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Finance House posts $17.6m net profit

ABU DHABI, November 10, 2015

Finance House has registered a net-profit of Dh64.7 million ($17.6 million) for the nine months ended September 30, compared to Dh73.3 million for the full year ended December 31, 2014.
 
On the back of steady growth in the lending book and targeted expansion of the fixed income portfolio, net interest income and income from Islamic financing and investing assets grew 40.7 per cent year-on-year (YOY) to reach Dh142.6 million for the nine months, compared to Dh101.4 million during the same period last year, said a statement.
 
The net fee and commission income, however, was lower by 30.6 per cent compared to the same period in the previous year, due to lower brokerage revenue from subdued activity in the domestic equity markets during the period.
 
The income from a well-diversified proprietary investment portfolio stood at Dh73.2 million, compared to Dh95.1 million last year.
 
The drop in investment income YOY was primarily due to the lack-lustre performance of domestic equity markets this year, compared to the previous year.
 
Meanwhile, cash and cash equivalents as of September 30 stood at a 15.9 per cent of total assets, underscoring the continued conservative approach to liquidity management followed by the group.
 
Mohammed Abdulla Alqubaisi, chairman, said: “We continue to focus on our core engines of growth which are commercial and consumer lending and proprietary investments. 
 
"Our strategy of continuously seeking and addressing profitable and underserved niche segments has enabled us to generate healthy returns for our shareholders on a sustained basis. We are confident that this strategy will continue to serve us well in the near future as well.” - TradeArabia News Service



Tags: profit | finance | house | September |

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