Emirates Investment Bank P.J.S.C.

Emirates Investment Bank: a private bank in transformation

As of: 2026-06-30; approved 2026-08-07

Emirates Investment Bank P.J.S.C. is a separate Dubai public bank identified on DFM by EIBANK. It is not Emirates Islamic or Emirates NBD. Its specialism is investment advice and wealth management for private and institutional clients. The relevant business drivers are client relationships and portfolios, deposit funding and the bank’s own investments, rather than a mass-market branch network.

This profile uses the 2025 annual financial statements and interim information for the six months ended 30 June 2026, approved on 7 August. The figures concern the bank itself, not its owner’s wider Al Futtaim group. The interim information follows IAS 34 and received an EY review, substantially narrower than an audit. Half-year results are not a forecast for the full year.

History, products and geography

As of: 2026-06-30

The bank was incorporated in Dubai on 17 February 1976. An initial focus on industrial-project finance evolved towards asset management; the annual report describes opening the wealth platform to a broader high-net-worth clientele in 2008. It received a restricted banking licence from the UAE Central Bank in 2023. That licence category does not by itself mean a prohibition on operating or a trading suspension.

The product offering includes asset management, trade execution, structured products, wealth planning, lending and everyday banking. Operations are primarily in the UAE, while clients can access global markets. An international investment offering is not evidence of revenue earned in particular foreign countries: the segment disclosure used here does not provide that country breakdown.

Ownership, governance and group boundaries

As of: 2026-06-30; signatories 2026-08-07

Al Futtaim Private Company LLC held 92.39% of the bank’s shares at 30 June 2026, unchanged from the disclosed year-end 2025 comparison. This is dated evidence of control, not a current estimate of freely tradable shares. The remaining capital cannot automatically be treated as investable free float without information about minority holdings and trading restrictions.

The interim statements signed on 7 August identify Omar Abdullah Al Futtaim as chairman and Michel Longhini as CEO. During H1 the bank transferred its 24% interest in associate EIB Investment Co. L.L.C. to a related party for AED72 thousand, without a gain or loss. It should therefore not be presented as a continuing bank subsidiary. Concentrated ownership makes related-party terms and independent oversight important; concentration alone does not establish misconduct.

Two segments and distinct earnings drivers

As of: H1 2026 compared with H1 2025

Investments manages proprietary investments and treasury. Banking Services manages client portfolios, accepts deposits and extends credit. These are operating segments of one bank, not two separately listed businesses. Segment results include internal funding and expense allocations, so comparing them without that qualification would be misleading.

In H1 2026 Investments earned AED18.827 million before tax, while Banking Services recorded a pretax loss of AED6.341 million. Both segments had positive pretax results in the comparable half-year. Client-platform development therefore needs to be assessed not just by its size but by whether its income covers servicing and development costs.

Client assets are not bank assets

As of: 2026-06-30 / 2025-12-31

Fiduciary assets held in custody for clients were AED7,283.931 million at 30 June 2026, against AED7,681.173 million at year-end 2025. The note explicitly excludes them from the bank’s assets. The bank’s separate balance-sheet total was AED4,550.094 million. Adding these amounts and calling the sum its balance sheet or resources available to meet its own obligations would be incorrect.

The annual board report uses a total-client-assets management measure combining different types of client funds. It is not an IFRS balance-sheet line and does not replace separate consideration of deposits and custody assets. A fall in custody values also does not establish client outflows: the contribution of net flows and market revaluation is not provided here.

Earnings: income pressure and higher costs

As of: FY2025 vs FY2024; H1 2026 vs H1 2025

Operating income fell to AED170.499 million in 2025 from AED210.458 million, while net profit declined to AED83.645 million from AED108.713 million. The board linked weaker interest and investment income to falling interest rates. Earnings quality also requires noting the AED18.209 million net impairment reversal included in annual profit. It was not fee income and cannot be assumed to recur.

H1 2026 operating income was AED95.664 million versus AED99.630 million in H1 2025. Net profit fell to AED11.142 million from AED49.278 million. General and administrative expenses increased to AED81.179 million from AED40.788 million. Meanwhile the net impairment charge on financial assets was AED1.999 million, compared with AED2.276 million. The principal visible deterioration is therefore in the expense base, not a surge in that impairment line.

