Reem Finance, the private joint stock company established in Abu Dhabi in 2007 and regulated by the UAE Central Bank, reported a net profit of Dh26.5 million (7.2 million) for 2019, a significant increase compared with 2018’s Dh3 million ($816,604), while its net operating profit before impairment grew to Dh35 million ($9.5 million).
The company’s net operating revenues increased 217 per cent year-on-year to Dh50.7 million ($13.8 million) from Dh15.9 million ($4.3 million) in 2018, while total income surpassed Dh78.6 million ($21.3 million), up 82 per cent compared with 2018.
Capital ratios also remained strong, with Reem’s robust capital adequacy ratio of 53.2 per cent aggressively surpassing the minimum regulatory requirement of 15 per cent.
Seraj Faidi, general manager of Reem Finance, said: “We showcased exceptional ability to drive operational excellence and significantly improve our activities and financial performance in 2019. Driven by our solid balance sheet, high profitability and unique agility, we will continue to support our clients in achieving their financial goals and contribute to economic growth. Our focus on creating sustainable value and high returns for our diversified client base and distinguished shareholders makes us confident in our ability to build more creative products and tie-ups to add value to our customers while maintaining profitability and achieve our growth targets, despite these challenging times.” - TradeArabia News Service
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