ABU DHABI — Finance House has reported strong financial performance for the quarter ended March 31, 2008 with a net profit of Dh126.7 million as against the full-year figure of Dh202.8 million for 2007 and Dh41.1 million for the first quarter of 2007, which is a growth of over 200 per cent in quarterly earnings.

Earnings per share is 58 fils per share for the three month period.  Mohammed Alqubaisi, chairman of Finance House said: "These results once again demonstrate the effectiveness of our strategy and the strength of our belief in delivering value to our clients through a differentiated service, and in operating discipline as a means to achieve  strong financial performance for our shareholders."

"As of March 31, shareholders' equity rose to Dh989.4 million, and this provides with the balance sheet strength as we set our sights higher," said Alqubaisi.

The loan portfolios recorded an impressive overall growth of over 32 per cent during the quarter, contributed by both commercial and retail portfolios.

Deposits grew six per cent as compared to the previous year-end.

The company's investments performed rather well in capital markets that were devoid of direction for much of the quarter.

Alqubaisi added: "We continue to keep to our strategy of constantly identifying profitable segments and on directing our resources towards those areas that we believe offer us the best risk-adjusted returns in our quest to deliver better value to our Shareholders."