Mr. Mohammed Alqubaisi, Chairman of Finance House said, “The major portion of our profit comes from our core activities, which have recorded a steady growth over the years..."
Abu Dhabi, October 21, 2009 - Finance House PJSC has announced a net profit of AED 86.8 million for the first nine months of 2009. Mr. Mohammed Alqubaisi, Chairman of Finance House said, “The major portion of our profit comes from our core activities, which have recorded a steady growth over the years. Our deposits grew by an impressive 31% over the December 2008 level to reach AED 1.39 billion as at 30th September 2009, thus reflecting the confidence of the market in Finance House. “ The company’s Shareholders’ Equity as at 30th September 2009 stands at AED 693.6 million, after having paid out a dividend of AED 200 million earlier this year. Its strong capital base provides it with the balance sheet strength to grow prudently and profitably. Mr. Alqubaisi continued, “We continued to maintain our cautious stance on our loan and investment portfolios, which has resulted in a marginal reduction in the loan book by 3% from the previous year-end level to AED 1.11 billion. The impact of the reduction in loan book is offset by improved yields, while the asset quality has stood up very well in a rather challenging credit environment. Our investments have performed well in markets that have seen a sustained rise over the summer.” “Our strategy of seeking and addressing profitable niche segments should continue to stand us well through the current phase and enable us to continue generating above average equity returns for our shareholders on a sustained basis”, Mr. Alqubaisi added.