Net income for the three months ended September 30 was AED21.8 million, driven by an AED31.2 million contribution from ADFG.
The company said in a statement that a clear focus on building permanent capital vehicles will drive recurring revenue streams in the asset management business, and the creation of a dedicated non-core unit will help release capital, de-leverage the group and refocus on providing capital-efficient services in the investment bank.
The asset management business oversees assets under management of about $13 billion, while, against a backdrop of market headwinds and continuing geopolitical uncertainty, the investment bank strengthened its focus on capital efficient businesses.
Jassim Alseddiqi, group CEO, said:
“The consolidated Q3 results demonstrate the early benefits of the transformational merger between Shuaa Capital and ADFG. Underpinned by ADFG’s contribution to profitability, we are already seeing the value that the transaction is delivering for our shareholders in Q3, which saw Shuaa Capital return to profit.”
As part of KPMG’s ongoing efforts to raise awareness of key industry developments, KPMG in Bahrain is calling out…404 Views | the publication reaches you by | Dubai Today
Do you have information you want to reach our readers?
The global freelancing market is set to grow $20bn by 2020. Where does the market stand here in…