EIBank reports Dh16.57 million Q1 net profit

Dubai: Emirates Investment Bank (EIBank), an independent private bank based in the UAE on Tuesday reported Dh16.57 million net profits for the first quarter of 2017, tripling from Dh4.88 million reported in the first quarter of 2017.

Operating income doubled to Dh47.87 million from Dh23.56 million compared to the same quarter last year as total assets under the bank’s management decreased 12.8 per cent year on year from first quarter of 2016 to Dh10.14 billion at the close of the first quarter of 2017.

“Emirates Investment Bank has had a very strong start to 2017, with the bank achieving significant growth in net profit on the same period last year. We have achieved this by continuing to focus on delivering a premium private banking service to our clients, who are always at the core of everything we do, and by carefully managing our market positions to take advantage of emerging opportunities,” said Khaled Sifri, CEO of Emirates Investment Bank.

The investment banking team completed one major deal in the quarter, which was also key contributor to the quarter’s profitability. “Looking ahead to the rest of the year, we are moving forward with continued confidence, whilst always keeping our clients and their changing needs at the forefront of our minds,” said Sifri.