Emirates Investment Bank‚Äôs profit tripled to AED 16.57 million in the first quarter
Emirates Investment Bank (EIBank), a UAE-based independent private bank has announced its financial results for the first quarter of 2017.
The bank’s Q1 2017 net profit tripled to AED 16.57 million (Q1 2016: 4.88 million). Operating income for the quarter doubled to AED 47.87 million (Q1 2016: AED 23.56 million). Total assets under the Bank’s management decreased 12.8 per cent over FY 2016 to AED 10.14 billion (31 December 2016: AED 11.63 billion).
Commenting on the results, Khaled Sifri, CEO of Emirates Investment Bank, said, “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. Meanwhile, 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.”