Dubai's Shuaa Capital third-quarter net profit increased six-fold due to improved performance from its asset management and investment banking businesses, it said in a statement on Monday.

Net profit in the three months ending September 30 jumped to Dh26.2 million ($7.13 million), compared to Dh3.6 million ($980 million) in the same period a year ago.

The company attributed the growth to an increased level of activity in asset management, investment banking, capital markets and lending.

Shuaa made Dh71.8 million ($19.5 million) in revenues for the third quarter, a 31.1 per cent increase compared to the year-ago period.

 “Shuaa’s financial results represent the best quarter and the strongest nine month performance since 2009,” said Sheikh Maktoum Hasher Al Maktoum, executive chairman of SHUAA Capital.

“Our third quarter performance was driven largely by net gains generated from investments in Shuaa managed funds which actively avoided temporary market volatility.

“Our clients also benefited from the strong performance of our Asset Management division. Overall, these record results are the product of our management team’s successful strategy implementation and our ability to generate profitability from both recurring and non-recurring sources,” he added. – TradeArabia News Service & Reuters