Invest Bank P.S.C. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2018; Announces Impairment Loss for the Second Quarter Ended June 30, 2018
August 14, 2018 at 09:32 am
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Invest bank P.S.C. reported unaudited consolidated financial results for the second quarter and first half ended June 30, 2018. For the second quarter, the company's net interest income was AED 100,617,000 compared to AED 129,217,000 a year ago. Total operating income was AED 161,337,000 compared to AED 196,263,000 a year ago. Profit before impairment loss was AED 98,413,000 compared to AED 150,194,000 a year ago. Net loss for the quarter was AED 136,513,000 compared to profit of AED 88,278,000 a year ago. Basic and diluted loss per share were AED 0.09 compared to earnings per share of AED 0.06 a year ago.
For the six months, the company's net interest income was AED 222,272,000 compared to AED 253,242,000 a year ago. Total operating income was AED 339,037,000 compared to AED 374,018,000 a year ago. Profit before impairment loss was AED 218,378,000 compared to AED 275,174,000 a year ago. Net loss for the period was AED 71,1820,000 compared to AED 177,936,000 a year ago. Basic and diluted loss per share were AED 0.05 compared to earnings per share of AED 0.11 a year ago. Net cash used in operating activities was AED 118,997,000 compared to net cash from operating activities of AED 243,920,000 a year ago. Purchase of property and equipment was AED 6,364,000 compared to AED 7,017,000 a year ago.
For the quarter, the company's net impairment loss was AED 234,926,000 compared to AED 61,916,000 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 Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2018; Announces Impairment Loss for the Second Quarter Ended June 30, 2018