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Emirates Investment Bank reports financial results for Q3 2014 and the first nine months of the year

Emirates Investment Bank reports financial results for Q3 2014 and the first nine months of the year
Dubai, UAE; 4 November 2014:  Emirates Investment Bank (“EIBank”), an independent private and investment banking boutique (DFM: EIBank), today reported its financial results for the third quarter ended 30 September 2014 and the first nine months of FY2014.

Financial Highlights:

Q3 2014 net profit up 100% on same period last year to AED 5.66 million (Q3 2013: AED 2.83 million)

Nine months 2014 net profit up 34% on same period last year to AED 40.95 million (Nine months 2013: AED 30.59 million)

Year to date, customer deposits increased 98% to AED 3.32 billion (Dec 2013: AED 1.67 billion)

Year to date, total assets under the Bank’s management increased 79% to AED 7.63 billion (Dec 2013: AED 4.27 billion)

Balance sheet assets up 43% on FY 2013 to AED 3.96 billion (Dec 2013: AED 2.78 billion)

Fiduciary assets under management grew 147% on FY 2013 to AED 3.68 billion (Dec 2013: AED 1.49 billion)

Khaled Sifri, CEO of Emirates Investment Bank, said:

“Emirates Investment Bank has continued to make excellent progress this year, with another period of significant growth. I am particularly pleased to see our total assets under management reaching a new high of AED7.63 billion – more than US$2 billion - as of the end of September 2014, which is a testament to the strength of our client-focused business model.

“We continue to strengthen our team with hires across all levels and departments and have seen an 18% increase in headcount in Q3 alone. The bank is well-positioned to maintain this momentum and we will remain focused on building strong relationships with clients and on delivering tailored solutions for their individual investment needs. Ultimately, this is what allows us to deliver real value for our shareholders and other stakeholders.”

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