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Emirates Investment Bank reports financial results for the full year 2014

Emirates Investment Bank reports financial results for the full year 2014
Dubai, UAE; 04 February 2015:  Emirates Investment Bank (“EIBank”), an independent private and investment banking boutique (DFM: EIBank), today announced its financial results for the fourth quarter and fiscal year ended 31 December 2014.

Financial Highlights:

Fiscal Year 2014

Net Profit up by 28% to AED 46.23 million (FY 2013: AED 36.23 million)

Customer deposits increased by 78% to AED 2.99 billion (FY 2013: AED 1.67 billion)

Total Assets under Management grew 81% to AED 7.72 billion (FY 2013: AED 4.27 billion)

Balance sheet assets up by 26% on FY 2013 to AED 3.50 billion (FY 2013: AED 2.78 billion)

Q4 2014

Q4 2014 net profit slightly down to AED 5.28 million (Q4 2013: AED 5.64 million)

Khaled Sifri, CEO of Emirates Investment Bank, said:

“2014 was another year of strong growth for Emirates Investment Bank. We continued delivering on our strategy to grow and expand our business while, at the same time, preserve the ethos of the bank and the quality of the services we offer.

“We saw continued demand for our Private Banking services from local and international high net worth individuals who appreciate the excellence and range of these services. This translated into significant growth in our assets under management and customer deposits which reached new records.

“This year-on-year progress is testament to our strong fundamentals and the efforts of our team and we are optimistic about our growth in 2015 and onwards.”

The Board of Directors in their meeting dated 3 February 2015 has proposed a scrip dividend at 7.692% of the paid up capital amounting to AED 5 million. This dividend is subject to the approval of the shareholders at the annual general meeting.

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