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Finance House earns Dh80.3 million profit

ABU DHABI — Finance House has reported a strong net profit of Dh80.3 million for the half year ended June 30, 2007 as against a figure of Dh160.6 million for the full year 2006.

On a per share basis, the net profit for the six months is 37 fils per share. The loan portfolios recorded an impressive overall growth of 48 per cent during the half year, with increases in the commercial as well as the retail segment. Customer deposits, on the other hand, grew by 58 per cent over the same period.

The company's investments performed very well even as the region's

capital markets staged a relatively mild recovery. "We are firmly committed to our objective of enhancing value to shareholders. As of June 30, after distributing our maiden dividend of Dh100 million, our

Shareholders Equity stood at Dh681 million. This underlines the company's strong capitalisation and provides us with a strong platform for future growth," said Mohammed Abdullah Alqubaisi, Chairman of Finance House.

Alqubaisi added. "We continue to focus on our strategy of identifying profitable niches and on concentrating our efforts in those areas that we believe offer us the best sustainable returns in the medium to long

term. Our recent launch of home mortgage loans for individuals and the launch of our FlexiDeposit products for corporate customers are examples of our relentless drive to introduce new and innovative products as we strive to deliver strong performance to our shareholders."