Invest Bank P.S.C. Reports Consolidated Unaudited Earnings Results for the Quarter Ended March 31, 2018; Reports Impairment Loss for the Quarter Ended March 31, 2018
May 14, 2018 at 04:55 am EDT
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yInvest Bank P.S.C. reported consolidated unaudited earnings results for the quarter ended March 31, 2018. For the quarter, the company reported net interest income of AED 121,655,000 against AED 124,025,000 a year ago. Total operating income was AED 177,700,000 against AED 177,755,000 a year ago. Profit before impairment loss was AED 119,965,000 against AED 124,980,000 a year ago. Net profit for the period was AED 64,693,000 against AED 89,658,000 a year ago. Basic and diluted earnings per share were AED 0.04 against AED 0.06 a year ago. Net cash generated from operating activities was AED 720,979,000 against AED 498,428,000 a year ago. Purchase of property and equipment was AED 1,286,000 against AED 1,504,000 a year ago. Interest income was AED 207,512,000 against AED 195,124,000 a year ago.
For the quarter, the company reported net impairment loss of AED 55,272,000 against AED 35,322,000 a year ago.
Invest Bank PSC is a United Arab Emirates-based public shareholding company engaged in the provision of corporate and retail banking services within the United Arab Emirates. The Bankâs financial products and services portfolio includes loans and advances, revolving overdraft facility, guarantees, foreign exchange, current accounts, call deposits, millennium investor account, auto loans, MasterCard debit cards, project and trade finance, letters of credits, collections, placement to and from banks, savings accounts, fixed deposits, personal loans, Visa International Service Association (VISA) credit cards and Internet banking. The Bank is also involved in investment activities. The Bank is active through a network of 14 branches and two offsite automated teller machines (ATMs) located across the United Arab Emirates. The Bank has one wholly owned subsidiary, ALFA Financial Services FZE.
Invest Bank P.S.C. Reports Consolidated Unaudited Earnings Results for the Quarter Ended March 31, 2018; Reports Impairment Loss for the Quarter Ended March 31, 2018