	707,417	991,624	716,425	1,019,288
Derivative liabilities held for risk management
foreign exchange	(335,915)	(1,629,434)	(335,915)	(1,629,434)
	(335,915)	(1,629,434)	(335,915)	(1,629,434)

12 Investments in subsidiaries

lmpairment assessment

At each reporting date, the Bank carries out an impairment assessment to deter, the recoverable amounts of its investments in subsidiaries (at cost) in its separate financial statements are less than their carrying amount, therefore requiring an impairment loss.

The Group carried out an assessment to detect any indication of impairment that might have existed as at 30 June 2021. This assessment was performed as an update of the test carried out in December 2020 and was carried out on the underlying performance of each subsidiary during this period.

The assessment involved a retrospective analysis to the assumptions and projections used for the assessment carried out in December 2020. Where deviations are identified the Group updates the assumptions and projections to reflect the current conditions. Based on this assessment, it was determined that at recoverable amount of each subsidiary was higher than the carrying amount in the financial statements and therefore is no indication of an impairment loss (December 2020). USD9,314,000).

The key assumptions described above may change as economic, political and market conditions change. Whilst the recoverable amount is higher than the carrying anount, any significant adverse movement in a key assumption would lead to an impairment in subsidiary.

Goodwill 13

India Factoring and Egypt Factors - Impairment assessment

As disclosed in Note 12, the Group has carried out an assessment to detect any indication of impairment in subsidiaries that might have existed as at 30 June 2021. The same ased to determine any indication of indication of impairment on the goodwill recognised for India Factoring and Egypt Factors.

Based on this assessment, the recoverable amount was determined to be higher than the carrying amount of the cash generating unit. Hence, at reporting date the carrying amount of goodwill was deemed to be supported and there is no indication of an impairment loss (December 2020: USD2,687,000).

14 Debt securities in issue

'Debt securities in issue' comprise of promissory notes. At 30 June 2021 and 31 December 2020 promissory notes in issue had a tenor of up to one year. The Group's effective interest rate ranges between 1.00% and 1.70% (31 December 2020: 1.00% and 1.75%).

15 Contingent liabilities

'Contingent liabilities' comprise of guarantee obligations incurred on behalf of third parties. Guarantees issued to subsidiaries amount to USD36,188,802 (31 December 2020: USD42,749,228).

16 Commitments

	Group		Bank
	30 Jun 2021	31 Dec 2020	30 Jun 2021	31 Dec 2020
	USD	USD	USD	USD
Commitments to purchase assets
Undrawn credit facilities	79,459,481	73,013,249	79,164,439	72,221,019
Confirmed letters of credit	34,130,346	13,321,329	21,824,133	21,267,521
Documentary credits	846,745	3,103,424	846,745	3,103,424
Factoring commitments			9,031,337	8,653,802
Commitment to purchase assets	23,902,141	15,605,454
Commitments to sell assets
Commitment to sell assets	(24,148,455)
	114,190,258	105,043,456	110,866,654	105,245,766

17 Related Parties

17.1 Identity of related parties

The Bank has a related party relationship with its significant shareholders, subsidiaries, directors, executive officers and companies forming part of the KIPCO Group. For the purpose of this Note, significant shareholders (and their connected parties) holding at least five per cent of the issued share capital of the Bank.

Related party transactions caried out by the Bank and its subsidiaries are reported to the Audit Committee which reviews them and assesses their nature.

17.2 Parent, shareholder having significant influence and other related companies

The aggregate values of transactions and outstanding balances related to the parent and subsidiaries of the parent company were as follows:

	Parent		Subsidiaries of parent
	30 Jun 2021 USD	31 Dec 2020 USD	30 Jun 2021 USD	31 Dec 2020 USD
Assets
Derivative assets held for risk management Loans and advances to customers	43,973,072	45,650,284		96,667
Investments at amortised cost	10,017,720	9,910,131
Liabilities
Derivative liabilities held for risk management			19,083
Amounts owed to customers	42,216,778	41,404,324	2,583	2,658
Other liabilities			7,000
	Parent		Subsidiaries of parent
	30 Jun 2021	30 Jun 2020	30 Jun 2021	30 Jun 2020
	USD	USD	USD	USD
Statements of profit or loss
Interest income	913,906	1,092,950
Fee and commission income	61	70	75
Fee and commission expense	(3,118)	(3,087)
Net trading results			115,750	162,817
Administrative expenses			(245,080)	(161,322)

From the total in amounts owed to customers related to the parent, USD40,000,000 is held as collateral o customers with a related company.

