Finance House profits slightly up
Abu Dhabi-based Finance House P.J.S.C announced the results for the financial year ended 31 December 2010, achieving a net profit of AED 115.1 million (US$31.4 million) compared to AED 112.4 million (US$30.6 million) for the previous year. This translates to an earning of 42 fils per share compared to 41 fils per share in 2009. Based on this performance, the Board of Directors has proposed a cash dividend of 15% and stock dividend of 10%.
Total assets increased by 15% standing at AED 3.12 billion compared to AED 2.72 billion at the end of last year. Customer deposits have grown to reach AED 1.57 billion as at 31 December 2010.
At the end of 2010, Finance House Shareholder Equity stood at AED 557 million, and this is after distributing a cash dividend of AED 110 million to shareholders in March 2010. The loans and advances portfolio, on the other hand, was held relatively flat at AED 1.12 billion, as a measure of prudence.