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Thu 26 Feb 2009 11:30 AM

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UAE Invest Bank 2008 profit plunges 98%

Sharjah-based, Abu Dhabi-listed bank posts Q4 loss $51.74m on investment writedowns.

Abu Dhabi-listed Invest Bank's 2008 profit was nearly wiped out, dropping 98.4 percent as the bank posted a fourth-quarter loss of about 190 million dirhams ($51.74 million) on investment writedowns.

The Sharjah-based bank said it booked 327.40 million dirhams ($89.16 million) in impairment losses on investments for the full year, the latest UAE bank to get hit by an economic downturn.

Invest Bank's full-year profit fell to 4.7 million dirhams, or 0.004 dirham a share, from 290.37 million dirhams, or 0.264 dirham a share, a year earlier, it said in a statement on the Abu Dhabi bourse website.

It did not give quarterly data, which Reuters calculated from nine-month financial statements showing profit of 194.72 million dirhams in the first nine months of 2008.

Shares of the bank have tumbled more than 60 percent this year.

The bank also made a net loss of 13.97 million dirhams from investment securities in 2008, compared with a gain of 72.2 million dirhams a year earlier, it said.

Net interest income for the year climbed 37.2 percent to 303.96 million dirhams, it added.

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