UAE investment bank losses shrink 24% in the first half

The financial statements of the UAE investment bank showed that the bank's losses in the first half of this year decreased by 24% on an annual basis.

According to the bank's results to the stock exchange today, Sunday, losses for the period amounted to 136.1 million dirhams, compared to losses of 179.7 million dirhams for the first half of 2019.

The allowances for impairment decreased by 38%, to reach 167.8 million dirhams, compared to 270.3 million dirhams during the first half of last year.

Operating expenses decreased by 14%, to reach 97.1 million dirhams in the first half of 2020, compared to 113.5 million dirhams during the same period of the previous year.

and the value of the bank's assets stabilized at 11 billion dirhams by March 31, equivalent to a decrease of 6%, compared to 11.7 billion dirhams at the end of last year, due to Repayment of loans and advances during the first quarter of 2020, and provisions for impairment of 120 million dirhams.

(Amazon Fun Knowledge)