Net profit rose to $7.13m, as revenue rose 31%
Dubai's Shuaa Capital third-quarter net profit increased six-fold due to improved performance from its asset management and investment banking businesses, it said in a statement on Monday.
Net profit in the three months ending September 30 jumped to AED26.2 million ($7.13 million), compared to AED3.6 million in the same period a year ago.
The company attributed the growth to an increased level of activity in asset management, investment banking, capital markets and lending.
Shuaa made AED71.8 million in revenues for the third quarter, a 31.1 percent increase compared to the year-ago period.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.