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19 March 2024

Finance House nine-month profit steady

Published
By Wam

Finance House PJSC, an Abu Dhabi-based finance company, has registered a consolidated net-profit of Dh81.3 million for the nine months ended September 30,2014, compared to Dh80.2 million in the corresponding period of the previous year.

Net fee and commission income grew by 49 per cent to reach Dh48.8 million compared to Dh32.7 million in the first nine months of the previous year.

Similarly, income from investing activities grew by 44 per to Dh95.1 million in the first nine months of 2014 compared to Dh66.2 million in the same period last year.

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

Total Operating Income for the nine months ended September 30, 2014 rose nearly 20 per cent to Dh231.8 million compared to Dh193.9 million in the same period of the previous year.

Total Operating Expenses were higher at Dh123.6 million compared to Dh90.6 million in the same period last year. In line with its conservative approach towards impairment provisioning, FH has set aside additional impairment provision of Dh26.9 million in the first nine months of 2014 compared to Dh23.1 million in the same period last year.

Total Assets grew 24.6 per cent during the first nine months of 2014 to reach Dh5.13 billion as of September 30, 2014 compared to Dh4.12 billion as of December 31, 2013.

Customers’ Deposits grew 27.3 per cent during the first nine months of 2014 to reach an all-time high of Dh2.77 billion as of September 30, 2014 compared to Dh2.18 billion as of  December 31, 2013.

Net Loans and Advances including Islamic financing and investing assets grew by a robust 46.4 per cent during the first nine months of 2014 to reach Dh2.31 billion as of September 30, 2014, compared to Dh1.58 billion as of December 31, 2013.

The resultant Loans to Deposits ratio as of September 30, 2014 stood at 83.3 per cent.