Emirates Investment Bank (EIBank), an independent private bank based in the UAE, has announced its financial results for the second quarter and first half of 2017.
The net profit for Q2 was up 12.4 percent on same period last year to 8.86 million dirhams ($2.4 million) compared to 7.88 million dirhams for Q2 2016.
The net profit for H1 2017 was 25.43 million dirhams, up 99.3 percent on H1 2016 (12.76 million dirhams).
Total assets under the bank’s management decreased 9.7 percent on FY 2016 to 10.5 billion dirhams compared to 11.63 billion dirhams in December 2016.
Khaled Sifri, CEO of Emirates Investment Bank, said: “Over the past few years, Emirates Investment Bank has been able to grow rapidly by maintaining a clear focus on delivering a flexible and personal private banking service to our clients.
“Credit needs to be given to our dedicated staff, but also to the environment we operate in. The UAE is emerging as an important hub for wealth management not only within the region but also globally and we, at Emirates Investment Bank, are beneficiaries of this development. It has allowed us to provide our bespoke private banking services to clients from our region, as well as from around the world.
“Looking ahead, we are actively exploring ways to further expand our range of services to meet the evolving needs of high net worth individuals — we hope to announce these over the coming quarters.”
The net profit for Q2 was up 12.4 percent on same period last year to 8.86 million dirhams ($2.4 million) compared to 7.88 million dirhams for Q2 2016.
The net profit for H1 2017 was 25.43 million dirhams, up 99.3 percent on H1 2016 (12.76 million dirhams).
Total assets under the bank’s management decreased 9.7 percent on FY 2016 to 10.5 billion dirhams compared to 11.63 billion dirhams in December 2016.
Khaled Sifri, CEO of Emirates Investment Bank, said: “Over the past few years, Emirates Investment Bank has been able to grow rapidly by maintaining a clear focus on delivering a flexible and personal private banking service to our clients.
“Credit needs to be given to our dedicated staff, but also to the environment we operate in. The UAE is emerging as an important hub for wealth management not only within the region but also globally and we, at Emirates Investment Bank, are beneficiaries of this development. It has allowed us to provide our bespoke private banking services to clients from our region, as well as from around the world.
“Looking ahead, we are actively exploring ways to further expand our range of services to meet the evolving needs of high net worth individuals — we hope to announce these over the coming quarters.”
