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Fees and commission boost FH’s H1 earnings

Finance House has posted a robust consolidated net-profit of Dh61.2 million for the six months ended 30 June 2014, marking an increase of 8.3 per cent year-on-year, as fee and commission soars substantially.

Net fee and commission income grew by a whopping 75 per cent year-on-year to Dh35.8 million. Similarly, income from investing activities nearly doubled to Dh65.4 million in first half 2014, on the back of improved performance of UAE stocks.

Net interest income and income from Islamic financing and investing assets was marginally lower at Dh63.7 million compared to Dh66.9 million in the same period last year, primarily on account of significantly lower interest rates on short term money market placements with local banks.

Total operating income for the January-June period jumped nearly 30 per cent to Dh160.3 million. Due to continued expansion in business activities of the Group, Total operating expenses were higher at Dh80.8 million compared to Dh58.6 million in the same period last year.

— haseeb@khaleejtimes.com