Emirates Investment Bank, an independent private and investment banking boutique, has registered a 38 per cent jump in its net profit for 2013 which soared to Dh36.2 million from Dh26.3 million the previous year.

The bank's net profit for the fourtth quarter too increased by 69 per cent to Dh5.6 million from Dh3.3 million the year before. The customer deposits grew 109 per cent to Dh1.67 billion when compared to Dh80 billion in 2012.

The Emirates Investment Bank said the total assets under management increased by 71 per cent to Dh4.26 billion from Dh2.49 billion.

Announcing the results, CEO Khaled Sifri said: "In 2013 we continued implementing our strategy focusing on both private and investment banking services, growing our team and building a best-of-class offering. This reflected positively on our results with all our performance figures significantly improving year on year."   

“Our investment banking team has seen increased M&A activity and has been working on various deals across the Middle East, recently closing a significant deal in the region. We envisage this trend to continue as we remain optimistic for the regional M&A and private equity markets in 2014," he remarked.

According to him, the growth in the lender's private banking business has been tremendous as it continues to see a great deal of interest from high net worth individuals from the region and internationally.

"Our focus on delivering tailor-made investment solutions and superior client servicing has allowed us to grow the assets under our management to new unprecedented levels," stated Sifri.

“The Board of Emirates Investment Bank is encouraged by the success delivered in 2013 and continues to be optimistic about the development of the business in 2014. With the support of our shareholders, we look forward to reporting continuous growth in the months and years ahead,” he added.-TradeArabia News Service