Published On: Fri, Oct 24th, 2014

Finance House nets AED81.3m in the first nine months of 2014

Finance House nets AED81.3m in the first nine months of 2014

Finance House nets AED81.3m in the first nine months of 2014

Finance House PJSC, an Abu Dhabi-based finance company, has registered a robust consolidated net-profit of AED81.3 million for the nine months ended 30th September 2014, compared to AED80.2 million in the corresponding period of the previous year.

Net Fee and Commission Income grew by 49% to reach AED48.8 million compared to AED32.7 million in the first nine months of the previous year.

Similarly, income from investing activities grew by 44% to AED95.1 million in the first nine months of 2014 compared to AED66.2 million in the same period last year.

Net interest income and income from Islamic financing and investing assets was up 4% at AED101.4 million compared to AED97.6 million in the same period last year.

Total Operating Income for the nine months ended 30th September 2014 jumped nearly 20% to AED231.8 million compared to AED193.9 million in the same period of the previous year.

Due to continued expansion in business activities of the group, Total Operating Expenses were higher at AED123.6 million compared to AED90.6 million in the same period last year. In line with its conservative approach towards impairment provisioning, FH has set aside additional impairment provision of AED26.9 million in the first nine months of 2014 compared to AED23.1 million in the same period last year.

Total Assets grew by an impressive 24.6% during the first nine months of 2014 to reach AED5.13 billion as of 30th September 2014 compared to AED4.12 billion as of 31st December 2013.

Customers’ Deposits grew by an impressive 27.3% during the first nine months of 2014 to reach an all-time high of AED2.77 billion as of 30th September 2014 compared to AED2.18 billion as of 31st December 2013.

Net Loans and Advances including Islamic financing and investing assets grew by a robust 46.4% during the first nine months of 2014 to reach AED2.31 billion as of 30th September 2014, compared to AED1.58 billion as of 31st December 2013.

The resultant Loans to Deposits ratio as of 30th September 2014 stood at 83.3%, leaving ample room for growth in lending book in the near term.

Source : WAM News Agency for United Arab Emirates

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