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Abu Dhabi: Finance House has announced a record net profit of Dh226 million for the first half representing an increase of 182 per cent over the same period last year (Dh80 million). The full-year net profit figure for 2007 was Dh202.8 million.
Mr. Mohammed Al Qubaisi, Chairman of Finance House said, “These results once again demonstrate the effectiveness of our strategy and the strength of our belief in delivering value to our clients through a differentiated service, and in operating discipline as a means to strong financial performance to our shareholders.
“As at 30 June 2008, our Shareholders’ Equity rose to Dh1.02 billion, and this is after distributing a dividend of Dh150 million to shareholders during this half-year. Year on year, our net worth has grown by a spectacular 50 per cent supported by this performance.”
Total assets grew to Dh2.66 billion, a rise of 23 per cent over the 31 December 2007 figure. This is reflected in the growth in loan portfolios which rose by 64 per cent over the previous year-end, and is contributed by both commercial and retail portfolios.
Deposits grew 18 per cent as compared to the previous year-end. The Company’s investments performed very well in capital markets that were devoid of direction for much of the half-year.
Keeping operating costs under control remained a challenging task in the current inflationary environment. However, through investments in infrastructure and the resulting synergies, the company has improved its cost-to-income ratio from 23 per cent (2007) to 13 per cent in the current half-year.
Finance House’s share price has risen by 43 per cent since the beginning of the year as compared to the 9 per cent appreciation of the Abu Dhabi Securities Exchange index.
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