(MENAFN- Khaleej Times) Interest income increased to Dh33.7 million compared to Dh30 million in the first quarter of 2014.
Dubai — Shuaa Capital reported revenues of Dh44 million and a net loss of Dh1.6 million for the first quarter of 2015 compared to revenues of Dh64.2 million and a net profit of Dh8.2 million in the same quarter last year.
Interest income increased to Dh33.7 million compared to Dh30 million in the first quarter of 2014 while net fees and commissions income was at Dh9.6 million from Dh15.8 million) as both investment banking and capital markets divisions faced challenges due to general market uncertainty especially during the first two months of the year causing a delay in the execution of a list of projects in the pipeline.
At the same time operating expenses continued to reduce dropping to Dh38 million in the first quarter as compared to Dh44.7 million in the year-ago period.
“Shuaa’s performance was impacted by a slowdown in corporate transactions mainly due to market uncertainty surrounding the fall in oil and gas prices continued concerns over Europe and geopolitical issues in the Middle East” said Abdul Rahman Hareb Rashed Al Hareb chairman of Shuaa.
“Despite this our Q1 performance has benefitted from continued investment into Gulf Finance our SME-focused financing subsidiary which continues to see strong growth of its loan book and client base. The revenues generated from Gulf Finance and our asset management business which also continued to perform well helped offset market volatility and we remain committed to our key strategic objective of maintaining a low cost base while focusing on enhancing recurring revenue capabilities.”
Shuaa’s balance sheet remains strong with total assets of Dh1.6 billion.
—
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.