Finance House profit increases 8pc in H1
Abu Dhabi, July 24, 2014
Finance House (FH) has registered a net profit of Dh61.2 million for the six months ended June 30, an increase of 8.3 per cent compared to Dh56.5 Million in the corresponding period last year.
The net fee and commission income grew 75 per cent to reach Dh35.8 million compared to Dh20.5 million last year, said a statement.
The income from investing activities nearly doubled to Dh65.4 million in first half of the year as compared to Dh33.6 million in the same period last year, on the back of improved performance of UAE stocks.
The net interest income and income from Islamic financing and investing assets was marginally lower at Dh63.7 million compared to D66.9 million in the same period last year, primarily on account of significantly lower interest rates on short-term money market placements with local banks.
The total operating income for the period jumped nearly 30 per cent to Dh160.3 million, while total operating expenses were higher at Dh80.8 million compared to Dh58.6 million in the same period last year.
Mohammed Abdulla Alqubaisi, chairman, said: “The stable economic environment in the UAE has allowed us to focus on our core engines of growth which are commercial and consumer lending and proprietary investments.
“Our strategy of continuously seeking and addressing profitable and underserved niche segments has enabled us to generate healthy returns for our shareholders on a sustained basis. We are confident that this strategy will continue to serve us well in the near future as well.” - TradeArabia News Service