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Emirates Investment Bank posts AED12m profit in H1

Emirates Investment Bank posts AED12m profit in H1
Net profit stood at AED 11.92 million in Q2-19

Dubai – Mubasher: Emirates Investment Bank, listed on the Dubai Financial Market (DFM), reported a 0.9% increase in net profit for the second quarter of 2019.

Net profit stood at AED 11.92 million during the three-month period ended 30 June, compared to AED 11.81 million in Q2-18, the bank said in a statement to the DFM.

The bank’s operating income grew by 5.3% year-on-year to AED 37.9 million in Q2-19 from  AED 36.00 million.

Total assets under EIB’s management amounted to AED 8.19 billion at the end of June 2019, down 15.5% from AED9.69 billion as at 31 December.

Imad Bou Khouzam, Acting CEO of Emirates Investment Bank, said: “The uncertain and challenging market conditions have continued to impact investors’ sentiment, and in turn, their investment decisions.”

Despite these unfavourable circumstances, we have been able to maintain a stable performance due to our diversified business model. Over the next period, we will remain prudent and vigilant, while we continue to focus on deepening and further enhancing our bespoke offering to clients,”

 Bou Khouzam added.

Emirates Investment Bank previously posted a net profit of AED 9.3 million for Q1-19, compared to AED 14.5 million in Q1-18.