Abu Dhabi – Mubasher: Invest Bank’s accumulated loss reached AED 1.86 billion at the end of the third quarter of 2019.
The bank’s accumulated loss-to-capital ratio recorded 59%, according to a bourse statement released on Wednesday.
Invest Bank’s accumulated loss resulted from a critical review undertaken of legacy loans portfolio which caused by weak governance and credit writing practices, the statement added.
Among the measures that will be taken by the bank to address accumulated loss are the enhancement of risk processes and policies, along with strengthening credit underwriting standards, governance, and portfolio management practices.
Invest Bank posted a 55.6% year-on-year loss decline during the third quarter of 2019. The bank’s loss reached AED 48.9 million in Q3-19, compared to AED 110.2 million in the year-ago period.
