Invest Bank

The text discusses the importance of financial and economic education, highlighting the role of various institutions and organizations in promoting financial literacy. It mentions the efforts of specific entities in providing financial education and emphasizes the significance of such education in achieving economic stability and growth. The text also references historical and current initiatives aimed at enhancing financial knowledge among different segments of the population, underscoring the ongoing need for comprehensive financial education programs.

The text provides the condensed consolidated interim financial information for INVEST BANK P.S.C. for the three-month period ending on 31 March 2024. The bank is registered at Al Zahra Street, P O Box 1885, Sharjah, United Arab Emirates.

The Board of Directors of Invest Bank P.S.C. has invited its shareholders to attend the Annual General Assembly Meeting (AGM) either remotely or in person at the bank's head office on 29th April 2024. The agenda will include appointing the meeting's secretary and vote collector, reviewing and approving the bank's activities and financial position for 2023, approving the bank's balance sheet and profit and loss account for 2023, absolving or dismissing the board members and external auditors for their work in 2023, updating on the appointment of the bank's external auditors for 2024, approving the board members' fees for 2023, and adopting the appointment of a new board member.

The document is a report prepared in accordance with the SCA Board of Directors’ Decision No.(3Z/R.M.) of 2019, which requires companies with shares listed on the market to disclose information when their accumulated losses reach 20% or more of their paid-up capital. The report is about Invest Bank PSC, whose accumulated losses have reached 26.05% of its paid-up capital, amounting to AED 834,219 thousand. The losses primarily occurred due to loan impairments and were first reported in Q1 2018. To address these losses, the bank wrote off accumulated losses of AED 2.1 billion as part of a remediation plan, increased its share capital by AED 2.6 billion in September 2023, and aimed to increase operating revenues through banking operations.

The Board of Directors of Invest Bank P.S.C. has invited its shareholders to attend the Annual General Assembly Meeting (AGM) on 11/12/2023. The meeting can be attended in person at the bank's head office in the Emirate of Sharjah, UAE, or remotely. The agenda includes the appointment of the AGM's chairman, approval of the bank's activities and financial position for the year ended 31/12/2022, and discussions on the bank's balance sheet. The meeting will also consider absolving or dismissing the bank's board members and external auditors from liability for the fiscal year ended 31/12/2022. The appointment and fees of the bank's external auditors for 2023 and 2024 will be ratified, and the remuneration policy for the board of directors for 2023 will be approved. The meeting will also appoint two representatives to vote on behalf of shareholders at the general assembly meeting.

Invest Bank reported a net loss of AED 584M for the year ended 31 December 2022, almost double the previous year's loss of AED 288M. The bank's total assets also decreased from AED 10.1B in 2021 to AED 8.6B in 2022 due to a reduction in customer deposits. The losses were attributed to impairment losses of AED 445M, declining transaction volumes, and increased operating expenses due to the bank's restructuring and reorganisation efforts. The bank's operations in Lebanon and the legacy portfolio were also cited as significant burdens.