Dubai: Emirates Investment Bank on Tuesday said its net profit increased 9 per cent to Dh21.23 million due to a growth in its private banking platform with more clients and increasing assets under management.
Total assets under management rose 3 per cent to Dh7.92 billion, up from Dh7.71 billion in corresponding period a year before.
“The business is growing on all fronts. We continue to see growth in one of the important matrix for us that is our asset our management, and this is a driver for all our business,” Khaled Sifri, chief executive officer of Emirates Investment Bank, told Gulf News by phone.
EIB said the financial results point to a strong start to the year — another confirmation of its long-term potential.
Strong demand
“The strong demand for our private banking services and the bank’s ability to meet the return expectations of our clients and shareholders continued to drive growth in the first quarter of the year,” Sifri said in a statement. “Meanwhile, the increase in customer deposits and assets under management reflects the trust that our clients have in our personalised private banking service, delivered through a boutique platform to both regional and international clients.”
The bank’s customer deposits rose 13 per cent to Dh3.38 billion.
“We continue to see significant amount of interest from clients to open accounts and we have a continuous pipeline of new clients coming to the bank,” Sifri said.
The balance sheet assets also grew 11 per cent to Dh3.89 billion.
