Arab Today, arab today finance house net profit up 19 plans share buyback
Last Updated : GMT 07:55:03
Arab Today, arab today
Arab Today, arab today

Finance House net profit up 19%, plans share buyback

Arab Today, arab today

Arab Today, arab today Finance House net profit up 19%, plans share buyback

Abu Dhabi - Arabstoday

Finance House (FH) has registered a net profit of Dhs65.7 million for the nine months ended Sept.30, 2012, compared to Dhs55.3 million for the same period last year. This translates to a robust year on year growth of nearly 19 per cent. Also, Finance House Board approved a Share Buyback Programme for up to 10 per cent of the company’s shares issued which is now subject to ESCA and UAE Central Bank approvals. Total operating income for the nine months ended Sept.30, 2012 grew by circa 27 per cent to Dhs155.4 million compared to Dhs122.7 million for the same period last year, on the back of robust growth in lending book and higher returns from the group’s well-diversified investment portfolio. Net loans & advances grew by 20.5 per cent to Dhs1.35 billion as of Sept.30, 2012 compared to Dhs1.12 billion as of Sept.30, 2011. During the same period, customer deposits grew by 32 per cent to reach Dhs1.63 billion as of Sept.30, 2012 compared to Dhs1.23 billion as of Sept.30, 2011. The resultant loans to deposits ratio as of Sept.30, 2012 stood at a healthy 83 per cent (91 per cent as of Sept.30, 2011), with ample room to support continued growth in lending book in line with improving levels of business activity across the UAE. Return on average equity for the first nine months of 2012, on an annualised basis, significantly improved to 17.3 per cent per annum compared to 12 per cent per annum for the full year ended Sept.31, 2011. Similarly annualised return on average assets for the first nine months of 2012 improved to 2.6 per cent compared to 2 per cent for the full year ended Dec.31, 2011. The Group’s capital adequacy ratio as of Sept.30, 2012 stood at a robust 21.6 per cent and provides a solid foundation for balance sheet growth in the near term. The basic and diluted earnings per share attributable to the ordinary shares of FH for the nine months ended Sept.30, 2012 stood at Dhs0.22 per share compared to Dhs0.18 per share for the same period last year, which is a 22 per cent growth, year on year. Mohammed Alqubaisi, Chairman of Finance House said: “Finance House is built on solid foundations and over the years, we have demonstrated consistent growth and delivered excellent results despite challenging economic conditions. Our robust financial performance to date in 2012 is in line with this established tradition”. Commenting on the proposed Share Buyback initiative Alqubaisi said: “FH Board has decided to initiate the Share Buyback Programme of up to 10 per cent of the company’s shares issued because we believe that there is no better investment we can make than in our own future”. “We believe this decision is in the best interests of our shareholders and Finance House, and is intended to enhance shareholders value”. “We look forward to the future with great optimism and remain confident of our ability to continue growing”, concluded Alqubaisi. From gulftoday

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