Emirates Investment Bank net profit up 26pc
Dubai, April 29, 2014
Emirates Investment Bank has registered a 26 per cent jump in its net profit for the first quarter of 2014 which soared to Dh19.5 million ($5.3 million) when compared to Dh15.4 million last year.
Announcing the first quarter results, Emirates Investment Bank said the customer deposits grew 22 per cent to Dh2.05 billion from Dh1.68 billion in December 2013.
The total assets under management increased by 42 per cent to Dh6.04 billion in the first quarter from Dh4.26 billion in December 2013.
On the results, CEO Khaled Sifri said: "We have delivered robust financial results in this first quarter, further reinforcing the high quality service we deliver to our clients. These results highlight our commitment to demonstrate excellence in all divisions."
According to him, the growth of the Emirati bank's assets under management in private banking was complemented by significant accomplishments in investment banking.
“We have had a particularly strong start to the year. As we continue to invest in our team and hire top talent, I am confident that we are well positioned for positive performance in the future,” he added.-TradeArabia News Service