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Emirates Investment Bank 2014 profits up 28%

The company had argued that it was not responsible for the worker’s illness on the grounds he already was suffering from hypertension. (Ashok Verma)

By Staff

Emirates Investment Bank’s net profits for 2014 rose 28 per cent to Dh46.23 million as compared to Dh36.23m in the previous year on the back of a strong growth in private banking segment.

Customer deposits increased by 78 per cent to Dh2.99 billion from Dh1.67bn in the 2013 financial year, the bank noted.

Total assets under management grew from Dh4.27bn in 2013 to Dh7.72bn last year, up 81 per cent.

Its fourth-quarter fell slightly to Dh5.28m as compared to Dh5.64m in the same quarter in the previous year.

“We saw continued demand for our private banking services from local and international high net worth individuals,” said Khaled Sifri, CEO of Emirates Investment Bank. “This translated into significant growth in our assets under management and customer deposits which reached new records.”