Emirates Industrial Bank records strong profit growth

09/03/2010 - Dubai Investment News
Emirates Industrial Bank records strong profit growth

Posted by Neil King

Emirates Industrial Bank (EIB) has recorded a net profit of AED 98.16 million for 2009.

This compares favourably with a net profit of AED 77.18 million in 2008, representing an annual growth of 27.18 per cent, WAM News Agency reported

In announcing the results, the bank's board also approved loans and facilities for several industrial projects operating in the metal works and furniture sectors.

Setting out the bank's performance for the year, general manager Mohamed Abdulbaki said the EIB had managed to continue its financing and developmental activities in 2009 despite the impact of the financial crisis.

He added that this had been supported by the stable economic and financial situation in the UAE, particularly after the rise of oil prices during the second half of the year.

Last month, Emirates NBD, the largest banking group in the Middle East, opened its first private banking centre in Abu Dhabi.