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.

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