Shuaa Posts First-Quarter Net on Brokerage, Fund Fees (Update1) - Bloomberg.com
Shuaa Capital PSC, the biggest investment bank in the United Arab Emirates, turned to a profit in the first quarter helped by income from the brokerage and asset management units.
Net income rose to 19.5 million dirhams ($5.3 million) compared with a loss of 202.2 million dirhams a year earlier, the bank said today in a statement to the Dubai bourse. Shuaa’s fee-generating businesses posted a profit of 27.9 million dirhams in the quarter.
The investment bank posted losses in the third and fourth quarters of last year, according to data compiled by Bloomberg.
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