Emirates Investment Bank (“EIBank”), an independent boutique private and investment bank (DFM: EIBank), today announced its preliminary financial results for the fiscal year ended 31 December 2015.
Net Profit in 2015 amounted to AED 28.13 million, a 39% drop from 2014 (FY 2014: AED 46.23 million)
Customer deposits increased by 6% to AED 3.17 billion (FY 2014: AED 2.99 billion)
Total assets under management grew 24% to AED 9.61 billion (FY 2014: AED 7.72 billion)
Fiduciary assets under management increased 43% on FY 2014 to AED 6.04 billion (FY 2014: AED 4.22 billion)
Balance sheet assets up by 2% on FY 2014 to AED 3.57 billion (FY 2014: AED 3.50 billion)
Khaled Sifri, CEO of Emirates Investment Bank, said, “Our core private banking business remained resilient in 2015, with customer deposits and assets under management showing robust growth, which is a testament to the strong relationships we have with our clients. While the operating environment in the year was challenging, there is still strong appetite for high quality banking services, and we are confident that we will continue to grow alongside our clients in 2016.
“On the investment banking side of the business, we were involved in a number of exciting mandates over the course of 2015, including the recently completed cross-border acquisition of Dimensions Healthcare by IMS Health. Despite the tight liquidity in the market, we have a strong pipeline and expect deal flow to pick up throughout 2016.”