The UAE-based investment bank Shuaa Capital has confirmed its return to profitability, recording a net profit of AED2.8m ($762,000) in 2013.

This is an increase on the net loss of AED59m recorded in 2012.

The bank had issued preliminary results in mid-January, but its latest fully audited results confirm the previously announced growth in revenues and profits.

Shuaa Capital also recorded a 44 per cent increase in revenues last year, rising from AED137m to AED198m.

Revenues for the final quarter of 2013 rose by 153 per cent year-on-year, compared with AED25m in the fourth quarter of 2012.

The return to profit has partially been put down to extensive cost-cutting at the lender.