Shuaa Capital, the Dubai-based investment bank, reported a third-quarter net profit on Wednesday driven by growth in its core asset management and lending business.
Shuaa made a net profit of AED3.6m ($980,100) in the third quarter compared with a loss of AED13.9m in the corresponding period in 2012.
Revenue for the quarter was AED54.8m, up 57 percent from AED34.9m in the prior year period.
“We are pleased to report two successively profitable
quarters. The improved market environment in the UAE drove client activity and
our core businesses generated solid results," said HH Sheikh Maktoum Hasher Al Maktoum,
executive chairman of Shuaa Capital. "We are encouraged to see higher quality fee and interest income
generation during the quarter, which now accounts for 75 percent of quarterly revenue.
The economic recovery in the UAE balances our revenue expectations for the year
and unlocks Shuaa’s operating leverage in our market facing businesses."
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