Emirates Investment Bank (EIBank), a top private bank based in the UAE, has posted net profits of Dh16.57 million ($4.5 million) for the first quarter (Q1) of the year as against Dh4.88 million during Q1 2016.  

Operating income during the quarter doubled to Dh47.87 million, compared to Dh23.56 million during the same period last year.

Total assets under the Bank’s management decreased 12.8 per cent over FY 2016 to Dh10.14 billion.

Khaled Sifri, CEO of Emirates Investment Bank, said: “Emirates Investment Bank has had a very strong start to 2017, with the Bank achieving significant growth in net profit on the same period last year.”

“We have achieved this by continuing to focus on delivering a premium private banking service to our clients, who are always at the core of everything we do, and by carefully managing our market positions to take advantage of emerging opportunities.

“Meanwhile, the Investment Banking team completed one major deal in the quarter, which was also key contributor to the quarter’s profitability. Looking ahead to the rest of the year, we are moving forward with continued confidence, whilst always keeping our clients and their changing needs at the forefront of our minds,” he added. – TradeArabia News Service