Dubai, UAE; 15 February 2018: Emirates Investment Bank (“EIBank”), an independent private bank based in the UAE (DFM: EIBank), today announced its preliminary financial results for the fiscal year ending 31 December 2017.

Financial Highlights:

• Net profit up 66.8% to AED 56.52 million (FY 2016: AED 33.89 million)
• Operating income was AED 172.15 million, a 20.4% increase on FY 2016 (AED 142.98 million)
• Total assets under EIBank’s management decreased 9.5% to AED 10.53 billion from FY 2016 (AED 11.63 billion)

Khaled Sifri, CEO of Emirates Investment Bank, said,

“2017 was a positive year for Emirates Investment Bank despite the ongoing uncertainty in regional markets. Our strategy to further expand our offerings continued to pay off, resulting in steady growth in our net profit and a healthy level of activity across the business. Delivering the best value to our clients remains a key focus for us, and we are constantly looking for opportunities to bring to them that could help achieve their financial objectives.” He added: “As a local bank, we remain committed to contributing to the development of the UAE private banking sector. The UAE has all the components needed to become a leading global hub for wealth management serving residents and non-residents alike.”