Abu Dhabi – Mubasher: Finance House's net profit for the second quarter of 2016 declined 85% year-over-year to AED 6.11 million ($1.66 million) from AED 40.70 million ($11.07 million), according to a bourse filing.
Over the first six months, net profit reached AED 31.7 million, lower 52.1% year-over-year from AED 66.2 million.
The company's provisions during the first half stood at AED 60.3 million, higher 146% compared to AED 24.5 million for the year-ago period.
The first half as well saw a 11.5% increase in salaries and expenses that leveled at AED 63.7 million in H1-16 versus AED 57.1 million in H1-15.
In the first quarter, the company registered AED 25.54 million roughly, up 0.03% as compared to the same period in 2015.