The aggregate values of transactions and outstanding balances related to the significant influence, subsidiary of shareholder having significant influence and other related companies were as follows:

	Shareholder having		Subsidiary of shareholder
	significant influence		having significant influence		Other related companies
	30 Jun 2021	31 Dec 2020	30 Jun 2021	31 Dec 2020	30 Jun 2021	31 Dec 2020
	USD	USD	USD	USD	USD	USD
Assets Loans and advances to banks Loans and advances to customers	50,135	115,255	23,767,083	22,542,889	43,535,943	40,738,038
Liabilities Amounts owed to banks Amounts owed to customers Other liabilities			22,905,314	22,550,135	3,891,816 386	18,904
	30 Jun 2021 USD	30 Jun 2020 USD	30 Jun 2021 USD	30 Jun 2020 USD	30 Jun 2021 USD	30 Jun 2020 USD
Statements of profit or loss Interest income Interest expense			16,706 (199,425)	(51,319)	695,087	336,911 (14
Fee and commission income					17,360	43,648
Fee and commission expense		(99)			(386)
Net trading results	(101,477)	55,327
Administrative expenses		(11,095)

17.3 Transactions with key management personnel

	Directors		Executive officers
	30 Jun 2021	31 Dec 2020	30 Jun 2021	31 Dec 2020
	USD	USD	USD	USD
Assets
Loans and advances to customers			4,775	8,647
Other assets			1,400	1,446
Liabilities
Amounts owed to customers	619,885	595,528	401,554	709,525
	30 Jun 2021	30 Jun 2020	30 Jun 2021	30 Jun 2020
	USD	USD	USD	USD
Statements of profit or loss
Interest income			17	74
Interest expense	(3,977)	(3,314)	(942)	(1,094)
Fee and commission income	40	44
Administrative expenses - remuneration	(198,729)	(171,427)	(1,271,699)	(1,568,563)
Administrative expenses - other long-term benefits	(219)	(199)	(323,929)	(511,184)
Administrative expenses - others	(632)	(11,727)	(466)	(20,691)

Directors of the Group control less than 1 per cent of the Bank (31 December 2020: less than 1 per cent).

17.4 Other related party transactions

	Other related parties
	30 Jun 2021	31 Dec 2020
	USD	USD
Liabilities
Amounts owed to customers	362,721	369,028
	30 Jun 2021	30 Jun 2020
	USD	USD
Statements of profit or loss
Interest expense	(2,647)	(11,228)
Fee and commission income		4

Other related party transactions relate to family members of Directors and executive officers of the Group.

18 Disclosure of exposures subject to measures applied in response to the COVID-19 crisis

The following disclosures are based on the guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis that was issued by the EBA in June 2020 (EBA/GL/2020/07) and subsequent updates issued in relation to these guidelines. These disclosures aim to provide information on those exposures that have been subject to payment moratoria in accordance with the EBA guidance on moratoria (EBA/GL/2020/02) and on any new loans that are subject to public guarantees set up to mitigate the effects of the COVID-19 crisis. These are applicable to exposures subject to such provisions from 30 June 2020.

The Bank applied moratoria on loan repayments in the COVID-19 crisis based on the Central Bank of Malta's Directive 18. The exposures against which the moratoria were applied are with non-financial corporations and originate from real estate industry. A three month up to a six month mortarium was applications on their interest payments and/or capital repayments. No economic losses were realised

India Factoring applied moratoria through postponements in the due date of receivables to their factoring clients. These clients are from both the manufacturing and the trading sector, spread across various industries, including textile, automobile, metals, packaging, chemicals and leathers. The length of the moratoria varies between one and three months based on their requirements. No economic losses were realised

In Egypt, the Egyptian Financial Regulatory required financial institutions, including Egypt Factors to mandatorily apply maturity prolongations in the form of postponements for their clients. Egypt Factors applied such postponements for a period of six months from the due dates of the outstanding amounts to support clients during the COVID-19 crisis. While applying this requirement, no contractual modifications and/or refinancing were applied. No economic losses were realised.

