Net revenues reached AED 354 million in FY 2013, an increase of 26 per cent on the previous year. Net profit was AED 118 million, up 62 per cent on FY 2012.
Customer numbers increased by 21 per cent over the course of 2013. dunia now provides a host of financial solutions and products, with world class service standards, to a growing base of 138,000 customers. Its customer loan assets surpassed AED 1 billion for the first time in 2013, having grown 35 per cent to AED 1.03 billion. The company's customer deposits have grown at a commensurate rate to ensure a comfortable liquidity and funding position through a stable source of granular, low cost, and high duration deposits, which were up by 24 per cent against the prior period, reaching AED 515 million.
dunia's robust and granular balance sheet again delivered a strong positive operating leverage in 2013 of 16 per cent during the year. Its absolute costs increased by only 10 per cent versus FY 2012, while revenue grew by 26 per cent on a year-on-year basis. dunia's relentless focus on improving efficiency in its operations is also reflected in its continuously improving and healthy cost-income ratio, which dropped to 42 per cent in 2013, as compared to 48 per cent in the prior year. These favourable fundamentals help ensure predictability and profitability of operations, which is important for maintaining sustainable yet strong growth momentum over the year ahead.
dunia's capital adequacy continued to be healthy and stable, standing at 32.4 per cent by the end of FY 2013. While this capital adequacy ratio remains far higher than the regulatory requirement of 15 per cent, it reaffirms the company's enduring focus on, and commitment to, sound risk management principles and high standards of governance, while ensuring a strong ability to invest for growth.
dunia announced its maiden interim dividend of AED 8.8 million in
"We are delighted that our continuously improving financial performance, prudent management of risk, and sound balance sheet has enabled us to secure our first standalone credit rating of BB- from Fitch. Our commitment to sustainable business practices also goes hand-in-hand with delivering better financial returns and value to shareholders over the long term, allowing us to capture new opportunities in the marketplace, backed by a strong and growing capital base."
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