Finance House Posts Net Profit Of Dh381.9M For First Nine Months

ABU DHABI - Finance House pjsc has announced a net profit of Dh381.9 million for the nine months to September 2008. Mohammed Alqubaisi, Chairman of Finance House said, “Despite the turmoil in global financial markets and its impact on this region,

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Published: Tue 28 Oct 2008, 12:14 AM

Last updated: Sun 5 Apr 2015, 2:26 PM

we have been able to boost our profitability and more importantly, maintain our liquidity at very comfortable levels. These results continue to demonstrate our passionate commitment to deliver on our strategy as a means to strong financial performance for our shareholders. We met or exceeded our objectives by virtually every measure.”

As at 30th September 2008, our Shareholders’ Equity rose to Dh1.168 billion, and this is after distributing a dividend of Dh150 million to shareholders earlier this year. Since 31st December 2007 our net worth has grown by 23 per cent, supported by this performance. As compared to the previous year-end, customer deposits grew 20 per cent to a figure of Dh851.5 million, which is a testimony to the confidence of the market in Finance House, added Alqubaisi.

Total assets grew to Dh 2.676 billion, a rise of 24 per cent over the 31st December 2007 figure.

This is reflected in the growth in loan portfolios which rose by 66 per cent over the previous year-end, and is contributed by both commercial and retail portfolios.

The Company’s investments have performed very well in capital markets that have turned deeply bearish.

The Company does not have, and never had, any exposures to US or European markets.

While operating costs have increased as a result of inflationary pressures, the Company’s cost-to-income ratio has improved from 23 per cent (2007) to 19 per cent in the first nine months of the current year.

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