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Abu Dhabi, UAETuesday 18 December 2018

Emirates Investment Bank says third quarter profit advances 48.4 per cent 

EIBank's chief executive officer says focusing this year on broadening private banking solutions

Khaled Sifri, the chief executive of Emirates Investment Bank, said the lender's focus remains on further broadening its private banking solutions. Duncan Chard /The National.
Khaled Sifri, the chief executive of Emirates Investment Bank, said the lender's focus remains on further broadening its private banking solutions. Duncan Chard /The National.

Emirates Investment Bank, the Dubai private lender, said it plans to expand its offerings to clients after its third-quarter profit rose 48.4 per cent.

Net profit rose to Dh18.94 million in the three months ended September 30 compared to Dh12.76m a year earlier.

For the nine-month period, the bank said its net profit jumped 73.9 per cent to Dh44.38m compared to Dh25.51m in the corresponding period last year.

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The bank didn’t give a reason for the gains. “In 2017, we have continued to see positive performance with consistent net profit growth throughout the year,” said Khaled Sifri, chief executive officer of EI Bank.

“As we continue into the final quarter of 2017, our focus remains on further broadening our private banking solutions, to better serve our clients. Today, our approach is more holistic than ever, providing clients with access to a broad set of bespoke offerings that accommodate their changing needs.”

Mr. Sifri said earlier this month that EIBank was advising its clients to put more ­money aside in cash on concerns that unwinding of stimulus by the US Federal Reserve and European Central Bank that has propelled global equities and bonds to record highs, may trigger market volatility.

Global stocks have touched record highs this year amid central bank stimulus and low interest rates that were put in place in the aftermath of the 2008 financial crisis.

Mr Sifri said that the tightening of stimulus and interest rates hikes that have already begun in the US and is likely to be followed by other central banks of the developed countries in coming years, is likely to lead to a correction but it is difficult to say when.

EIBank’s net profit for 2016 rose 20.5 per cent amid gains in assets under management and revenues from the investment banking division.