No other entity within the Group provided moratoria on loan repayments. In addition, none of the entities within the Group originated new loans and advances which were subject to public quarantee schemes introduced in response to the COVID-19 crisis.

The following tables provide an overieve of the creating and 30 June 2021 subject to moratoria on loan repayments applied in the light of the COVD-19 crisi, in accordance with EBA/GL/2020/02. No loans and advances subject to mortarium where with households.

	Gross Carrying Amount
			Performing			Inflows to non- performing exposures
			Of which: exposures with forbearance measures	Of which: Instruments with significant increase in credit risk since initial recognition but not credit- impaired (Stage 2)		Of which: exposures with forbearance measures	Of which: Unlikely to pay that are not past-due or past- due
	USD	USD	USD	USD	USD	USD	USD	USD
Loans and advances subject to moratorium	34,380,813	33,038,324	593,082	29,682,402	1,342,489	1,341,753	-	42,939
of which: non-financial corporations of which: small and medium-sized enterprises of which: collateralised by	34,380,813 34,380,806	33,038,324 33,038,317	593,082 593,082	29,682,402 29,682,394	1,342,489 1,342,489	1,341,753 1,341,753		42,939 42,939
commercial immovable property	7,601,107	7,600,371		5,573,550	736

	Accumulated impairment, accumulated negative changes in fair value due to credit risk
			Performing			Non-Performing
				Of which: Instruments with
			Of which: exposures with forbearance	significant increase in credit risk since initial recognition but not credit-		Of which: exposures with forbearance	Of which: Unlikely to pay that are not past-due or past-
			measures	impaired (Stage 2)		measures	due
	USD	USD	USD	USD	USD	USD	USD
Loans and advances subject to moratorium of which: non-financial	1,057,656	336,251	17,760	329,343	721,405	721,405	-
corporations of which: small and medium-	1,057,656	336,251	17,760	329,343	721,405	721,405
sized enterprises of which: collateralised by commercial immovable	1,057,656	336,251	17,760	329,343	721,405	721,405
property	16,082	16,082		14,629

The following table provides an overview of the volumes as at 30 June 2021 subject to legistative moratoria in accordance with EBA GL202002 by resided maturity of these moratoria. No loans and advances subject to mortarium where with households.

			Gross Carrying Amount
			Residual maturity of moratoria Of which:
	Number of		legislative	Of which:		> 3 months <=	> 6 months	> 9 months
	obligors		moratoria	expired	<= 3 months	6 months	<= 9 months	<= 12months	> 1 year
	No.	USD	USD	USD	USD	USD	USD	USD	USD
Loans and advances for which moratorium was offered	43	39,894,278
Loans and advances subject to moratorium (granted)	42	34,380,813	34,380,813 34,380,813
of which: non-financial corporations		34,380,813	34,380,813	34,380,813					i
of which: small and medium-sized enterprises of which: collateralised by commercial		34,380,806	34.380.806	34,380,806					।
immovable property		7,601,107	7,601,107	7,601,107

19 COVID-19 impact on expected credit losses

19.1 Assumptions and judgements

In light of the spread of COVID-19 across the globe, the Group has assessed the impact of the outbreak on the credit risk over the expected life of its financial assets.

In measuring expected credit losses ("ECL"), the Group relies on risk and modelling techniques provided by Moody's Analytics – a global firm specialising in areas of credit risk analysis, economic and regulatory capital calculation, economic research and other areas intrinsically linked to the ECL model.

The model used for this review period was based on three possible scenarios covering a wide range of possible outcomes. Each scenario assumed different epidemiological and economic circumstances, restrictive measures to combat the virus spread and different use of monetary and fiscal policies. Scenarios and assumptions vary from one country to another, with each country having different levels of:

• · infection spread, fatality rates, hospitalisation rates, medical supplies availability, vaccine rollout;
• · lock-down measures, travel restrictions, business reopening measures, domestic consumption;
• · oil prices, interest rates, unemployment rates, GDP ratios, companies going in liquidation, consumer and business confidence; and
• · quantitative easing, fiscal stimulus, state aid and bailout measures.

The economic scenarios with COVID-19 impact for the top five geographies used as at 30 June 2021 included the following key indicators for the years 2022 to 2026.

