Sunday 29, October 2017 by Nabilah Annuar

Emirates Investment Bank reports a 48.4 per cent increase in net profits for the third quarter

Emirates Investment Bank (EIBank), an independent private bank based in UAE has announced its financial results for the third quarter and first nine months of 2017.

EIBank’s third quarter net profit for 2017 was up 48.4 per cent from that recorder in same period last year to AED 18.94 million (Q3 2016: AED 12.76 million). The bank’s nine-month period ended 30 September 2017 net profit was recorded at AED 44.38 million, up 73.9 per cent compared to the nine-month period ended September 2016  which was AED 25.51 million.

Commenting on these results, Khaled Sifri, CEO of Emirates Investment Bank, said,  “In 2017, we have continued to see positive performance with consistent net profit growth throughout the year. As we continue into the final quarter of 2017, our focus remains on further broadening our private banking solutions, to better serve our clients. Today, our approach is more holistic than ever, providing clients with access to a broad set of bespoke offerings that accommodate their changing needs.”

“We believe that the ongoing development in the UAE market is set to further strengthen its position as a global hub for wealth management. This in turn is translating into a new wave of opportunities for us as a local private bank to reach a larger base of high net worth individuals from the region, and worldwide.”