Emirates Investment Bank Q2 net profit surges 33%

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Emirates Investment Bank (EIBank), a top private bank in the UAE, has posted a net profit of Dh11.81 million ($3.21 million) for the second quarter (Q2) of the year, as compared Dh8.86 million during Q2 2017,marking a 33.3 per cent growth.

The bank’s net profit for the first half (H1) of 2018 was up 5.6 per cent to Dh26.85 million (H1 2017: Dh25.43 million).

H1 2018 operating income decreased 13.4 per cent to Dh77.88 million (H1 2017: Dh89.89 million),while total assets under EIBank’s management increased 4.8 per cent to Dh11.04 billion (FY 2017: Dh10.53 billion)

Khaled Sifri, CEO of Emirates Investment Bank, said: “Over the first six months of 2018, Emirates Investment Bank has delivered a period of positive performance across the various functions. We have continued to add further depth to our offerings, providing our clients with bespoke solutions that accommodate to their individual needs.”

“We have also concluded two important transactions in two critical sectors in the GCC - healthcare and F&B. Despite the ongoing challenging market conditions, our private banking team has managed to maintain momentum during the period, sustaining a healthy level of growth in our assets under management. As we expect these challenging times to continue through the second half of 2018, we will remain focused on further deepening our offerings and optimising value for our clients,” Sifri added.- TradeArabia News Service

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