Abu Dhabi: Dunia Finance, an Abu Dhabi-based company in which the emirate’s sovereign wealth fund Mubadala Development Company owns a stake, said yesterday it posted a net income of Dh55.6 million in the first half of 2013, 91 per cent higher than the corresponding period the previous year.

“New customer acquisition, alongside a deepening of relationships with existing customers, helped Dunia deliver strong top line revenue and income growth. During the first half, the company saw revenues of Dh166.4 million, up 27 per cent from Dh131.3 million compared to the first half of 2012,” the finance company said in a statement.

Commenting on the financial results, the Chairman of Dunia’s Board, Salem Rashid Al Noaimi said: “Dunia’s unique business model that ensures a strong customer focus through a rich array of products and services for their needs, supported by a strategic risk and cost management approach, helps ensure it delivers world class service predictably and sustainably. We hope to continue adding greater value to our customers, and all stakeholders, in the times ahead.”

“With the UAE’s macro-economic fundamentals looking increasingly positive, we are well-placed to capture future market share, hinged around our core strategy of putting the customer first with special focus on the consumer mass market, mass affluent, small business and SME segments, which are critical drivers of any economy,” said Rajeev Kakar, Dunia’s managing director and chief executive.

Dunia said during the first six months this year, its customer deposits surged 36 per cent on the year to Dh436.7 million. The company said during the same period its expenses remained broadly flat at Dh 69.2 million compared with Dh68.2 million in the six-month period a year earlier.

As well, Dunia said its cost of credit decreased from 11 per cent in the first half of 2012 to 10.3 per cent in the first six months this year, representing an improvement in the quality of the overall portfolio.

“Dunia’s capital adequacy stood at a healthy 37 per cent at the end of June 2013, which remains well above the regulatory requirement, and underlines the company’s focus on sound capital management, while ensuring adequate room for growth.”

The company announced an interim dividend of Dh16 per share, which is equal to the full year dividend of Dh16 per share for financial year 2012.

Dunia’s other shareholders are: Fullerton Financial Holdings of Singapore, Waha Capital and A.A. Al Moosa.