Emirates Investment Bank (“EIBank”), an independent private and investment banking boutique, reported its financial results for the first half and second quarter ended 30 June 2014.
• H1 2014 net profit up 27% on same period last year to Dhs35.3 million (H1 2013: Dhs27.8 million)
• Q2 2014 net profit up 28% on same period last year to Dhs15.8 million (Q2 2013: Dhs12.3 million)
• Customer deposits increased 50% on FY 2013 to Dhs2.51 billion (Dec 2013: Dhs1.67 billion)
• Total assets under the Bank’s management increased 44% on FY 2013 to Dhs6.14 billion (Dec 2013: Dhs4.27 billion)
o Balance sheet assets up 16% on FY 2013 to Dhs3.23 billion (Dec 2013: Dhs2.78 billion)
o Fiduciary assets under management grew 95% on FY 2013 to Dhs2.91 billion (December 31 2013: Dhs1.49 billion)
Khaled Sifri, CEO of Emirates Investment Bank, said: “These results underline the fundamental strength of our business with another period of revenue and profit growth. Our fiduciary assets under management nearly doubled over the last six months, underpinning the outstanding performance of our Private Banking business. This would not have been possible without our track-record of delivering superior services and offering sound investment advice for our clients.
“Meanwhile, our Investment Banking team is actively working on a number of M&A and IPO mandates. Our strategy of focusing on building strong relationships with clients is proving highly effective as we develop a healthy pipeline of transaction work into 2015.
“We will continue to focus on delivering the highest quality private and investment banking services to our clients, as this is what ultimately drives our ability to grow our assets under management and our transactional mandates.”
Wednesday, August 6- 2014 @ 12:20 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.