Emirates Investment Bank Sees Q2 Profit Rise 48%

The Dubai-based private investment bank reported net profit for the first half of the year was up 28 per cent on 2012.

Emirates Investment Bank has announced second quarter net profit of Dhs12.3 million, up 48 per cent on the same period last year.

The private investment boutique also announced that net profit for the first half of the year was Dhs27.7 million, up 28 per cent on H1 2012.

The bank, listed on the Dubai Financial Market (DFM), reported its total assets grew by Dhs2.2 billion, up 21 per cent from December 2012, while its customer deposits also rose by 38 per cent to Dhs1.11 billion.

“Our results for the period underline the fundamental strengths of our strategy and business,” said Khaled Sifri, CEO of Emirates Investment Bank.

“We focused on tailoring our private banking services to meet our clients’ evolving demands and at the same time bolstered our team with dedicated professionals.

“From the investment banking side, we are currently advising a number of our clients on acquisitions across the region and expect to finalise these within the next six months.”