UAE cbank pre­dicts 2011 net profit at Dh3.7 bil­lion

The Pak Banker - - Front Page -

DUBAI: The UAE Cen­tral Bank said it ex­pects its net prof­its to surge from Dh3.18 bil­lion in 2009 to nearly Dh3.67 bil­lion in 2010 and Dh3.7 bil­lion in 2011. This two years of con­sec­u­tive growth in net profit is be­ing fore­cast af­ter the bank recorded a 14 per cent con­trac­tion in 2009 prof­its, the bank said in a state­ment posted on its web­site.

On Thurs­day, the Cen­tral Bank board of di­rec­tors dis­cussed the bank's an­nual bal­ance sheets and other mon­e­tary is­sues for this year and 2011.

To­tal rev­enue for 2011 was put at about Dh4.8 bil­lion while ex­penses were pro­jected at Dh1.11 bil­lion, in­clud­ing in­ter­est on cer­tifi­cates of de­posits.

A sharp fall in in­ter­est in­come de­pressed the Cen­tral Bank's net prof­its by 14.4 per cent in 2009 but its in­vest­ment in­come more than dou­bled through the year. From Dh3.722 bil­lion in 2008, the Cen­tral Bank's net in­come dipped to Dh3.184 bil­lion in 2009, mainly due to a plunge in in­ter­est in­come from a record Dh5.688 bil­lion in 2008 to only Dh461 mil­lion in 2009, said the bank. "But this was partly cush­ioned by a surge in in­vest­ment in­come from about Dh1.539 bil­lion to Dh3.844 bil­lion in the same pe­riod."

In­ter­est ex­penses plunged from around Dh3.188 bil­lion in 2008 to Dh701 mil­lion in 2009 while net in­ter­est and in­vest­ment in­come shrank from nearly Dh4.039 bil­lion to Dh3.614 bil­lion, the re­port showed.

The Cen­tral Bank's lat­est bal­ance sheets showed it slashed its de­posits with for­eign banks by nearly 45 per cent in the first eight months of 2010 but boosted in­vest­ment in for­eign se­cu­ri­ties by at least Dh45 bil­lion.

The drop in de­posits fol­lowed a de­cline in the Cen­tral Bank's in­ter­est in­come in 2009 and a large in­crease in its prof­its from for­eign se­cu­ri­ties, the bank said. -PB News

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