Finance House obtains Dh157m loan

Abu Dhabi-based Finance House has obtained Dh157 million long-term funded facility from a UAE bank to fund its growth of long-term assets.

The loan is expected to be repaid in semi-annual installments over a 12 year period following the first utilisation date.

Finance House Chairman Mohammed Alqubaisi said: “Our ability to secure long term funding under current market conditions is a glowing testimony to the solid financial standing of Finance House and reinforces the confidence & trust placed in us by our leading banking partners. Finance House will continue its strategy of growth with restraint and pursue a conservative approach to liquidity management, both of which have proved to be fundamental necessities in weathering the turbulence during a prolonged period of economic crisis and resultant instability in local and global markets”.

Finance House had earlier reported a net profit of Dh62.13 million for the first half-year of 2010 compared to Dh63.25 million for the same period in 2009.

Customer deposits grew by 21 per cent during the second quarter of 2010 over the March 2010 level to reach Dh1.48 billion as at 30th June 2010.

In July 2010, Finance House’s Board of Directors approved the opening up of its shareholding to foreign ownership, to the extent of 20 per cent of the Company’s paid up equity capital, subject to approval of the Emirates Securities & Commodities Authority (SCA) and the Central Bank of the UAE
 

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