Net profit was AED 14.4 million during H1, an AED 19.0 million improvement versus a net loss of AED 4.6 million reported in the first half of 2013. All core fee and interest generating business divisions posted a net profit with significant progress coming through in Asset Management, Investment Banking and Lending.
In Q2 revenues were AED 52.0 million (Q2 2013: AED 43.4 million) and net profit was AED 6.2 million (Q2 2013: AED 1.3 million). Q2 saw further sequential improvement over preceding quarters across the core business lines. This reflects SHUAA's enhanced operational efficiency and ability to grow its fee and interest income.
Asset Management reported a Q2 2014 net profit of AED 4.2 million a sequential improvement over Q1 2014 and Q2 2013.
Investment Banking continued to post solid results in Q2 2014 with a net profit of AED 4.5 million from a number of Advisory and IPO mandates. During the period SHUAA was sponsor and joint book runner for the successful Emirates REIT IPO. The team has also strengthened the execution pipeline and has been mandated by a number of clients for prospective IPOs.
Capital Markets reported improved net profit in Q2 2014 of AED 1.8 million underpinned by improvements in both interest income and net fees and commissions.
Lending reported strong results with a net profit of AED 7.0 million in Q2 2014 as the growing SME market in the
Corporate, the centralized corporate cost-centre, generated a loss of AED 11.2 million in Q2 2014, similar to Q1 despite lower gains on investments in SHUAA managed funds as seen in the first quarter.
Sheikh Maktoum added: "The economic outlook for the
SHUAA expects to publish its interim condensed consolidated financial statements for H1 2014 on
SEPTEMBER 2, 2014
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