Invest bank reports five per cent growth in net profit YoY
Invest Bank has reported a five per cent increase in net profit on the back of lower impairment charges during the period.
This was due to the proactive management of the loan portfolio and the conservative and prudent approach to provisioning historically adopted by the bank.
Net interest income dropped by three per cent, on the back of increased cost of funds in line with the market. While non-interest income maintained the same level as the corresponding period last year. All of this led to a five per cent increase in net operating income.
Loans and advances have increased by nine per cent compared to the same period last year’s comparative figure and increased five per cent against 31 December 2016.
Customer deposits increased nine per cent compared to the same period of last year and increased by three per cent when compared to 31 December 2016. Customer deposits remain the main funding source. The liquidity ratio slightly declined, mainly on the back of growth in the loan book and reduction in ‘due to banks, but remained at a very comfortable level.
Equity increased by four per cent when compared to the corresponding period of 2016, as a result of growth in profit. When compared to December 2016, growth was only one per cent on the back of the dividend payment during the period. However, the bank remained well capitalised with capital adequacy ratios well above the regulatory limits.