Dubai, UAE; 26 October 2016: Emirates Investment Bank (“EIBank”), an independent boutique private and investment bank (DFM: EIBank), today announced its financial results for the third quarter and first nine months of 2016.
Q3 net profit up sixfold to AED 12.76 million (Q3 2015: AED 1.68 million)
Nine-month period ended 30 September 2016, net profit down 13.6% to AED 25.51 million (compared to AED 29.51 million for the Nine-month period ended 30 September 2015)
Nine-month period ended 30 September 2016 operating income was AED 108.72 million, a 17.4% increase on Nine-month period ended 30 September 2015 (AED 92.57 million)
Total assets under the Bank’s management increased 36.7% over FY 2016 to AED 13.14 billion (Dec 2015: AED 9.61 billion)
Balance sheet assets increased by 29.1% over FY 2016 at AED 4.61 billion (Dec 2015: AED 3.57 billion)
Fiduciary assets under management increased 41.2% over FY 2016 to AED 8.53 billion (Dec 2015: AED 6.04 billion)
Customer deposits increased by 15.8% from FY 2016 to AED 3.67 billion (Dec 2015: AED 3.17 billion)
Khaled Sifri, CEO of Emirates Investment Bank, said, “Despite the continuing difficult economic climate, it has been a strong quarter for Emirates Investment Bank, as clearly reflected in our solid set of results. Over the year so far, we have seen consistent growth in our assets under management, which demonstrates the trust that our clients have in the Bank and our private banking offering. Meanwhile, our investment banking team has delivered a very successful year to date, advising on a number of deals across the healthcare, education and F&B sectors. Furthermore, the deals pipeline remains strong for the remainder of the year and into 2017.
“Looking forward we are mindful that there is still significant market volatility and geopolitical uncertainty. Our outlook remains therefore cautious. In these conditions, we will remain focused on delivering value for our clients whilst carefully navigating any headwinds.”