Dubai, UAE; 04 August 2016: 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 2016.
Q2 2016 net profit up 19.4% to AED7.88 million on Q2 2015 (AED6.60 million)
H1 2016 net profit of AED12.76 million, down 54.2% on H1 2015 (AED 27.83 million)
Operating income for H1 2016 was AED63.67 million, a 0.6% decrease on H1 2015 (AED 64.06 million)
Total assets under the Bank’s management increased 32.5% on FY 2015 to AED 12.73 billion (Dec 2015: AED 9.61 billion)
Khaled Sifri, CEO of Emirates Investment Bank, said, “Despite the enduring volatile economic environment in the region and around the world, the business of Emirates Investment Bank continues to demonstrate resilience. Our focus on expanding the reach of our Private Banking business and the related wealth management products and services is bearing fruit. We manage our clients’ wealth with prudence and use our sophisticated advisory and discretionary asset management services to deliver stable and consistent returns. The steady growth in our assets under management is a clear indicator of the level of trust our clients have in our proposition.
“On the Investment Banking side of the business, we successfully closed three transactions during the first half of the year and continue to manage a strong pipeline of mandates that are anticipated to complete in the coming months.”