Dubai: Invest Bank on Wednesday reported a net profit of Dh360 million in 2014 compared to Dh328 million in the previous year.
The bank reported improved profitability in 2014. Its gross operating income for 2014 was Dh665 million compared to Dh607.98 million in 2013 while its net operating income excluding provisions and depreciation for the year was Dh511.4 million.
Invest Bank’s interest income improved to Dh461.2 million in 2014 from Dh439.85 million in 2013 while non-interest income for the year was at Dh204 million.
Total loans and advances increased by 12 per cent to reach Dh9.9 billion while total deposits increased by 13 per cent to Dh10.2 billion. The bank’s total assets at the close of 2014 was at Dh13.8 billion compared to Dh12.29 billion in 2013. Total liabilities were reported at Dh11 billion at the close of 2014 compared to Dh9.7 billion at the year-end 2013.
The bank’s capital adequacy ratio for 2014 was at 20.18 per cent. The board of directors has recommended distribution of 10 per cent cash dividend and 10 per cent dividend shares.
