UAE Central Bank Posts Dhs3.7bn Net Profit

The UAE Central Bank recorded a net profit of Dhs3.7 billion in 2011, according to its annual accounts presented during the bank’s board meeting on April 10, reported news agency WAM.

During the meeting, board members also approved the distribution of the net profit to different departments.

Dhs2.03 billion, over half of the net profit, will be transferred to the Ministry of Finance, Dhs740 million will be given to the Sheikh Zayed Housing Program, and Dhs925 million will be transferred to the Permanent Deposit of the Federal Government at the Central Bank.

However, the report clarified that a final decision would only be taken after receiving the opinion of the State Audit Bureau.

The Central Bank had said in December 2010 that it expected net profit to increase from Dhs3.18 billion in 2009, to nearly Dhs3.67 billion in 2010 and Dhs3.7 billion in 2011.

During that time, it also projected total revenues for 2011 to reach Dhs4.8 billion, while expenses were estimated at Dhs1.11 billion.

Board members at the meeting on Tuesday also reviewed a report by the Financial Stability Unit, which showed that banks in the UAE were in a good position and that they would not be negatively impacted by the recent turmoil in international markets, said WAM.