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Emirates Investment Bank reports 2014 Interim Results

Emirates Investment Bank reports 2014 Interim Results
Dubai, UAE; 06 August 2014:  Emirates Investment Bank (“EIBank”), an independent private and investment banking boutique (DFM: EIBank), today reported its financial results for the first half and second quarter ended 30 June 2014.

Financial Highlights:

H1 2014 net profit up 27% on same period last year to AED 35.3 million (H1 2013: AED 27.8 million)

Q2 2014 net profit up 28% on same period last year to AED 15.8 million (Q2 2013: AED 12.3 million)

Customer deposits increased 50% on FY 2013 to AED 2.51 billion (Dec 2013: AED 1.67 billion)

Total assets under the Bank’s management increased 44% on FY 2013 to AED6.14 billion (Dec 2013: AED4.27 billion)

Balance sheet assets up 16% on FY 2013 to AED3.23 billion (Dec 2013: AED2.78 billion)

Fiduciary assets under management grew 95% on FY 2013 to AED2.91 billion (December 31 2013: AED1.49 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.

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