Group

		Year-on-year change
Country: Malta		Jun 2022	Jun 2023	Jun 2024	Jun 2025	Jun 2026
Equity	Base	26%	6%	2%	4%	4%
	Upside	47%	0%	-2%	2%	4%
	Downside	-9%	18%	16%	7%	4%
GDP growth	Base	7%	3%	2%	2%	2%
	Upside	10%	3%	2%	2%	2%
	Downside	1%	4%	3%	3%	2%
Country: Germany		Jun 2022	Jun 2023	Jun 2024	Jun 2025	Jun 2026
Equity	Base	-4%	-7%	1%	7%	2%
	Upside	10%	-10%	-2%	1%	0%
	Downside	-36%	10%	16%	11%	4%
GDP growth	Base	4%	2%	2%	2%	1%
	Upside	8%	2%	2%	2%	1%
	Downside	-1%	3%	3%	3%	1%
Country: United Arab Emirates		Jun 2022	Jun 2023	Jun 2024	Jun 2025	Jun 2026
Equity	Base	2%	3%	2%	4%	5%
	Upside	9%	2%	0%	3%	5%
	Downside	-23%	17%	11%	3%	0%
Oil price	Base	-3%	0%	2%	3%	4%
	Upside	5%	1%	2%	3%	4%
	Downside	-46%	36%	7%	8%	7%
Country: Egypt		Jun 2022	Jun 2023	Jun 2024	Jun 2025	Jun 2026
Equity	Base	12%	4%	5%	5%	6%
	Upside	23%	2%	4%	3%	4%
	Downside	-19%	22%	11%	8%	5%
GDP growth	Base	4%	6%	5%	5%	4%
	Upside	7%	6%	5%	4%	4%
	Downside	-1%	6%	6%	5%	5%
Country: India		Jun 2022	Jun 2023	Jun 2024	Jun 2025	Jun 2026
Equity	Base	0%	1%	1%	3%	2%
	Upside	7%	1%	1%	1%	3%
	Downside	-21%	11%	5%	4%	3%
GDP growth	Base	13%	6%	6%	6%	6%
	Upside	16%	7%	7%	6%	6%
	Downside	5%	7%	7%	6%	7%

19.2 Loss allowance

The following tables show reconcilations from the closing balance of the loss allowance by class of financial instrument.

Group

		2021
	Stage 1	Stage 2	Stage 3 USD	Total USD
Balances with the Central Bank of Malta, treasury bills and	USD	USD
cash
Balance at 1 January 2021	131,651	21,049		152,700
Net remeasurement of loss allowance	(4,623)	(11,252)		(15,875)
New financial assets originated or purchased	30,784			30,784
Financial assets that have been derecognised	(5,475)	(9,582)		(15,057)
Balance at 30 June 2021	152,337	215		152,552
Loans and advances to banks
Balance at 1 January 2021	775,489	75,487	3,140,579	3,991,555
Transfer to Stage 1	166	(166)
Net remeasurement of loss allowance	(285,290)	(38,709)		(323,999)
New financial assets originated or purchased	216,570			216,570
Financial assets that have been derecognised	(339,077)		(1,349,148)	(1,688,225)
Interest and fee in suspense			(1,728,518)	(1,728,518)
Foreign exchange and other	(628)		(62,913)	(63,541)
Balance at 30 June 2021	367,230	36,612		403 ,842
Loans and advances to customers
Balance at 1 January 2021	2,069,713	3,618,347	95,890,842	101,578,902
Iransfer to Stage 1	43,461	(43,461)
Transfer to Stage 2	(6,497)	6,497
Transfer to Stage 3		(88,319)	88,319
Net remeasurement of loss allowance	(675,141)	(596,376)	3,211,419	1,939,902
New financial assets originated or purchased Financial assets that have been derecognised	132,720 (325,436)	11/,684 (290,624)	469 ,254	250,404
Write-offs			(1,465,738)	(146,806) (1,465,738)
Interest and fee in suspense			4,503,159	4,503,159
Foreign exchange and other	(1,784)	(701)	(1,372,604)	(1,375,089)
Balance at 30 June 2021	1,237,036	2,723,047	101,324,651	105,284,734
Financial assets at fair value through other
comprehensive income	71,827
Balance at 1 January 2021 Net remeasurement of loss allowance	(14,332)			71,827 (14,332)
New financial assets originated or purchased	19,790			19,790
Financial assets that have been derecognsed	(1,507)			(1,507)
Balance at 30 June 2021	75,778			75,778
Investments at amortised cost
Balance at 1 January 2021	70,674			70,674
Net remeasurement of loss allowance	(17,423)			(17,423)
Balance at 30 June 2021	53,251		-	53,251
Contingent liabilities
Balance at 1 January 2021 Net remeasurement of loss allowance	9,611			9,611
	(3,307) 490			(3,307)
New financial assets originated or purchased	(4,789)			490
Financial assets that have been derecognised Balance at 30 June 2021			-	(4,789)
	2,005			2,005
Commitments
Balance at 1 January 2021	14,808	153,176		167,984
Transfer to Stage 2	(232)	232
Net remeasurement of loss allowance	(3,139)	(491)		(3,630)
New financial assets originated or purchased
	43,303	420		43,723
Financial assets that have been derecognised	(/,691)	(152,917)		(160,608)

