Investbank acquires stakes in Amanat Holdings

16/11/2017 05:29 AST

Investbank has affirmed that it has acquired 405 million stocks in Amanat Holdings on behalf of TC Blitz, listed in Abu Dhabi Stock Exchange.

The bank reported in a separate statement to the Abu Dhabi Stock Exchange that Investbank currently owns around 16.4% of Amanat's stake.

Investbank posted net profits of Dhs226 million during the first nine months of this year compared with Dhs233 million during the corresponding period of 2016.

The bank recorded an increase of 14 per cent in its total assets as on September 30, 2017 compared to the corresponding period of 2016 and 9 per cent compared to the balance recorded on December 31st, 2016.

The growth of total assets was supported by the increase in customers' deposits, which rose by 17 per cent compared to the balance recorded on September 30, 2016 and 12 per cent compared with the balance recorded on December 31st, 2016.

This led the ratio of loans to deposits to improve to 94.2 per cent on September 30. Liquidity also improved with the liquid assets reaching 13.4 per cent, exceeding the required percentage of 10 per cent.

Loans and advances increased by 9 per cent compared to the corresponding period of last year and 8 per cent compared to the balance recorded on December 31st, 2016.

The Gulf Today