UAE: Invest Bank logs $26mln net profits in H1-24

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Abu Dhabi: Invest Bank posted an annual rise in net profit to AED 98.71 million during the first half (H1) of 2024, compared to AED 4.03 million.

Net interest income hiked year-on-year (YoY) to AED 92.76 million in H1-24 from AED 45.97 million, according to the financial results.

Earnings per share (EPS) hit AED 0.0004 in the first six months (6M) of 2024, versus AED 0.0010 in H1-23.

Total assets declined to AED 11.07 billion as of 30 June 2024 from AED 12.03 billion at the end of December 2023, while the customers’ deposits retreated to AED 8.85 billion from AED 9.56 billion.

Financials for Q2-24

In the second quarter (Q2) of 2024, the net profits dropped to AED 16.33 million from AED 22.86 million in Q2-23, whereas the net interest income climbed to AED 47.10 million from AED 23.82 million.

In April-June 2024, the EPS stood at AED 0.0001, compared to AED 0.0070 a year earlier.

Last August, Invest Bank and Network International aligned to reinforce Network’s digital payment services to the bank’s corporate customers.