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FINANCIAL NEWS
UAE Central Bank estimates $1b net profit for 2011
20 Dec 2010
The UAE central bank posted a statement saying that net profits for 2011 is expected to rise from $.99 billion in 2010 to $1 billion in 2011, Khaleej Times reported.
The bank also noted the improvement in performance in the past two years after the bank suffered from an intense decrease in interest income that caused the net profits to fall by 14.4 percent in 2009.
The Central Bank board of directors met this month to discuss the annual balance sheets and among other issues for the year 2011. As an outcome, total revenue for 2011 was estimated at $1.3 billion and expenses were estimated at $0.3 billion.
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