Shuaa returns to profit
UAE investment bank, Shuaa Capital has reported a net profit of Dhs8.2m ($2.23m) in the first quarter of this year, compared with a net loss of Dhs5.9m in the same quarter of last year. The positive results were attributed to improved client activity across all core divisions. Revenue for the quarter jumped 77% to Dhs64m from Dhs36m in Q1 2013, while interest income increased by 37% to Dhs30.7m from Dhs22.4m last year. Net fees and commissions were up 135% to Dhs15.8m, compared with Dhs6.7m a year earlier, Shuaa said.