Statement pursuant to listing rule 5.75.3

We hereby confirm that to the best of our knowledge:

• · the Condensed Interim Financial Statements set out on pages 6 to 36 give a true and fair view of the Group and of the Bank as at 30 June 2021, as well as of the finance and cash flows for the period then ended, fully in compliance with IAS 34, Interim Financial Reporting, adopted by the EU; and
• · the Interim Directors' Report includes a fair review of the information required in terms of Listing Rules 5.75.2 and 5.84.

Adrian A. Gostuski Chief Executive Officer

Juraj Beno Chief Financial Officer

Independent auditors' report on review of condensed interim financial statements

To the Board of Directors of FIMBank p.l.c.

Introduction

We have reviewed the accompanying condensed interim financial statements of FIMBank p.l.c. (the Bank') and of the Group of which the Bank is the parent (the Condensed Interim Financial Statements of financial position as at 30 June 2021, and the related condensed statements of profit or loss, other comprehensive in equity and cash flows for the period then ended and notes to the condensed interim financial statement is responsible for the preparation and presentation of the Condensed Interim Financial Statements in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU. Our responsibility is to express a conclusion on these interim financial statements based on our review.

This report is made solely to the Board of Directors in accordance with the terms of our engagement and is released for publication in compliance with the requirements of Listing Rule 5.75.4 issued by the Listing Authority. Our review has been undertaken so that we might state to the Board of Directors those matters we are required to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Board of Directors for this report, or for the conclusions we have expressed.

Scope of review

We conducted our review in accordance with the International Standard on Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial statements consists of marily of persons responsible for financial and accounting matters, and applying analytical and other review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that the accompanying Condensed Interim Financial Statements for the period ended 30 June 2021 are not prepared, in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU.

The Principal authorised to sign on behalf of KPMG on the review resulting in this independent auditors' report is Noel Mizzi.

KPMG Registered Auditors 92, Marina Street Pietà, PTA 9044 Malta

12 August 2021

Additional regulatory disclosure (Pillar III)

Introduction ਜ

This document comprises the Pillar III regulatory disclosures required by BR/07 as at 30 June 2021 for FIMBank p.l.c. and its subsidiary undertakings (the "Group").

These disclosures reflect the requirements of Part Eight of the Capital Requirements Regulation (the CRR') (EU) No 575/2013 as amended by Regulation (EU) 2019/876, the European Banking Authority's 'Final Report on the Guidelines on Disclosure Requirements under Part Eight of Regulation (EU) No 575/2013 (EBA/GL/2016/11 version 2) and of the applicable European Commission's implementing and delegated regulations, as well as the EBA Guidelines.

The Pillar III disclosures are not subject to externt that any such disclosures are also required for the purpose of the preparation of the Group's International Reporting Standards Financial Statements. Nonetheless, these disclosures have been internally reviewed by the Group and approved by the Bank's Audit Committee and the Board of Directors (the "Board").

