Dubai, UAE 11 May 2016: Emirates Investment Bank (“EIBank”), an independent boutique private and investment bank (DFM: EIBank), today announced its financial results for the first quarter 2016.
Operating Income reached AED 23.6 million, an increase by 25.4% over the previous quarter (Q4 2015: AED 18.8 million) while Q1 2016 net profit of AED 4.9 million was down 77% on same period last year (Q1 2015: AED 21.2 million)
Balance sheet assets remained fairly constant from FY 2015 at AED 3.54 billion (Dec 2015: AED 3.57 billion)
Fiduciary assets under management increased 10.3% on FY 2015 to AED 6.66 billion (Dec 2015: AED 6.04 billion)
Khaled Sifri, CEO of Emirates Investment Bank, said, “The last few quarters represented a period of stabilisation for Emirates Investment Bank after rapidly growing our balance sheet and transitioning the business into the private bank that it is today. Though global market volatility impacted income generated by our investment portfolio, assets under management continue to grow, reaffirming the robustness of our strategic market positioning.
“Meanwhile, our Investment Banking team acted as sole financial advisor to the shareholders of Dimensions Healthcare on its sale to NYSE-listed IMS Health and continues to work on a number of mandates within the healthcare, consumer goods and education sectors, among others.”