DUBAI, July 15 (Reuters) - 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)