Abu Dhabi – March 17, 2015 – Finance House P.J.S.C (FH) shareholders approved the payout of a cash dividend of 20% and a stock dividend of 2.5% for the year ended 31 December 2014, at its Annual General Meeting, subject to obtaining necessary regulatory approvals.
For the year ended 31 December 2014, FH recorded a Total Comprehensive Income of AED 94.6 million, while Total Assets swelled to AED 4.88 billion compared to AED 4.10 billion as at 31 December 2013, registering a robust increase of 18.9% during the year.
Customer Deposits grew by a whopping 30.9% to reach AED 2.85 billion as of 31 December 2014, compared to AED 2.18 billion as at the end of the previous year. This is an all-time high in the 10 year history of the Company and bears testimony to the continued confidence that the market places in Finance House.
FH’s Investment Grade Corporate Credit Ratings of “BBB-” Long-Term and “A3” Short-Term, have been recently affirmed with a “Stable” Outlook from Capital Intelligence (CI), the international credit rating agency. According to CI, “these ratings are supported by a strong capital base, good capital ratios, improved asset quality, good liquidity ratios and rising profitability”. FH is one of the very few private sector entities in the GCC to have secured an investment grade rating from a reputed international credit rating agency.
In his address to the shareholders, Mohammed Abdulla Alqubaisi, Chairman of Finance House, said: “Despite these global and local challenges, we are proud to maintain our profitable stance for the tenth successive year since inception. This is a tribute to the resilience of our business model and strategy execution capabilities.”
“We enter 2015 with a strong capital base, robust & proven business model, clearly defined implementation strategies, diversified portfolio of assets, remarkably stable sources of funding and in pursuit of interesting opportunities thrown up by a rapidly evolving market. In the final analysis, our unwavering focus is on enhancing the strength of Finance House Group and in creating sustained long term value for our shareholders,” concluded Alqubaisi.