Bahrain-based National Finance House (NFH) has announced a four per cent increase in its gross income for the first quarter of this year to BD555,843 ($1.5 million), up from BD533,248 last year.

Net profit rose to BD223,290 from BD217,055 last time.

It achieved a 9 per cent growth in total interest received during the period amounting to BD769,589.

'In spite of the consequences of the global financial crisis on the performance of economic institutions worldwide, the company through its successful financial policy was able to achieve good results on all levels,' said chairman Farouk Almoayyed.

'The first quarter results reflect the company's efficiency in investing its assets and achieving high rates of profitability while maintaining a good level of liquidity and capital adequacy in keeping with NFH's strategy and customer requirements.

'The company was able to improve its share of the car finance market through its continuation to maintain the quality of its portfolio and pursuit of conservative credit policies.'

NFH general manager Jassim Khalaf said the company is currently drawing up a three-year strategy focusing on offering a package of attractive services and creative solutions that would meet the increased requirements of its retail and corporate customers.

'The new strategy will certainly contribute to enhancement of the company's assets and diversifying its income sources,' he said.

'On the level of geographic expansion, NFH plans to open more branches for the parent company in Muharraq and Hamad Town during the next three years, in addition to expansion of the head office in the Adhari Park area.'

The shareholding companies in NFH include major insurance organisations, car sale and finance companies, industrial and investment firms in Bahrain and the Gulf region.-TradeArabia News Service