Dubai – Mubasher: Emirates Islamic Bank reported a 21.13% decline in its net profits for the first half of 2015 to AED 27.83 million ($7.6 million), compared to AED 35.3 million ($9.60 million) in the same period last year.
Profits for Q2-15 plunged 58% to AED 6.6 million, from AED 15.8 million in the same period in 2014, according a to filing to the Dubai Financial Market (DFM) on Tuesday.
The investment bank previously posted 9% growth in its net profits for Q1-15 to AED 21.23 million, up from AED 19.52 million in Q1-14.
The bank stated that its customer deposits have remained stable during the first half at AED 2.99 billion, while total assets grew 9% to AED 8.38 billion in H1-15, up from AED 7.71 billion by the end of 2014.
“Our fee generating businesses continue to perform well, as demonstrated by our fiduciary assets under management increasing 16% since the end of 2014 to AED 4.87 billion. In just five years, we have established successful private banking and investment banking businesses,” said Khaled Sifri, EIBank CEO, adding that the bank’s clients’ assets under management grew by more than ten times over this period.
“This fast rate of growth reflects the strength of our client relationships and the quality of the services we offer. Our priority going forward is to further strengthen these relationships and continue to enhance our service offering,” he concluded.
