Banks ordered not to publish audited annual accounts

520

UAE Central Bank ordered all banks not to publish their audited annual accounts or announce any data related to the 2008 results, according an article in the Emirates Business.

Banks used to send their audited annual results to the Central Bank by fax or e-mail and publish these data immediately the next day, despite regulations of the Central Bank require its approval of the audited results before they are released to the public.

1 COMMENT

  1. The day after the Central Bank instructed banks “not to be in a hurry to publish their audited annual accounts or announce any data related to their results through any media”, ADCB said it would hold off releasing its fourth-quarter results, due for the following day, until Feb 5. “The board meeting and the results have been postponed to February 5,” a spokesman for the bank said, without giving a reason.

    Several Gulf Arab banks have reported weaker fourth-quarter profits due to increased provisions for bad loans and write-downs on investment losses. Analysts say the Central Bank is right to want to check all the figures and make sure investors know that there will be no nasty surprises in the future, but it should do its utmost to ensure that this process does not take too long. While few mind waiting until 10am for the fog to clear, no one wants to wait all day.

    http://www.thenational.ae/article/20090129/BUSINESS/320500681/1005

LEAVE A REPLY

Please enter your comment!
Please enter your name here