Shuaa posts first quarterly profit in 2 years

Dubai-based investment bank Shuaa Capital has swung to a Dhs1.3m second-quarter net profit, compared with a Dhs15.9m net loss in the same quarter a year earlier, Gulf News has reported. This is Shuaa’s first quarterly profit in almost two years, as the company’s asset management and investment banking divisions boosted revenue. Revenue surged 95% year-on-year to Dhs43.4m in the quarter ended June, from Dhs22.2m in the same quarter of 2012. “Balance sheet remains strong with total assets of Dhs1.4bn,” said Shuaa.