DUBAI, July 15 Dubai Investment bank Shuaa
Capital said its second-quarter profit more than
quadrupled as a recovery of the emirate's capital markets helped
it boost asset management, fee and lending income.
Net profit in the three months to June 30 jumped to 6.2
million dirhams ($1.7 million) from 1.3 million dirhams a year
earlier, while revenues climbed to 52.0 million dirhams from
43.4 million dirhams, the firm said in a statement on Tuesday.
For the first half of this year, net profit totalled 14.4
million dirhams against a year-earlier loss of 4.6 million
dirhams. Revenues climbed 46 percent to 116.2 million dirhams.
"Shuaa has had a strong first half with continued
improvement in both top- and bottom-line results, further
supporting our return to sustained profitability," executive
chairman Sheikh Maktoum Hasher al-Maktoum said in a statement.
"This is a result of our earlier decision to keep investing
balance sheet resources into SME (small and medium-sized
enterprises) lending and to position the business to capture
improved capital market activity."
(Reporting by Andrew Torchia; Editing by Olzhas Auyezov)