Abu Dhabi – Mubasher: Invest Bank has incurred accumulated losses of AED 1.752 billion, representing 55% of the bank's capital, as of 2020.
The accumulated losses are driven by the bank's non-performing loans, which have negatively affected its earning capability and led to significant provisions, according to a bourse filing on Sunday.
Meanwhile, the coronavirus (COVID-19) economic impact has disrupted the bank's recovery.
To tackle the accumulated losses, the Sharjah government, owning 50.07% of the bank, has established a Banking Sector Taskforce to identify longer-term strategic solutions to resolve the bank's problems, in coordination with the Central Bank.
By the end of September 2021, the bank will also announce a plan to the shareholders to address these losses.