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Mohammed Abdulla Alqubaisi

Finance House posts 9-month profit of $22m

ABU DHABI, October 23, 2014

Abu Dhabi-based Finance House (FH) has registered a consolidated net profit of Dh81.3 million ($22.1 million) for the first nine months of 2014, compared to Dh80.2 million ($21.8 million) in the corresponding period last year.

Net fee and commission income grew by 49 per cent to reach Dh48.8 million ($13.2 million) compared to Dh32.7 million ($8.9 million) in the first nine months of the previous year. Similarly, income from investing activities grew by 44 per cent to Dh95.1 million ($25.8 million) in the first nine months of 2014 compared to Dh66.2 million ($18 million) in the same period last year.

Net interest income and income from Islamic financing and investing assets was up 4 per cent at Dh101.4 million ($27.6 million) compared to Dh97.6 million ($26.5 million) in the same period last year.

Total operating income for the nine months ended jumped nearly 20 per cent to Dh231.8 million ($65 million) compared to Dh193.9 million ($52.7 million) in the same period of the previous year.

Total assets grew by 24.6 per cent during the first nine months of 2014 to reach Dh5.13 billion ($1.39 billion) as of September 30 compared to Dh4.12 billion ($1.12 billion) as of December 31, 2013.

Shareholders’ Equity as at September 30 stood at Dh758.4 million ($206.4 million) compared to Dh729.0 million ($198.4 million) as of December 31, 2013.

“In line with the sustained pick-up in economic activity across the UAE, we continue to focus on our core engines of growth which are commercial and consumer lending and proprietary investments,” said Mohammed Abdulla Alqubaisi, chairman of Finance House.

“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,” he added. - TradeArabia News Service




Tags: Finance House | Net Profit |

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