UAE central bank profits fall

UAE - A steep decline in interest rates slashed the net profits of the UAE central bank by nearly a third in 2001, reports Gulf News, but its deposits with other banks almost doubled, its balance sheet showed.

From Dh1.61 billion ($438 million) in 2000, the bank's net profits dived to around Dh1.11 billion ($302 million) in 2001, showed the 2001 report.

The decline was caused mainly by a drop in earnings from interest after a sharp fall in global rates over the past year, with such earnings ret