Revenues reached AED 198 million, an increase of 44 per cent. This was fuelled by improved activity from Asset Management, Investment Banking, Capital Markets and Lending as well as strong gains from investments in SHUAA's managed funds. Operating expenses were reduced by AED 16 million to AED 174 million, mainly as a result of further reductions in general and administrative costs.
In 4Q 2013, SHUAA recorded revenues of AED 64 million (4Q 2012: AED 25 million) and a net profit of AED 3.8 million, versus a loss of AED 21m in 4Q 2012. This improvement was supported by the AED 6 million increase in revenues from the investment banking division and an AED 17 million gain made from investments in SHUAA managed funds.
At the year-end 2013, SHUAA had total assets of AED 1.5 billion, an increase of AED 114 million compared to
Commenting on the results HH Sheikh
"The current year will see SHUAA step up its drive to increase revenues, including the introduction of new products from our asset management business, and the closing of more investment banking transactions that have been waiting for improved market conditions and increased lending activity. With the deepened management team we are confident all the pieces are in place for SHUAA to perform well and meet its targets."
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