Dubai-based Emirates Investment Bank has posted a 26 per cent increase in net profits in the first quarter of 2014 and plans to hire more staff to support further growth.

Net profits stood at AED19.5m ($5.3m) in the first quarter, compared to AED15.4m recorded in Q1 2013. Customer deposits grew by 22 per cent to AED2.05bn in the first quarter.

The private and investment bank’s results continue the growth seen in 2013, with full year profits rising by 38 per cent to reach AED36.2m.

Speaking to MEED in 2013, Khaled Sifri, chief executive officer at the bank told MEED that GCC investors are becoming increasingly confident about regional investment opportunities.

A survey conducted by the bank found that a rising number of investors were also looking to book more assets closer to home than globally.