2 Disclosure of key metrics within the prudential reporting framework

ln accordance with Article 433c and Article 447 of the Group is disclosing its key metrics within the table discloses the following metrics as at 30 June 2021:

• a) the composition of own funds requirements as calculated in accordance with Article 92 of the CRR;
• b) the total risk exposure amount as calculated in accordance with Article 92(3) of the CRR;
• c) the amount and composition of additional own funds required to be held in accordance with point (a) of Article 104(1) of Directive 2013/36/EU;
• d) the combined buffer required to be held in accordance with Chapter 4 of Title VII of Directive 2013/36/EU;
• e) the leverage ratio and the total exposure measure as calculated in accordance with Article 429 of the CRR;
• f) on end-of-month observations over the preceding twelve months for each quarter of the disclosure period;
• g) the net stable funding ratio and its components as calculated in accordance with Title IV of Part Six of the CRR;

		30 Jun 2021 USD	31 Dec 2020 USD	30 Jun 2020 USD
	Available own funds (amounts)
1	Common Equity Tier 1 (CET1) capital	219,284,894	223,264,444	239,125,155
2	Tier 1 capital	219,284,894	223,264,444	239,125,155
3	Total capital	219,284,894	223,264,444	239,125,155
	Risk-weighted exposure amounts
4	Total risk exposure amount		1,194,186,730 1,206,575,897 1,325,475,246
	Capital ratios (as a percentage of risk-weighted exposure amount)
5	Common Equity Tier 1 ratio (%)	18.4%	18.5%	18.0%
6	Tier 1 ratio (%)	18.4%	18.5%	18.0%
7	Total capital ratio (%)	18.4%	18.5%	18.0%
	Additional own funds requirements to address risks other than the risk
	of excessive leverage
	(as a percentage of risk-weighted exposure amount)
EU 7a	Additional own funds requirements to address risks other than the risk
	of excessive leverage (%)	6.0%	6.0%
FU 7b	of which: to be made up of CET1 capital (percentage points)	6.0%	6.0%
EU 7c	of which: to be made up of Tier 1 capital (percentage points)	6.0%	6.0%
EU 7d	Total SREP own funds requirements (%)	14.0%	14.0%	8.0%

		30 Jun 2021	31 Dec 2020	30 Jun 2020
		USD	USD	USD
	Combined buffer and overall capital requirement (as a percentage of
	risk-weighted exposure amount)
8	Capital conservation buffer (%)	2.5%	2.5%	2.5%
	Conservation buffer due to macro-prudential or systemic risk
EU 8a	identified at the level of a Member State (%)
ರಿ	Institution specific countercyclical capital buffer (%)	0.0%	0.0%	0.0%
EU 9a	Systemic risk buffer (%)
10	Global Systemically Important Institution buffer (%)
EU 10a	Other Systemically Important Institution buffer (%)
11	Combined buffer requirement (%)	2.5%	2.5%	2.5%
EU 11a	Overall capital requirements (%)	16.5%	16.5%	10.5%
12	CET1 available after meeting the total SREP own funds requirements (%)	4.4%	4.5%	10.0%
	Leverage ratio
13	Total exposure measure	1,855,322,850	1,842,399,105	1,801,356,989
14	Leverage ratio (%)	11.6%	11.8%	12.9%
	Additional own funds requirements to address the risk of excessive
	leverage (as a percentage of total exposure measure)
	Additional own funds requirements to address the risk of
EU 14a	excessive leverage (%)
EU 14b	of which: to be made up of CET1 capital (percentage points)
EU 14c	Total SREP leverage ratio requirements (%)
	Leverage ratio buffer and overall leverage ratio requirement (as a
	percentage of total exposure measure)
EU 14d	Leverage ratio buffer requirement (%)	3.0%	3.0%	3.0%
EU 14e	Overall leverage ratio requirement (%)	3.0%	3.0%	3.0%
	Liquidity Coverage Ratio
15	Total high-quality liquid assets (HQLA) (Weighted value -average)	270,984,149	221,474,270	192,110,392
EU 16a	Cash outflows - Total weighted value	361,270,069	385,968,303	485,881,230
EU 16b	Cash inflows - Total weighted value	282,417,580	374,702,527	386,510,324
16	Total net cash outflows (adjusted value)	116,416,246	102,055,194	133,587,943
17	Liquidity coverage ratio (%)	232.8%	217.0%	143.8%
	Net Stable Funding Ratio
18	Total available stable funding	1,052,610,982
19	Total required stable funding	717,743,920
20	Net Stable Funding Ratio (%)	146.7%

In addition to the Overall Capital Requirement, the Group expected to hold an additional 1% of own funds requirement, representing its Pillar 2 Guidance requirement.