Emirates Investment Bank (EIBank), an independent private bank based in the UAE, today announced a net profit of Dh33.89 million ($9.23 million) for 2016, up 20.5 per cent from Dh28.13 million ($7.66 million) in 2015.

Operating income was Dh142.98 million, a 28.4 per cent increase on FY 2015 (Dh111.36 million)

Total assets under EIBank’s management increased 21 per cent over FY 2015 to Dh11.63 billion (2015: Dh9.61 billion)

Balance sheet assets increased by 30.8 per cent  over FY 2015 at Dh4.67 billion (2015: Dh3.57 billion)

Customer deposits increased by 8.2 per cent  from FY 2015 to Dh3.43 billion (2015: Dh3.17 billion).

Khaled Sifri, CEO of Emirates Investment Bank, said: “2016 has been a landmark year for Emirates Investment Bank, during which the validity of our market positioning strategy and service proposition was clearly demonstrated. In the face of volatile markets and a challenging economic environment, we have seen solid growth in net profit, assets under management and customer deposits.

“We have continued to expand our range of private banking services, which has allowed us to welcome new clients while also strengthening existing relationships. Elsewhere, our investment banking team had a successful year and made a significant contribution to the year’s revenue, primarily a result of four M&A transactions in the education and healthcare sectors. For 2017, we are looking ahead with confidence, while acknowledging the challenges of the current economic climate,” he added.  – TradeArabia News Service