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Reem Finance reports growing net profit for 2016

19 Mar 2017

(MENAFN) The Abu Dhabi headquartered provider of credit and finance solutions to businesses across the UAE, Reem Finance PJSC, announced its net profit for the financial year 2016 which were at Dh55.5m, followed a loss of Dh8.6m the previous year.

The company stated that its return to profitability was achieved through a strategic focus on specialized corporate and trade finance lending, as the company’s gross loans and advances increased to Dh276m, 46% higher than the previous year.

Additionally, the company’s performance in 2016 was driven by significant recoveries from non-performing loans (NPLs) which despite a challenging market.

Moreover, it had delivered a 13% return on equity to its shareholders in 2016.

MENAFN1903201700450000ID1095327110

MENAFN1903201700450000ID1095327110

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