Dubai – Mubasher: Emirates Investment Bank (EIBANK) has reported a 36% year-on-year decline in profits for the first quarter of 2019.

Net profits stood at AED 9.3 million in the three-month period ended in March, compared to AED 14.5 million in Q1-18, the bank said in a statement to the Dubai Financial Market (DFM) on Tuesday.

Operating income fell by 8% to AED 38.4 million at the end of March from AED 41.9 million in the prior-year period, EIBANK added.

Meanwhile, operating expenses reached AED 29.1 million, compared to AED 26.8 million in the same quarter of 2018.

The bank’s total revenue amounted to AED 49.252 million in Q1-19, versus AED 51.001 million in the year-ago period, according to the statement.

Total assets reached AED 4.187 billion during the first three months of 2019, versus AED 4.017 billion in the same period a year earlier.

Additionally, customers’ deposits at the bank totalled AED 517.522 million in Q1-19, compared to AED 543.038 million in the corresponding period of 2018.

In 2018, EIBANK posted a net profit of AED 38.71 million, down 31% from AED 56.52 million a year ago.