Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Finance House Q1 Net Soars 38% to AED 35.51 Million   Join our daily free Newsletter

MENAFN Press - 24/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) Finance House PJSC (FH), has kicked-off 2014 on an upbeat note by registering a consolidated net profit of AED 35.51 million for the first quarter of 2014, which is nearly 38% higher than the net profit of AED 25.81 million earned during the first quarter of the previous year.

Total Operating Income jumped nearly 52% to reach AED 91.20 million in Q1 2014, compared to AED 60.14 million in Q1 2013. Net Fee and Commission Income grew by a whopping 72% to reach AED 15.53 million in Q1 2014 compared to AED 9.04 million in Q1 2013. Net Investment Income from a diversified investment portfolio rocketed to AED 48.65 million in Q1 2014, compared to AED 11.69 million in Q1 2013. Net Interest Income earned during Q1 2014 was lower than Q1 2013 due to one-off adjustments in the previous year, primarily on account of recoveries made under rescheduled commercial loans.

Net Loans & Advances including Islamic financing & investing assets grew by a steady 8.6% YOY to reach AED 1.65 billion as of 31 March 2014, compared to AED 1.52 billion at the same time last year. Customers' Deposits grew by an impressive 20.6% to reach AED 2.05 billion as of 31 March 2014 compared to AED 1.70 billion as of 31 March 2013. The resultant Loans to Deposits ratio as of 31 March 2014 stood at a healthy 80.5% compared to 89.4% as of 31 March 2013.



Commenting on Q1 2014 results, Mohammed Abdulla Alqubaisi, Chairman of Finance House, said: "The excellent results achieved in Q1 are a continuing reflection of a truly resilient business model that has stood the test of time. Our three main business areas, viz. Commercial Finance, Retail Finance & Investments complement each other and are seamlessly integrated to deliver profitable business growth despite changing economic conditions."

Shareholders' Equity as at 31 March 2014 stood at a robust AED 690.3 million compared to AED 641.5 million as of 31 March 2013. This is after setting aside for distribution, a cash dividend of 25% in March 2014, amounting to AED 75.63 million for the year ended 31 December 2013.

Liquid Assets to Total Assets as of 31 March 2014 was circa 36%, reflecting the Company's conscious approach to maintain abundant liquidity at all times. Capital Adequacy as of 31 March 2014 was a robust 24.8%, with ample room for accelerated loan/ asset growth in the foreseeable future.

Earlier this year, FH secured investment grade corporate credit rating of "BBB-"(Long Term) and "A3" (Short Term), both with a "Stable" outlook from Capital Intelligence (CI), an internationally reputed credit rating agency.

"We remain confident that our strategy of continuously seeking and addressing profitable niche segments will enable us to continue generating healthy returns to our shareholders on a sustained basis", concluded Alqubaisi.


About Finance House
Finance House PJSC is an Abu Dhabi-headquartered finance company that was established on 13 March 2004 and commenced its operations on 18 July 2004. The principal activities of the Company are commercial and retail financing, financial services and investments. The Company is licensed and regulated by the Central Bank of the UAE. The major shareholders of Finance House include, The National Investor (TNI), a number of prominent UAE businessmen, high net worth individuals and dignitaries. In a short span since inception, Finance House has introduced a number of innovative products and services for the consumer and commercial segments. Finance House is rated "BBB-"Long Term and "A3" Short Term, both with a "Stable" outlook by Capital Intelligence (CI), an internationally reputed credit rating agency.Finance House is listed on the Abu Dhabi Exchange under the ticker symbol FH and is categorized as a "Grade One" company by the Emirates Securities & Commodities Authority (SCA).

 


MENAFN Press




  MENA News Headlines
 Jul 8 2015 - Kuwait- MP Warning On ElectricityArab Times
(MENAFN - Arab Times) MP Abdullah Al-Tamimi has warned Minister of Public Works, Electricity and Water Ahmad Al-Jassar and the concerned employees in the Ministry of Electricity and Water on the dire ...

 Jul 8 2015 - Qatar- Friendly volleyball tournamentGulf Times
(MENAFN - Gulf Times) Qatar's national team trains on the eve of the Senior International Men's Friendly volleyball tournament at the Al Arabi Club Indoor Hall yesterday. The tournament organised by ...

 Jul 8 2015 - Qatari Al Sailiya Appoints Henzab as Head of FootballGulf Times
(MENAFN - Gulf Times) Al Sailiya Sport Club appointed Abdullah Henzab Assistant Secretary of the Club as head of Sailiya football club to succeed Hadi al-Marri, who said that he is unable to continue ...

 Jul 8 2015 - Qatar Basketball League to Begin in NovemberGulf Times
(MENAFN - Gulf Times) Qatar Basketball Federation (QBF) has announced that the men's basketball League 2015 will kick off on 7 November and will end on 4 March, 2016. QBF also confirmed that Qatar ...

 Jul 8 2015 - Qatar beach bolleyball team rises in rankingsGulf Times
(MENAFN - Gulf Times) Qatar's Beach Volleyball team made a great jump in the world rankings, following their dazzling performance in FIVB Beach Volleyball World Championship held recently in ...

 Jul 8 2015 - Qatar- Highway design, traffic manuals now match global standardsGulf Times
(MENAFN - Gulf Times) The Ministry of Transport (MoT) has updated the Qatar Highway Design Manual, and Qatar Traffic Manual, in co-operation with key partners, taking into account the latest ...

 Jul 8 2015 - Qatar- Human rights help desks now in full swingGulf Times
(MENAFN - Gulf Times) The four help desks set up at the National Human Rights Committee (NHRC) are now in full swing after a social welfare attaché from the Philippine embassy in Doha officially ...

 Jul 8 2015 - Elmo, Sesame Street friends to make music in QatarGulf Times
(MENAFN - Gulf Times) Sesame Street Live's musical show, 'Elmo Makes Music', will be staged at Qatar National Convention Centre from July 18 to 22.The event is part of the 2015 Eid al-Fitr Festival ...

 Jul 8 2015 - Qatar- Vodafone employees, QC distribute meals among workersGulf Times
(MENAFN - Gulf Times) Vodafone employees are supporting Qatar Charity (QC)'s Workers' Iftar Programme, helping deliver over 400 meals to workers' camps in the Industrial Area on a weekly basis ...

 Jul 8 2015 - Qatar- More than 80 train under Tamayoz programmeGulf Times
(MENAFN - Gulf Times) ExxonMobil Qatar's subject-matter experts recently held six courses under its Tamayoz training programme.Subject areas covered during the courses included technical (surface and ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help