UAE’s Bank Profits Surge 30 percent in 2000
UAE’s Banking profits in the year 2000 surged nearly 30 percent, reflecting the buoyancy of the banking sector, reported the Gulf News, quoting a report by the Central Bank.
The Central Bank also reported a 15.85 percent increase in net profit, said the paper.
Bank profits increased to $3.7 billion from $2.363 billion in 1999, said the report.
The Central Bank, added the paper, posted a net profit of $2.615 billion compared to $1.394 billion in 1999 (a 15.85 percent rise).
The Central Bank was established in 1980 and replaced the Currency Board which was set up in 1973.
The establishment of the Central Bank was to bring about control and discipline to the banking sector in the Gulf state and to provide greater control of national and foreign banks operating within the country in addition to regulating various financial institutions.
There are currently 19 national banks and 27 foreign banks carrying out various banking activities in UAE – Albawaba.com