Invest bank 2010 profit up 4%

Sharjah-based Invest Bank net profit increased just four per cent last year to Dh300.86 million as compared to Dh288.5 million for the previous year on higher impairment charges.

Total comprehensive income dropped to Dh272.4 million as compared to Dh332 million – a drop of 18 per cent.

The bank’s statement, sent to Abu Dhabi Securities Exchange, showed that its total increased nearly seven per cent to Dh10.33 billion in 2010 as compared to Dh9.67bn in 2009.

The bank booked Dh43 million in impairments for the 2010 financial year as compared to Dh34m for the previous year, registering a big increase of 26.5 per cent for the year.

Tier 1 capital increased to 22.72 per cent in 2010 as against 21.21 per cent while total capital reached 27.68 per cent.

Its earnings per share increased marginally to Dh0.26 last year.

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