Results attributed to policy of investing resources into lending for small and medium-sized enterprises
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."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.