Abu Dhabi, October 13, 2010 - Finance House PJSC has registered a net profit of AED 87.5 million for the nine months ended September 2010, compared to AED 86.8 million for the same period in 2009. Net Profit for the third quarter alone was AED 25.4 million compared to AED 23.5 million for the same period last year.
Mr. Mohammed Alqubaisi, Chairman of Finance House said, “In the backdrop of unsettled economic conditions for the most part of 2010 and the consequent self restraint exercised by us with regard to growing our loans and investment portfolios, this is a laudable achievement by any standard. Customer deposits have maintained a healthy upward trend to date, which reflects the continued confidence of the market in Finance House and in its ability to adjust its business model for sustained growth even in challenging times. Our investments have performed well in markets that have seen a sustained rise post Ramadan.” The company’s Shareholders’ Equity as at 30th September 2010 stands at AED 535.4 million, after a dividend payout of AED 110 million earlier this year. This strong capital base provides it with the balance sheet strength to grow prudently and profitably.
Mr. Alqubaisi continued, “In recent weeks, there are visible signs of sustained economic recovery and market stability, locally & globally. It is time to grow our lending and investment books once again, albeit on a selective and cautious basis. Going forward, bulk of our asset growth will be match funded through medium and long term debt.” “Our strategy of seeking and addressing profitable niche segments should continue to stand us well through the economic recovery phase and enable us to continue generating above average equity returns for our shareholders on a sustained basis”, Mr. Alqubaisi added.