Half-year fee, commission and other income rose to AED19.458 million from AED18.560 million, insufficient to offset the additional costs. The table presents the full year and half-year as different periods, not a basis for growth percentages between them. Operating comparisons in the narrative use H1 against H1.

Funding and liquidity

As of: 2026-06-30 balances; FY2025 liquidity framework

Customer deposits were AED2,978.449 million at 30 June 2026 versus AED3,309.957 million at year-end, while net lending increased to AED995.649 million from AED929.389 million. Proprietary investments remained a large balance-sheet component at AED2,373.016 million. Deposits are part of the banking model, not industrial-company borrowings to which a mechanical net-debt calculation should be applied.

The annual liquidity disclosure distinguishes contractual payment dates, including demand deposits, from expected customer behaviour. It describes liquid-asset buffers, repo capacity, counterparty limits and contingency funding arrangements. These are descriptions of procedures, not a stress-test result presented here. This profile does not manufacture an LCR or another ratio from incomplete disclosures.

Capital and credit risk

As of: 2026-06-30 / 2025-12-31

At 30 June 2026 the bank reported CET1 of 42.10% and a total capital ratio of 42.29%, compared with 42.97% and 43.10% at year-end 2025. These are bank-level Basel III regulatory measures applying CBUAE requirements, not returns on equity or ratios for the wider Al Futtaim group. The same table states minimum requirements of 9.5% for CET1 and 13% for total capital.

A high capital ratio does not eliminate investment valuation, borrower or transformation-cost risks. Net lending already deducts allowances: half-year gross loans were AED1,002.243 million and the allowance AED6.594 million. Their ratio is not NPL coverage because the denominator is different. Similarly, combined interest and investment income must not be relabelled as a conventional net interest margin.

Transformation: intentions and actual spending

As of: 2026-06-30; management plans described in FY2025

Since 2025 the bank has been implementing a multi-year digitally enabled private-banking programme covering technology architecture, client processes and specialist staffing. The annual report describes a planned brand and client-proposition refresh in 2026. The interim note confirms that the programme remained in progress at 30 June; it does not establish completion of every project or delivery of the intended benefits.

Half-year consultancy charges reached AED19.915 million versus AED1.822 million. The note identifies transformation spending within consultancy and other expenses but does not establish that the entire cost increase is non-recurring. Separately, outstanding contractual technology-programme commitments were AED44.950 million, expected to be settled over the following 12 months. They are not the programme’s entire budget and should not be deducted again from current profit.

What to watch in subsequent disclosures

As of: Editorial interpretation of FY2025 and H1 2026

The next disclosures should be read for client-asset trends with flows separated from market movements, recurring fee income, the deposit base and Banking Services’ result after allocated costs. Transformation progress requires distinguishing completed milestones, capitalised investment, period expenses and remaining commitments rather than combining them into one measure.

Investment exposure, deposit concentration, related parties and operational resilience of digital services remain relevant. A controlling owner and capital buffer do not replace those checks. The overall picture is a specialised bank with a substantial disclosed regulatory capital cushion, weaker current earnings and an unfinished transformation. This is an account of the business and its reporting, not a judgment on the attractiveness of its shares.

Official contacts and freshness

As of: Contacts 2026-08-07; source review 2026-08-30

The official website is www.eibank.com. The board disclosure dated 7 August 2026 identifies the head office at Festival Tower, Dubai Festival City, Dubai, UAE; postal address P.O. Box 5503; telephone +971 4 231 77 77 and fax +971 4 231 77 88. A separate current IR email was not confirmed in the official documents used, so none is guessed.

Sources were read on 30 August 2026. Direct access to the bank’s website was restricted during the check, so contact freshness is tied to the August disclosure and financial information to its stated reporting dates. DFM announced resumption of trading on 10 August after the board results were disclosed; the earlier procedural suspension is not presented as continuing. This page supplies neither a current quote nor a real-time trading-status assertion.

Sources

1. S1 · Emirates Investment Bank P.J.S.C. — H1 2026 reviewed interim financial information · 2026-06-30; approved 2026-08-07
2. S2 · Emirates Investment Bank — Integrated Annual Report 2025 · 2025-12-31
3. S3 · Emirates Investment Bank — Board meeting results, 7 August 2026 · 2026-08-07
4. S4 · DFM — Resumption of EIBANK trading after board results disclosure · 2026-08-10