Dubai's Shuaa Capital Q2 profit more than quadruples

Results attributed to policy of investing resources into lending for small and medium-sized enterprises

Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of Shuaa Capital.

Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of Shuaa Capital.

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 AED6.2 million ($1.7 million) from AED1.3 million a year earlier, while revenues climbed to AED52 million from AED43.4 million, the firm said in a statement on Tuesday.

For the first half of this year, net profit totalled AED14.4 million against a year-earlier loss of AED4.6 million. Revenues climbed 46 percent to AED116.2 million.

"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."

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