Invest Bank

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.

The text provides condensed consolidated interim financial information for INVEST BANK P.S.C. for the nine-month period ending on 30 September 2023. The bank's registered office is located on Al Zahra Street, P O Box 1885, Sharjah, United Arab Emirates.

The text provides information about the consolidated financial statements of Invest Bank P.S.C. for the year ended 31 December 2022. The bank's registered office is located on Al Zahra Street, P O Box 1885, Sharjah, United Arab Emirates.