Emirates Investment Bank posts decline in profits

DUBAI, UAE: Emirates Investment Bank (EIBank) announced its financial results for the first nine months of 2019 recording total comprehensive income for the nine-month period ended 30 September 2019 reaching AED 30.37 million as against AED 29.65 million same period in 2018.

Net profit reached AED 21.50 million for the nine-month period ended 30 September 2019 (same period 2018: AED 32.77 million), while total assets under Emirates Investment Bank’s management as at 30 September 2019 amounted to AED 7.56 billion (FY 2018: AED 9.69 billion).

Imad Bou Khouzam, Acting CEO of Emirates Investment Bank, said: “Over the past few months, we have implemented a set of revisions to Emirates Investment Bank’s risk appetite, which has resulted in a decline in the balance sheet. Nevertheless, we have been able to sustain our exposure to investments and maintain a healthy net interest and investment income over the period.”

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