Abu Dhabi – Mubasher: Invest Bank’s financial results on Sunday showed that the UAE-based bank swung to a loss in the fourth quarter of 2017.
Losses reached AED 504 million in Q4-17, compared to profits worth AED 38.4 million in the same period a year earlier, according to a filing to the Abu Dhabi Securities Exchange (ADX).
In the full year 2017, the ADX-listed bank’s losses recorded AED 277.7 million versus AED 271.7 million in profits in the corresponding period the year before.
The corporate and retail banking services provider attributed its losses to an increase in the provision for impairment to AED 872.5 million in 2017 from AED 280.4 million the previous year, according to the statement.
Moreover, operational expenses rose 6% in the previous year, the bank said.
