EI Bank’s Q2 profits up 33.3% from 2017

Emirates Investment Bank (EIBank), an independent private bank based in the UAE, yesterday reported a net profit of Dh11.81 million for the second quarter of 2018, up 33.3 per cent compared to Dh8.86 million for the same quarter last year.

For the first half of this year, the bank’s net profit was up 5.6 per cent to Dh26.85 million from Dh25.43 million in the first half of last year.

“Over the first six months of 2018, Emirates Investment Bank has delivered a period of positive performance across the various functions. We have continued to add further depth to our offerings, providing our clients with bespoke solutions that accommodate to their individual needs,” said Khaled Sifri, EIBank’s CEO.

The operating income for the first half of 2018 decreased 13.4 per cent to Dh77.88 million from Dh89.89 million reported in the first half of last year,

Total assets under EIBank’s management increased 4.8 per cent to Dh11.04 billion compared to Dh10.53 billion at yearend 2017.

“Despite the ongoing challenging market conditions, our private banking team has managed to maintain momentum during the period, sustaining a healthy level of growth in our assets under management. As we expect these challenging times to continue through the second half of 2018, we will remain focused on further deepening our offerings and optimising value for our clients,” Sifri said.