Dubai: Shuaa Capital on Monday reported a 31 per cent jump year-on-year in its profits for the third quarter of 2018 on the back of higher revenues and stronger earnings from the bank’s capital markets division.

Profits in the third quarter reached Dh30.1 million, bringing profits in the first nine months of 2018 to Dh56.4 million, down 5.7 per cent year-on-year.

The rise in profits in the third quarter came as the bank’s asset management business saw a 35 per cent increase in earnings to Dh8.5 million, as its operations grew in both Saudi Arabia and the UAE.