Finance House shareholders approved the payout of a cash dividend of 20 per cent during its annual general meeting held at the Emirates Institute for Banking and Financial Studies (EIBFS) in Abu Dhabi.

For the year ended December 31, 2011, the company recorded a net profit of Dh63.2 million ($17.21 million), arising predominantly from core business activities.

Total assets registered a growth of 6 per cent to reach Dh3.31 billion ($0.9 billion) as at December 31, 2011, over the figure of Dh3.12 billion ($0.85 billion) as at December 31, 2010.

Customer deposits jumped to an all time high of Dh1.62 billion ($0.44 billion) as at December 31, 2011, compared to Dh1.57 billion ($0.43 billion) as at December 31, 2010.

In his address to shareholders, Mohammed Alqubaisi, chairman of Finance House, said: “Finance House scaled a new height of success in 2011 as the company was named Best Retail Finance Company in the Middle East at the Banker Middle East Industry Awards 2011.”

“The UAE, which remains our key focus market, has shown commendable resilience even during the turbulent period, and this stability in the economy can be attributed to its prudent leadership,” he said.

“We are keeping a close watch on all unfolding situations in the Mena region, but at the present time, we do not envisage any material changes to our business strategies or near-term growth objectives,” Alqubaisi added.

“We have launched the most rewarding Titanium Credit Card with the lowest interest rate in the UAE market, poised to change the dynamics of credit market in the country forever,” he said. – TradeArabia News Service