Emirates Investment bank first-half profit down 21% to Dh27.83m

  

Monday, Aug 10, 2015

Dubai: Emirates Investment Bank (EIBank), an independent boutique private and investment bank on Monday reported a first-half profit of Dh27.83 million, down 21 per cent compared Dh35.29 million in the same period last year.

The bank’s net profit fell 58 per cent to Dh6.6 million in the second quarter of this year, compared Dh15.77 million in the same period last year.

Customer deposits remained constant at Dh2.99 billion while total assets under the bank’s management rose 9 per cent to Dh8.38 billion.

Balance sheet assets remained fairly constant at Dh3.51 billion while fiduciary assets under management increased 16 per cent in the first half.

“Over the past five years, our revenues almost doubled from Dh64.6 million in 2011 to Dh110.7 million in 2014. This significant achievement was made possible by taking advantage of the bank’s available prudential capacity to rapidly expand our balance sheet from Dh1.46 billion in 2011 to Dh3.50 billion in 2014; realising its true potential,” said Khaled Sifri, CEO of Emirates Investment Bank.

“As our balance sheet stabilises, which we are seeing now, it is natural for the related revenues to stabilise as well.”

Staff Report

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