Abu Dhabi, October 10, 2007- Finance House (pjsc) has reported a robust net profit of AED 111.1 million for the nine months ended 30th September 2007 as against a figure of AED 160.6 million for the full year 2006. On a per share basis, the net profit for the nine months is 56 fils per share. “We are truly committed to our objective of maximizing Shareholder value.
As at 30th September 2007, after distributing our maiden dividend of AED 100 million, our Shareholders’ Equity stands at AED 731.7 million. This strong capital base serves as a solid foundation for future growth, to meet and exceed the expectations of our highly valued customers. Thanks to our conservative approach to risk, we have no exposure to any investments impacted by the sub-prime crisis and its aftermath”, said Mr. Mohammed Abdullah Alqubaisi, Chairman of Finance House.
Finance House’s loan book recorded an impressive growth of 67% during the first 9 months of the year, with increases in commercial as well as the retail portfolios. Over the same period, customer deposits grew by 49%. The company’s investments have generated very good returns while the region’s capital markets have made a modest recovery during this year.
Mr. Alqubaisi added, “We continue to focus on our strategy of identifying profitable niches and on concentrating our efforts in those areas that we believe offer us the best sustainable returns in the medium to long term. Our 2007 product launches – Flexi Deposit product for corporate clients, home mortgage loans, and executive finance to individuals – exemplify our untiring efforts to create value differentiation for our customers, as we endeavour to continue delivering strong financial performance to our shareholders.”