UAE-based Emirates Investment Bank (EIBank) has posted a net profit of Dh8.86 million ($2.41 million) for second quarter (Q2) of the year, as against Dh7.88 million for Q2 2016, marking an increase of 12.4 per cent.

Net profit for the first half (H1) of the year stood at Dh25.43 million, up 99.3 per cent on H1 2016 (Dh12.76 million).

Total assets under the Bank's management decreased 9.7 per cent on FY 2016 to Dh10.50 billion (Dec 2016: Dh11.63 billion).

Khaled Sifri, CEO of Emirates Investment Bank, said: “Over the past few years, Emirates Investment Bank has been able to grow rapidly by maintaining a clear focus on delivering a flexible and personal private banking service to our clients. Credit needs to be given to our dedicated staff, but also to the environment we operate in.”

“The UAE is emerging as an important hub for wealth management not only within the region but also globally and we, at Emirates Investment Bank, are beneficiaries of this development.  It has allowed us to provide our bespoke private banking services to clients from our region, as well as from around the world.

“Looking ahead, we are actively exploring ways to further expand our range of services to meet the evolving needs of high net worth individuals – we hope to announce these over the coming quarters,” he added. – TradeArabia News Service