UAE-based investment bank Shuaa Capital has posted its first full-year profit since 2008, reflecting the improved market conditions in the UAE, as well as the results of the bank’s extensive cost-cutting.

The bank reported its preliminary full-year results on 13 January, recording a net profit of AED2.8m ($762,000), an increase of AED62m from a net loss of AED59m recorded in 2012.

Total year revenues recorded in 2013 hit approximately AED198m, a 44 per cent increase on the AED137m recorded in 2012.

Net profits for the fourth quarter of 2013 hit AED3.8m, which compares to a net loss of AED21m recorded in Q4 2012.