Dubai, UAE; 10 August 2015: Emirates Investment Bank (“EIBank”), an independent boutique private and investment bank (DFM: EIBank), today announced its financial results for the second quarter and first half of 2015.
H1 2015 net profit of AED 27.83 million (H1 2014: AED 35.29 million), down 21% on same period last year
Q2 2015 net profit of AED 6.60 million (Q2 2014: AED 15.77 million), down 58% on same period last year
Customer deposits have remained constant since FY 2014 at AED 2.99 billion (Dec 2014: AED 2.99 billion)
Total assets under the Bank’s management increased 9% on FY 2014 to AED 8.38 billion (Dec 2014: AED 7.71 billion)
Balance sheet assets remained fairly constant on FY 2014 at AED 3.51 billion (Dec 2014: AED 3.50 billion)
Fiduciary assets under management increased 16% on FY 2014 to AED 4.87 billion (Dec 2014: AED 4.21 billion)
Khaled Sifri, CEO of Emirates Investment Bank, said: “Over the past five years, our revenues almost doubled from AED 64.6 million in 2011 to AED 110.7 million in 2014. This significant achievement was made possible by taking advantage of the bank’s available prudential capacity to rapidly expand our balance sheet from AED 1.46 billion in 2011 to AED 3.50 billion in 2014; realising its true potential. As our balance sheet stabilises, which we are seeing now, it is natural for the related revenues to stabilise as well. Meanwhile, low oil prices and high levels of market volatility have impacted portfolio valuations in 2015, contributing to the cooling in our second quarter profit.
“Our fee generating businesses continue to perform well, as demonstrated by our fiduciary assets under management increasing 16% since the end of 2014 to AED 4.87 billion. In just five years, we have established successful private banking and investment banking businesses. We have put in place the necessary infrastructure and systems, and recruited the required human resources to enable these businesses to deliver on future growth. Our clients’ assets under management grew by more than ten times over this period. This fast rate of growth reflects the strength of our client relationships and the quality of the services we offer. Our priority going forward is to further strengthen these relationships and continue to enhance our service offering.”