Sharjah-based Invest Bank reported on Wednesday that its net loss for the first quarter of the year has increased by more than half due to lower revenue. 

Net loss for the period ended March 31, 2022 reached 31.8 million dirhams ($8.6 million), up by 62 percent compared to the previous year’s 19.6 million dirhams, the bank stated in a disclosure on the Abu Dhabi Securities Exchange (ADX) on Wednesday. 

Majority owned by the Government of Sharjah, Invest Bank generated 59.7 million dirhams in revenue during the period, down from 82.6 million dirhams a year ago. Net operating profit before impairment stood at more than 11.8 million dirhams. 

Sharjah owns 50.07 percent of the bank’s shares. 

(Reporting by Cleofe Maceda; editing by Daniel Luiz)