UAE central bank profit falls by 50%

The net profit of the central bank of the United Arab Emirates fell by over 50%for the year 2002 to Dh528 million from Dh1.1 billion in 2001. The central bank cited a sharp fall in the bank's treasury operations, shrinkage of deposit profitability with banks abroad and the decline in the US interest rate.

Source:Menaf.com

The net profit on treasury operation decreased sharply from Dh1.3 billion in 2001 to Dh0.7 billion in 2002.

The total foreign assets of the bank rose by 6.6% from Dh51 billion