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Invest Bank suffers AED 99m losses in Q1-20

Invest Bank suffers AED 99m losses in Q1-20
Total assets of the bank stood at AED 10.96 billion in Q1
Invest Bank
INVESTB
-4.94% 0.46 -0.02

Abu Dhabi – Mubasher: Invest Bank reported AED 99.49 million worth of losses for the first quarter (Q1) of 2020, down from AED 105.91 million in the corresponding period a year earlier.

Total operating income came at AED 74.77 million for the three-month period in 2020, compared to AED 99.78 million over Q1-19, according to a bourse statement on Wednesday.

Moreover, the lender’s total assets amounted to AED 10.96 billion in Q1-20, down from AED 11.7 billion recorded at 2019 year-end.

The bank has progressed in applying its transformation strategy, which aims to simplify its operations, increase its efficiency while cutting costs. This has helped in lowering the Q1-20 total operating expenses to AED 54.29 million from AED 59.16 million in Q1-19.

The bank's accumulated losses reached AED 2.2 billion in 2019, representing 70% of its capital.