Shuaa Capital posts first profit rise in 7 quarters | The National

Shuaa Capital posts first profit rise in 7 quarters | The National:

"Shuaa Capital, the Dubai-based investment bank in the midst of a financial clean up, said its net profit for the first three months of the year rose for the first time in seven quarters after a reduction in money set aside to cover bad debt as well as cost cutting. The firm said it registered a first quarter profit of Dh24.8 million compared with a loss of Dh27.5m in the same period last year. It was the first quarterly profit since the third quarter of 2015. Shuaa’s small and medium sized enterprise lending arm, Gulf Finance, saw a significant reduction in provisions amid write-offs and more stringent asset-backed loans. As a result, money set aside to cover bad loans fell to Dh1.9m versus Dh34m in the same period last year. "



'via Blog this'