Dubai: Emirates Investment Bank (EIBank), an independent private bank based in the UAE reported Dh15 million in net profit in the first quarter of this year, down 9.5 per cent from Dh16.57 million in the same quarter last year.
The bank’s operating income decreased 12.5 per cent to Dh41.87 million in the first quarter of this year from Dh47.87 million in the first quarter of 2017. At the close of the first quarter 2018, total assets under EIBank’s management increased 2.7 per cent to Dh10.81 billion from Dh10.53 billion as at year-end 2017.
“Emirates Investment Bank had a good start to 2018, building on the positive performance we achieved last year. During the quarter, we saw a heathy level of activity across the board, with investment banking being one of the most active functions for the Bank. in January, we advised on the acquisition of a healthcare facility in Saudi Arabia and are currently involved in a strong pipeline of transactions in the healthcare sector as well as education and F&B,” stated Khaled Sifri, CEO of Emirates Investment Bank.