Dubai: Finance House (FH) has reported a consolidated net-profit of Dh81.3 million for the nine months of 2014, compared to Dh80.2 million in the corresponding period last year.
Net fee & commission income grew by a 49 per cent to reach Dh48.8 million compared to Dh32.7 million in the first nine months last year. Similarly, income from investing activities grew by 44 per cent to Dh95.1million.
Net interest income and income from Islamic financing and investing assets was up 4 per cent at Dh101.4 million compared to Dh97.6 million in the same period last year.
Total Operating Income for the first nine months 2014 jumped nearly 20 per cent to Dh231.8 million compared to Dh193.9 million in the same period last year,
FH has set aside additional impairment provision of Dh26.9 million in the first nine months of 2014 compared to Dh23.1 million in the same period last year.
Total Assets grew by 24.6 per cent during the first nine months of 2014 to reach Dh5.13 billion as of 30 September 2014 compared to Dh4.12 billion as of 31 December 2013. Customers’ Deposits grew by 27.3 per cent and net loans & advances including Islamic financing and investing assets grew by a robust 46.4 per cent during the first nine months of 2014.
“Our strategy of continuously seeking and addressing profitable & 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,” said Mohammed Abdulla Alqubaisi, Chairman of Finance House.
