Emirates Investment Bank (“the Bank”), an independent private and investment banking boutique (DFM: EIBank), today announces its financial results for the first nine months of FY2013 and third quarter ended 30 September 2013.
Nine month period to 30 September 2013
Net profit increased by 33% to AED 30.6 million (YTD Sep 2012: AED 23m)
Customer deposits grew 96% to AED 1.57 billion(Dec 2012: AED 803.2m)
Fiduciary assets rose 66% to AED 1.11 billion (Dec 2012: AED 668.8m)
Total assets increased 48% to AED 2.7 billion (Dec 2012: AED 1.828bn)
Net profit for Q3 2013 increased by 111% to AED 2.8 million (Q3 2012: AED 1.3m)
Khaled Sifri, CEO of Emirates Investment Bank, said:
“I am delighted to announce these strong results for the third quarter 2013 which can largely be attributed to our ability to attract new assets and the excellent judgement that our investment team has shown. All our performance figures have improved and we expect this trend to continue while we focus on exceptional client service.
“Our investment banking team has been working on various deals across the Middle East and predominantly in the UAE and in the Kingdom of Saudi Arabia. We are hoping to close one, possibly two, transaction by year end.
“We continue to see a great deal of interest from high net worth individuals from the region and internationally who want to work with a bank such as ours – a bank that is independent, bespoke and entirely dedicated to being a pure-play private bank.
“The Board of Emirates Investment Bank is encouraged by our progress so far and is optimistic about the prospects for the development of the business. With the support of our shareholders, we look forward to reporting continuous growth in the months and years ahead.”