Profit increases over 2016 for EIB
(2/16/2017 6:16:00 AM)
Emirates Investment Bank, the Dubai-based private lender, yesterday said that its net profit for 2016 rose 20.5 per cent amid gains in assets under management and revenues from the investment banking division.
Net profit rose to Dh33.8m in 2016 compared to Dh28.1m in 2015, the bank said. Total assets under the bank’s management rose 21 per cent in 2016 to Dh11.63 billion from Dh9.61bn. Meanwhile, customer deposits rose 8.2 per cent to Dh3.43bn from Dh3.17bn in 2015.
"In the face of volatile markets and a challenging economic environment, we have seen solid growth in net profit, assets under management and customer deposits," said Khaled Sifri, the bank’s chief executive.
"We have continued to expand our range of private banking services, which has allowed us to welcome new clients while also strengthening existing relationships."
The executive said that the bank’s investment banking division had a particularly successful year after managing four merger and acquisitions in the healthcare and education sectors that were not named.
Looking forward to the rest of the year, Mr. Sifri expressed optimism while acknowledging the challenges of the current economic climate that has been fogged by low oil prices.