Dubai, UAE; 18 February 2014: Emirates Investment Bank (“the Bank”), an independent private and investment banking boutique (DFM: EIBank), today announces its financial results for the fourth quarter and fiscal year ended 31 December 2013.
Fiscal Year 2013
• Net profit for FY 2013 increased by 38% to AED 36.2 million (FY 2012: AED 26.3 million)
• Customer deposits grew 109% to AED 1.67 billion (FY 2012: AED 0.80 billion)
• Total Assets under Management increased by 71% to AED 4.26 billion (FY 2012: 2.49 billion)
• Net profit for Q4 2013 increased by 69% to AED 5.6 million (Q4 2012: AED 3.3 million)
Khaled Sifri, CEO of Emirates Investment Bank, said:
“In 2013 we continued implementing our strategy focusing on both private and investment banking services, growing our team and building a best-of-class offering. This reflected positively on our results with all our performance figures significantly improving year on year.
“Our investment banking team has seen increased M&A activity and has been working on various deals across the Middle East, recently closing a significant deal in the region. We envisage this trend to continue as we remain optimistic for the regional M&A and private equity markets in 2014.
“The growth in our private banking business has been tremendous as we continue to see a great deal of interest from high net worth individuals from the region and internationally. Our focus on delivering tailor-made investment solutions and superior client servicing has allowed us to grow the assets under our management to new unprecedented levels.
“The Board of Emirates Investment Bank is encouraged by the success delivered in 2013 and continues to be optimistic about the development of the business in 2014. With the support of our shareholders, we look forward to reporting continuous growth in the months and years ahead.”