Invest Bank registered accumulated losses valued at AED 834.21 million as of 30 September 2023, accounting for 20.05% of the capital, according to a bourse filing.

The lender wrote off AED 2.10 billion accumulated loss as part of a remediation plan, where the accumulated losses reached 66% of the capital on 30 June 2022.

During September 2023, the bank increased its share capital by AED 2.60 billion.

In the first nine months (9M) of 2023, Invest Bank reported net losses amounting to AED 355 million, an annual hike of 180% from AED 127 million.

Basic loss per share plummeted to AED 2 in 9M-23 from AED 4 a year earlier, while the operating income hiked by 81% to AED 199 million from AED 110 million.

During the first half (H1) of 2023, the ADX-listed bank suffered net losses valued at AED 59.01 million, lower by around 9% than AED 64.93 million in H1-21.

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