Dubai – Mubasher: Emirates Investment Bank (EIBank) on Monday posted a 9.5% year-on-year decline in its net profit for the first three months ended March 2018.

EIBank generated a net profit of AED 15 million during Q1-18, compared to AED 16.57 million in Q1-17, according to a statement to the Dubai Financial Market (DFM).

The bank’s operating income tumbled 12.5% to AED 41.87 million in January - March, down from AED 47.87 million in the comparative period of 2017.

Meanwhile, assets managed by the UAE-based lender rose 2.7% to AED 10.81 billion by the end of Q1-18, compared to AED 10.53 billion during the corresponding period a year earlier.

“In January, we advised on the acquisition of a healthcare facility in Saudi Arabia, and are currently involved in a strong pipeline of transactions in the healthcare sector as well as education and F&B,” CEO Khaled Sifri stated.