Emirates Investment Bank (EIB) has swung to a net profit after incurring losses in 2022.

The Dubai-based lender’s total net profit for the year ended December 31, 2023 reached AED 107.5 million ($29.3 million) versus a loss of AED 23.6 million in 2022, according to preliminary financial results posted on the Dubai Financial Market (DFM) on Tuesday.

The lender achieved the turnaround as revenues during the year surged 61% to AED 220.6 million.

Net operating income also went up to AED 161.3 million from AED 101.4 million over the same period.

Total assets increased to AED 4.5 billion from AED 3.8 billion.

Earnings per share stood at AED 14.62, compared to a loss per share of AED 6.48 in the previous year.

 (Writing by Cleofe Maceda; editing by Seban Scaria) Seban.scaria@lseg.com