Revenue rose 77% year-on-year to nearly $10m
Dubai's Shuaa Capital swung to a first-quarter
profit, the investment bank said on Sunday, confirming preliminary figures
released last month.
Shuaa made a profit of AED8.2m ($2.23m) in the
three months to March 31, according to a bourse statement.
That compares with a loss of AED5.9m a year
HSBC forecast Shuaa would make a quarterly profit
The company's quarterly revenue was AED64.2m, up 77
percent from AED36.2m in the corresponding period of 2013.
"We are seeing an improved investment banking
pipeline and a larger pool of companies wanting to go public, improving the
possibility of more transactions being executed by Shuaa," Sheikh Maktoum
Hasher Al Maktoum, executive chairman of Shuaa Capital, said in the statement.