Finance House announces strong first quarter results

On a per share basis, the net profit for the three months is 19 fils per share.

"We are firmly committed to our stated objective of enhancing value to Shareholders. As at 31st March, after distributing our maiden dividend of AED 100 million, our Shareholders' Equity stood at AED 560 million. This underscores a strong capitalization and provides us with a strong platform for future growth, to meet and exceed the expectations of our highly valued customers", said Mr. Mohammed Abdullah Alqubaisi, Chairman of Finance House.

The loan portfolios recorded an impressive overall growth of over 15% during the quarter, with increase in the commercial as well as the retail segment. This growth was adequately matched by the increase in the deposits. The company's investments performed well despite steep falls in the region's capital markets.

Mr Alqubaisi added. "We continue to keep to our strategy of continually identifying profitable niches and on concentrating our resources in those areas that we believe offer us the best sustainable returns in the medium to long term. Our launch of home mortgage loans during this quarter is but an example of our persistent drive to introduce new products, in our quest to deliver strong performance to our Shareholders".