Dunia delivered net revenues of Dhs281m in FY 2012, up 37% on the previous year, and net profit of Dhs73m, which builds on the company's first full year of profit in 2011.
FY 2012 was marked by further growth momentum, with revenue and profit growth driven by Dunia's success in acquiring new customers, deepening relationships, driving cross-sell and focusing on providing world class service in line with its commitment to delivering value by building deeper, and more focused relationships.
The strength of this customer-centric strategy is illustrated by a 28% increase in total customer numbers, which in turn has led to a strong growth in customer assets of 36% to Dhs757m and a commensurate growth in customer deposit balances, which are up by 71% in the period versus the previous period, reaching Dhs414m as compared to Dhs242m in FY 2011.
The highlight of Dunia's robust balance sheet lies in its granularity, both on the asset and liabilities side, which helps ensure predictability of growth.
Despite a challenging macro-environment, Dunia's business fundamentals continue to trend positively, reflecting a well-designed customer focused and service driven strategy, which has led to strong process control elements and strategic risk management focus, which in turn enables it to be a low cost provider.
Together with strong customer revenue growth momentum, and a controlled strategic cost management approach, Dunia continues to deliver very positive operating leverage of 35% during the year. This helps ensure predictability and profitability of operations, which is critical for sustaining the growth momentum ahead. Dunia's cost-income ratio also has shown healthy improvement, to 48% from 65% in the prior year, highlighting greater efficiency in its operations.
Dunia's prudent strategic risk management focus is reflected in its lower cost of credit by 6% over prior year, while ensuring a healthy and adequate impairment provision of 4% of customer assets, which is substantially ahead of the regulatory requirement. This is reflective of a very healthy and robust customer balance sheet.
Dunia's capital adequacy stood at 32% at the end of FY 2012, which is significantly higher than the regulatory requirements of 15%, and underlines the company's focus on sound risk management principles and overall standards of governance. Cash and cash equivalents also grew over the period to Dhs46m reflecting prudent liquidity management.
Rajeev Kakar, Executive Director and CEO, said, "We are delighted to share the good news that Dunia once again delivered record financial performance in 2012 as it has done in previous years. While the business continues to grow in terms of profitability and customer numbers, we are particularly happy to share that our Dunia brand is now stronger, and even better recognized for our unique service standards."
"We continue to invest for the future, in line with our commitment to go the extra mile for our customers, and to keep developing our talent to effectively deal with the challenges and opportunities ahead, while ensuring predictable, sustained growth," he added.
Source: http://www.ameinfo.com/dunia-finance-llc-2012-financial-results-333765
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