Emirates Investment Bank (EIB) recorded net profits of AED46.23m ($12.6m) in 2014, marking a 28 per cent increase on 2013 profits.

Customer deposits also increased by 78 per cent in 2014 compared with the previous year, reaching AED2.99bn.

Despite the overall increase in profitability, the bank did record a slight decline in the final quarter of 2014 with profits falling to AED5.28m compared to AED5.64m the year before.

EIB is a private and investment bank headquartered in Dubai, targeting high net-worth individuals and institutions. It also provides financial advisory services for mergers and acquisitions and capital market fund-raising activities.