Business | Banking
Finance House profit reaches Dh381.9 million, as company stays clear of US market exposure
Finance House pjsc has announced a net profit of Dh381.9 million for the nine months to September 2008. Total assets grew to Dh2.676 billion, a rise of 24 per cent over the December 31, 2007 figure.
- Staff Report
- Published: 14:45 October 15, 2008
Abu Dhabi: Finance House pjsc has announced a net profit of Dh381.9 million for the nine months to September 2008. Total assets grew to Dh2.676 billion, a rise of 24 per cent over the December 31, 2007 figure.
This is reflected in the growth in loan portfolios, which rose by 66 per cent over the previous year-end, and is contributed by both commercial and retail portfolios.
The company's investments have performed very well in capital markets that have turned deeply bearish. The company also said that it does not have, and never had, any exposures to US or European markets.
While operating costs have increased as a result of inflationary pressures, the company's cost-to-income ratio has improved from 23 per cent (2007) to 19 per cent in the first nine months of the current year.
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