NFH's first half net profit surges 117pc
Manama, August 16, 2009
The National Finance House's (NFH) net profit recorded an increase of 117 per cent to BD470,000 ($1.25 million) for the first half of this year, compared to the same period last year.
Operating profit soared105 per cent to BD1.465 million, chairman Farooq Almoayyed said.
Despite the global financial crunch, the company has managed to achieve all-round positive results, attributable to the successful financial policy.
Assets increased by 22 per cent to BD33.3 million. NFH share of car financing market has notably increased, as the company continued to adopt a conservative credit policy.
During the first half of this year, NFH car loan financing rose by 49 per cent to BD10.7 million, compared to the same period last year, as the company implemented its expansion plans and strategy, said Almoayyed.
NFH also opened a new branch in Sitra, through which a number of quality services were provided to the company personal and corporate clients, including car agents. Hence, Sitra branch has notably contributed in the company sound financial results.
NFH plans to open more branches in Muharraq and Hamad Town in the next two to three years, as part of the company's expansion policy.
NFH has also launched NFH Insurance Mediation Company. The new company operates through a number of experts, specialised in the insurance industry.
They provide diversified quality insurance services, tailored to suit clients' requirements.
The company is expected to gain an important stake in the insurance mediation market.
NFH is a closed Bahraini shareholding company, inaugurated in 1995 and commenced its operations at the end of 2006.
The companies that operate under NFH wings are considered among the largest in the insurance, financing, car selling, commerce, industry and investment in the kingdom.-TradeArabia News Service