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Dubai’s Shuaa Capital Swings To Small Profit In Q2

Dubai’s Shuaa Capital Swings To Small Profit In Q2

The bank made a net profit of Dhs1.3 million in the quarter, compared with a loss of Dhs15.9 million for the same period last year.

Shuaa Capital, the Dubai-based investment bank, eked out a small profit in the second-quarter helped by growth in its asset management and lending business.

Shuaa, which has laid off staff since 2011 to cut costs, made a net profit of Dhs1.3 million ($353,900) in the quarter, compared with a loss of Dhs15.9 million for the same period last year, it said in a bourse statement on Tuesday.

Quarterly revenues rose 95 per cent to Dhs43.4 million, Shuaa said.

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