Dubai-based Emirates Investment Bank, a private and investment banking boutique, has posted a net profit of Dh30.6 million ($8.3 million) in the nine month period ending September, marking a 33 per cent rise over the same period of 2012.

Customer deposits grew 96 per cent to Dh 1.57 billion during the same period, while fiduciary assets rose 66 per cent to Dh 1.11 billion. The bank saw an increase of 48 per cent in its total assets which reached Dh2.7 billion.

Net profit for the third quarter of the year increased by 111 per cent to Dh2.8 million, as against Dh1.3 million during the third quarter of 2012.

Khaled Sifri, CEO of Emirates Investment Bank, said: “All our performance figures have improved and we expect this trend to continue while we focus on exceptional client service. Our investment banking team has been working on various deals across the Middle East and predominantly in the UAE and in Saudi Arabia.  We are hoping to close one, possibly two, transaction by year end.”

“We continue to see a great deal of interest from high net worth individuals from the region and internationally who want to work with a bank such as ours – a bank that is independent, bespoke and entirely dedicated to being a pure-play private bank.

“The Board of Emirates Investment Bank is encouraged by our progress so far and is optimistic about the prospects for the development of the business.  With the support of our shareholders, we look forward to reporting continuous growth in the months and years ahead,” he added. – TradeArabia News Service