Dubai, UAE; 15 February 2017: Emirates Investment Bank (“EIBank”), an independent private bank based in the UAE (DFM: EIBank), today announced its preliminary financial results for the fiscal year ended 31 December 2016.
Financial Highlights: Net profit up 20.5% to AED 33.89 million (FY 2015: AED 28.13 million) Operating income was AED 142.98 million, a 28.4% increase on FY 2015 (AED 111.36 million) Total assets under EIBank’s management increased 21% over FY 2015 to AED 11.63 billion (31 December 2015: AED 9.61 billion) Balance sheet assets increased by 30.8% over FY 2015 at AED 4.67 billion (31 December 2015: AED 3.57 billion) Fiduciary assets under management increased 15.2% over FY 2015 to AED 6.96 billion (31 December 2015: AED 6.04 billion Customer deposits increased by 8.2% from FY 2015 to AED 3.43 billion (31 December 2015: AED 3.17 billion) Khaled Sifri, CEO of Emirates Investment Bank, said,
“2016 has been a landmark year for Emirates Investment Bank, during which the validity of our market positioning strategy and service proposition was clearly demonstrated. In the face of volatile markets and a challenging economic environment, we have seen solid growth in net profit, assets under management and customer deposits. We have continued to expand our range of private banking services, which has allowed us to welcome new clients while also strengthening existing relationships. Elsewhere, our investment banking team had a successful year and made a significant contribution to the year’s revenue, primarily a result of four M&A transactions in the education and healthcare sectors. For 2017, we are looking ahead with confidence, while acknowledging the challenges of the current economic climate.”