Dubai: Emirates Investment Bank (EIBank), an independent private and investment banking boutique, on Wednesday reported Dh35.3 million net profits for the first half of 2014, up 27 per cent compared to the same period in 2013.
For the second quarter of 2014, the bank’s net profit was up 28 per cent at Dh15.8 million compared to Dh12.3 million in the same quarter of last year.
During the first six months of 2014 EIBank’s customer deposits increased 50 per cent Dh2.51 billion from Dh1.67 billion at the close of 2013. While total assets under management increased 44 per cent to Dh6.14 billion from Dh4.27 billion at the close of 2013, Balance sheet assets up 16 per cent Dh3.23 billion during the same period.
“These results underline the fundamental strength of our business with another period of revenue and profit growth. Our fiduciary assets under management nearly doubled over the last six months, underpinning the outstanding performance of our Private Banking business,” said Khalid Sifri, CEO of Emirates Investment Bank.
