Finance House posts $15.4m net profit in H1
Abu Dhabi, July 23, 2013
Abu Dhabi-based Finance House (FH) has registered a net profit of Dh56.5 million ($15.4 million) for the six months ended June 30, compared to Dh72.2 million for the full year ended December 31, 2012.
Net interest income earned during the first half of the year grew by 7.5 per cent to Dh64 million compared to Dh59.5 million registered in the same period of the previous year.
Net fee and commission income grew by 65.6 per cent to reach Dh20.5 million compared to Dh12.4 million during the first half of the previous year.
Similarly, net insurance income at its insurance subsidiary also registered a growth to Dh7.6 million compared to Dh1.6 million compared to the same period of the previous year.
Income from investing activities also grew at a healthy rate compared to the same period in the previous year, on the back of improved performance of UAE stocks, profitable exit from a private equity investment and profitable disposal of an investment property.
As a combined result, total operating income for the first half of this year was higher by 9.3 per cent at Dh123.5 million compared to Dh113 million during the same period of the previous year.
Due to continued expansion in business activities of the group, total operating expenses were higher by 8 per cent compared to the same period last year.
Islamic financing and investing assets grew by nearly 54 per cent to reach Dh100 million as of June 30 compared to Dh65 million on June 30, 2012.
Shareholders’ equity stood at Dh677.6 million compared to Dh651 million as on December 31, 2012, after distributing a cash dividend of 12 per cent in March, amounting to Dh36.3 million for 2012. - TradeArabia News Service