Abu Dhabi – Mubasher: Finance House, listed on the Abu Dhabi Securities Exchange (ADX), posted a 48% fall in net profit for the first nine months period of 2018 to reach AED 20.5 million compared to a profit of AED 39.1 million last year.

The decline in the company’s net profits was attributed to the 54% increase in its impairment provisions to reach AED 62.9 million compared to AED 40.9 million in the first nine months of 2017, according to the company’s filling to the ADX.

From January to June 2018, the company posted net profits of AED 20.4 million, compared to AED 32.2 million in the corresponding period a year earlier, down 37%.

The company's profits for the second quarter of 2018 reached AED 1.6 million, compared to AED 7 million last year, with a 77.14% decline.