The Abu Dhabi-listed InvestBank has posted net profits of Dh61.99m for the third quarter of 2010, up 33.8 per cent compared with the Dh46.32m it registered for the corresponding period in 2009.
The bank's profits for the nine months ending September 30, 2010, however, edged up only 4.1 per cent, from Dh226.96m in the first three quarters of 2009 to Dh236.21m in the same period of 2010.
The bank's total comprehensive income for the third quarter stood at Dh80.07m, having received an additional boost of Dh18.08m on account of changes in fair value of financial assets measured at fair value through other comprehensive income.
The Sharjah-based InvestBank was established in 1975, and has a capital of Dh1.15 billion as of September 30, 2010. Its principal shareholders are wealthy businessmen from Sharjah and Abu Dhabi. With total assets of the equivalent of $2.8 billion, it ranks among the smaller banks in the country.
The Bank is primarily a corporate banking institution. The bulk of its customers are small and medium-sized companies. The bank operates a small network of 12 branches.
By Staff
© Emirates 24|7 2010
