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

Dubai, UAE; [1] November 2015:  Emirates Investment Bank (“EIBank”), an independent boutique private and investment bank (DFM: EIBank), today announced its financial results for the first nine months of FY2015.

Financial Highlights:

Third quarter operating income increased by more than 55% to AED 28.5 million over the same period last year (Q3 2014: AED 18.3 million)

Nine month period ended 30 September 2015, net profit down 28% on same period last year to AED 29.51 million (Nine month period ended 30 September 2014: AED 40.95 million)

Year to date, customer deposits increased marginally to AED 3.02 billion (Dec 2014: AED 2.99 billion)

Year to date, total assets under the Bank’s management increased 0.7% to AED 7.77 billion (Dec 2014: AED 7.71 billion)

Balance sheet assets remained fairly constant at AED 3.49 billion (Dec 2014: AED 3.50 billion)

Fiduciary assets under management increased 1.7% on FY 2014 to AED 4.28 billion (Dec 2014: AED 4.21 billion)

Khaled Sifri, CEO of Emirates Investment Bank, said, “2015 can be characterized as a stabilising period for Emirates Investment Bank after several years of rapid expansion. Our balance sheet remains healthy with continuous growth in our assets under management, both at the Bank and fiduciary levels.

“With the current uncertain global macroeconomic conditions, low oil prices and the sensitive regional geopolitical situation, volatility remains high in regional and global markets. This, together with the stabilisation of our balance sheet and continued expansion of our capabilities, has had a direct impact on our profits. Nevertheless, we are confident about the medium to long-term fundamentals and look forward to growing our business activities alongside those of our private banking and investment banking clients.”

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