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Emirates Investment Bank profit up 38%

Dubai: Emirates Investment Bank (EIB), an independent private and investment banking boutique, on Tuesday reported a net profit of Dh36.2 million for the year 2013, up 38 per cent compared to 26.3 million in 2012.

In the fourth quarter of last year the bank’s net profit increased 69 per cent to Dh5.6 million compared to Dh3.3 million.

“In 2013 we continued implementing our strategy focusing on both private and investment banking services, growing our team and building a best-of-class offering. This reflected positively on our results with all our performance figures significantly improving year on year,” said Khaled Sifri, CEO of Emirates Investment Bank.

EIB’s customer deposits grew 109 per cent last year to Dh1.67 billion compared to Dh0.80 billion in 2012. At the close of the year total assets under management increased by 71 per cent to Dh4.26 billion compared to Dh2.49 billion in 2012.

“Our investment banking team has seen increased M&A activity and has been working on various deals across the Middle East, recently closing a significant deal in the region. We envisage this trend to continue as we remain optimistic for the regional M&A and private equity markets in 2014,” Sifri said.