Text size:

  • Small
  • Normal
  • Large

Dunia almost doubles its profits

Growth in customers and their deposits helped Dunia Finance nearly double its profits in the first half of the year.

Growth in customers and their deposits helped Dunia Finance to nearly double its profits in the first half of the year.

The Abu Dhabi-headquartered finance company, whose shareholders include the investment vehicles Mubadala Development, owned by the Abu Dhabi Government, and Fullerton Financial Holdings, a subsidiary of Singapore's Temasek Holdings, yesterday reported net income of Dh55.6 million, up 91 per cent from Dh29.1m a year earlier.

"Our ability to attract new customers and enhance existing relationships, alongside careful management of our costs, has allowed us to further strengthen our balance sheet," said Rajeev Kakar, the managing director and chief executive."Dunia expects to see continued franchise and financial growth."

Customer numbers grew by 23 per cent during the first half of the year to 125,267. Customer deposits rose by 36 per cent to Dh436.7m, compared with Dh321.7m in the same period last year.

The expanding customer base helped revenues to swell to Dh166.4m, up by 27 per cent from Dh131.3m in the same period of last year.

Dunia has benefited from a gradual pick-up in the UAE economy, underpinned by strong oil prices, a recovery in the property market and robust tourism and trade figures. The company provides loans, credit cards and other financial products to consumers and small businesses.

"With the UAE's macroeconomic fundamentals looking increasingly positive, we are well placed to capture future market share, hinged around our core strategy of putting the customer first with special focus on the consumer mass market, mass affluent, small business and SME segments," said Mr Kakar.

Dunia announced an interim dividend of Dh16 per share for the first half of the year, equal to the full-year dividend for last year.

Waha Capital, the Abu Dhabi-based investment company, and Al Moosa Enterprises, a UAE business, are also shareholders in Dunia.

 

tarnold@thenational.ae

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 Three generations of the Hakimi family tend to their stall Crawford Market in Mumbai. Subhash Sharma for The National

In pictures: Shopper’s delight at Crawford Market in Mumbai

Crawford Market is an old British-style covered market dealing in just about every kind of fresh food and domestic animal imaginable. Later on renamed Mahatma Jotirao Phule, the market remains popular among locals and visitors by its old name, taken from Arthur Crawford who was the first municipal commissioner of the city.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National