SHARJAH, 19 February 2005 — The Central Bank of the UAE has announced that the combined net profit of UAE banks rose by 39.55 percent in 2004.
The Central Bank itself posted an increase of 43.4 percent in its net earnings during the year, from 559.2 million dirhams to 801.9 million dirhams.
According to a Central Bank statement, the bank’s total assets stood at 67.6 billion dirhams on Dec.31, 2004.
The statement said the board of the Central Bank recently approved the profit and loss account as well as the balance sheet during a meeting presided over by the chairman, Mohammad Eid Al Meraikhi. The board also decided on the portions of net profit to be transferred to various entities. The board decided to transfer 50 percent of the profits — 400.95 million dirhams — to the Ministry of Finance and Industry and 20 percent 160.380 million — to the Sheikh Zayed Program for Housing. The remaining 30 percent of the net profit - 240.57 million dirhams — will be moved to the account of the permanent deposit of the federal government.
