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Invest Bank reports 61% lower losses in 2019

Invest Bank reports 61% lower losses in 2019
The bank's losses per share settled at AED 18.2 last year
Invest Bank
INVESTB
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Abu Dhabi – Mubasher: The net losses of Invest Bank plunged by 61% year-on-year (YoY) to AED 579 million in 2019 from AED 1.47 billion in 2018.

The decrease in net losses is attributed to a decline in operating expenses and impairment provisions by 13% and around 63%, respectively, according to the bank's recent disclosure to the Abu Dhabi Securities Exchange (ADX).

The bank's losses per share fell to AED 18.2 last year, compared to AED 92.7 in 2018.

It is noteworthy to mention that during the third quarter of 2019, the bank's losses declined by 55.6% YoY to AED 48.9 million, compared to AED 110.2 million in the year-ago period.