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.