Growth in assets is pronounced in the financing portfolio totaling Dhs2.3bn which has grown by 31 % compared with December 2009.
Financing at 30th June 2009 had been Dhs1.38bn, which indicates a 66% growth compared to June 2010. Continuation of this trend is expected during rest of the year with a balanced approach towards achieving a well diversified, risk and yield balanced financing book.
Customer deposits during 2010 have also been significantly on the rise. As against deposits of Dhs786m at December 2009 customer deposits were Dhs1.42bn at the quarter end, an increase of 81%. Compared with the deposits of Dhs471m at the end of June 2009 customer deposits have shown a phenomenal 202% growth.
The improvement in net distributable income, as a result of asset growth, ensured a market comparable profit return to the deposit holders.
Growth in revenue and net income is evident from the results achieved during the two quarters of 2010. Higher revenues and net income is a manifestation of better asset yield management resulting in substantially higher gross and net financing margins compared with that of the previous year. Revenue growth is palpable, compared to the previous year corresponding quarter, as well as, the current year first quarter.
Gross revenue achieved for the 2nd quarter was Dhs35.8m. While the total revenue during second quarter of 2009 was 18.2 million reflecting a substantial growth of 96%. Compared with the current year first quarter revenue has grown by 45%.
Cumulative revenue of Dhs60.5m for the six months ended 30th June 2010 compares 72% higher than the Dhs35.08m revenue achieved for the six months ended 30th June 2009. Net revenue after profit payment to deposit holders was Dhs28.7m, 83% higher than the net income for the 2009 corresponding quarter.
The quarter net revenue has also been 37% more than the first quarter net revenue. Net loss for the quarter was Dhs2m which is 83% lower than the loss of the corresponding quarter of 2009 and 85% lower than that of 2010 first quarter.
Financing at 30th June 2009 had been Dhs1.38bn, which indicates a 66% growth compared to June 2010. Continuation of this trend is expected during rest of the year with a balanced approach towards achieving a well diversified, risk and yield balanced financing book.
Customer deposits during 2010 have also been significantly on the rise. As against deposits of Dhs786m at December 2009 customer deposits were Dhs1.42bn at the quarter end, an increase of 81%. Compared with the deposits of Dhs471m at the end of June 2009 customer deposits have shown a phenomenal 202% growth.
The improvement in net distributable income, as a result of asset growth, ensured a market comparable profit return to the deposit holders.
Growth in revenue and net income is evident from the results achieved during the two quarters of 2010. Higher revenues and net income is a manifestation of better asset yield management resulting in substantially higher gross and net financing margins compared with that of the previous year. Revenue growth is palpable, compared to the previous year corresponding quarter, as well as, the current year first quarter.
Gross revenue achieved for the 2nd quarter was Dhs35.8m. While the total revenue during second quarter of 2009 was 18.2 million reflecting a substantial growth of 96%. Compared with the current year first quarter revenue has grown by 45%.
Cumulative revenue of Dhs60.5m for the six months ended 30th June 2010 compares 72% higher than the Dhs35.08m revenue achieved for the six months ended 30th June 2009. Net revenue after profit payment to deposit holders was Dhs28.7m, 83% higher than the net income for the 2009 corresponding quarter.
The quarter net revenue has also been 37% more than the first quarter net revenue. Net loss for the quarter was Dhs2m which is 83% lower than the loss of the corresponding quarter of 2009 and 85% lower than that of 2010 first quarter.
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