Dubai, UAE; 04 November 2018: Emirates Investment Bank (“EIBank”), an independent private bank based in the UAE (DFM: EIBank), today announced its financial results for the first nine months of 2018.
• Net profit reached AED 32.77 million for the nine-month period ended 30 September 2018 (same period 2017: AED 44.38 million)
• Operating income stood at AED 108.39 million for the nine-month period ended 30 September 2018 (same period 2017: AED 132.27 million)
• Total assets under EIBank’s management amounted to AED 10.77 billion (FY 2017: AED 10.53 billion)
Khaled Sifri, CEO of Emirates Investment Bank, said, “We entered the second half of the year knowing that it will be a period of challenging market conditions, underpinned by higher interest rates and continued volatility in the regional and global markets. While this has resulted in a period of slower activity for EIBank, our assets under management continued to grow over the course of the quarter.”
He added: “We enter the last quarter of the year with the same strategy. We remain focused on providing the best possible client service that our exceptionally talented team can offer. We believe that our bank’s long term financial performance naturally flows from our ability to deliver on this foundational principle.”