Central Bank's 2007 profits projected at Dh 3.5b

The Central Bank has projected a net profit of Dh 3.5 billion in 2007. This came during 8th meeting of the bank's Board of Directors, held on 25/11/2007 under the chairmanship of Mohamed Eid Al Meraikhi, Chairman of the Board, and attended by Juma Al Majid, Deputy Chairman, and Sultan Bin Nasser Al Suwaidi, the Governor.

The Board approved minutes of the previous meeting as well as decisions taken therein.
The Board discussed the subjects on its agenda, including the Fedral Government Strategy - Central Bank Agenda, where the Board emphasized best practices for implemintation of the Central Bank Strategy with effect from 1/1/2008, through putting-in-place the bases and mechanisms necessary for implemintation, in a coordinated and articulated practical manner.
The Board stressed that all staff should be involved in implemintation, the Board also directed to devise necessary training programmes for staff to enable them aquire the means necessary for requirements of the strategy.

Figures indicated that the Central Bank will achieve a total revenues of Dh 7.195 billion and total expenditure of Dh 3.695 billion during 2007. The bank's net profit for the year is estimated at Dh 3.5 billion.

The bank's total assets reached Dh 1.07 billion, while total customer deposits accounted for Dh 680.3 million.

The Board took note that the expected net profits of banks for the whole year of 2007 would be higher than that of 2006.

The Board reviewed the projected budget for the fiscal year 2008, and adopted it as follows: - total expected revenues of Dh 7.195 billion, - total expected expenses of Dh 3.695 billion including interest expense on Certificates of Deposit, and - with expected net profit of Dh 3.500 billion.

Furthermore, the Board reviewed applications submitted by banks operating in the UAE to expand their businesses and open new branches, and reviewed applications from natural and juridical persons to establish companies/ establishments to undertake financial activities and moneychanging business.

The Board approved the applications, which fulfill the terms as per the Law and Regulations, as applied to each business activity he Board discussed memoranda relating to organizational matters at the Central Bank and took appropriate decisions in respect thereof.

The Board then addressed the remaining items on its agenda and took the decisions relating to it. (WAM)