Dubai – Mubasher: Emirates Investment Bank (EIBank), an independent private bank based in the UAE, on Thursday posted a 31% year-on-year drop in profits for the full-year 2018.

Net profits amounted to AED 38.71 million in 2018, compared to AED 56.52 million in 2017, according to a filing to the Dubai Financial Market (DFM).

“In 2018, our performance across the board was steady, more in-line with our usual business activities and long-term strategy,” Khaled Sifri, CEO of EIBank, commented.

Total assets under EIBank’s management decreased by 7.97% year-on-year to AED 9.69 billion last year.

The bank’s operating income retreated to AED 136 million in 2018, against AED 172.15 million the year before.