Emirates Investment Bank (EIBank), an independent private and investment banking boutique, has posted a net profit of Dh21.23 million ($5.7 million) for the first quarter of the year, an increase of nine per cent.

The customer deposits increased 13 per cent to Dh3.38 billion, said a statement.

The total assets under management grew three per cent to Dh7.92 billion, while the balance sheet assets were up 11 per cent to Dh3.89 billion, it said.

Khaled Sifri, chief executive officer, said: “The strong demand for our private banking services and the bank’s ability to meet the return expectations of our clients and shareholders continued to drive growth in the first quarter of the year.

“Meanwhile, the increase in customer deposits and Assets under Management reflect the trust that our clients have in our personalised private banking service, delivered through a boutique platform to both regional and international clients.
 
“This is a strong start to the year; another confirmation of the long-term potential for greater success of our unique private banking and investment banking model,” he added. - TradeArabia News Service