Dubai: Emirates Investment Bank (EIBank), an independent boutique private and investment bank, reported its third quarter net profit at Dh12.76 million compared to Dh1.68 million reported in the same period last year. For the nine-month period ended September 30, net profit was down 13.6 per cent to Dh25.51 million compared to Dh29.51 million for the same period in 2015. For the first nine months of this year, operating income was Dh108.72 million, up 17.4 per cent compared to the same period last year. Total assets under the bank’s management increased 36.7 per cent in 2016 to Dh13.14 billion from Dh9.61 billion at year-end in 2015. Bank’s balance sheet assets increased by 29.1 per cent in 2016 to Dh4.61 billion compared to Dh3.57 billion by 2015 end.
“Despite the continuing difficult economic climate, it has been a strong quarter for Emirates Investment Bank, as clearly reflected in our solid set of results. Over the year so far, we have seen consistent growth in our assets under management, which demonstrates the trust that our clients have in the bank and our private banking offering,” said Khalid Sifri, CEO of Emirates Investment Bank
“Looking forward we are mindful that there is still significant market volatility and geopolitical uncertainty. Our outlook remains therefore cautious. In these conditions, we will remain focused on delivering value for our clients while carefully navigating any headwinds.”
