Emirates Investment Bank (EIBank), a top private and investment bank, has reported a profit of Dh35.3 million ($9.6 million) in the first half of the year, as against Dh27.8 million in the same period of 2013, marking a rise of 27 per cent.

Meanwhile, the bank registered a net profit of Dh15.8 million in the second quarter, reflecting a 28 per cent increase on same period last year.

Khaled Sifri, CEO of Emirates Investment Bank, said: “These results underline the fundamental strength of our business with another period of revenue and profit growth.”

“Our fiduciary assets under management nearly doubled over the last six months, underpinning the outstanding performance of our Private Banking business. This would not have been possible without our track-record of delivering superior services and offering sound investment advice for our clients.

“Meanwhile, our Investment Banking team is actively working on a number of M&A and IPO mandates. Our strategy of focusing on building strong relationships with clients is proving highly effective as we develop a healthy pipeline of transaction work into 2015,” he added.

“We will continue to focus on delivering the highest quality private and investment banking services to our clients, as this is what ultimately drives our ability to grow our assets under management and our transactional mandates,” Sifri concluded. – TradeArabia News Service