The bank said that the provisions on investment losses as a result of the global financial crisis drove profits down. Excluding provisions, operating profits were up 22 per cent to AED1.19bn in 2008 compared to the previous year.

Total assets held by the bank rose by 17 per cent to AED36bn at the end of 2008. Customer deposits at the bank rose by 22 per cent during the year to AED26bn, but loans rose by 38 per cent to AED28.5bn.