Consolidated statement of profit or loss and other comprehensive income

Consolidated statement of profit or loss and other comprehensive income

for the year ended 31 December

    2019   2018
  Note AED’000   AED’000
         
Interest income and income from Islamic financing and investing assets 11 259,959   280,560
Interest expense and profit distributable to depositors 11 (85,621)   (85,608)
    ————————-   ————————-
Net interest income and income from Islamic financing and investing assets 11 174,338   194,952
    ————————-   ————————-
Fee and commission income 12 53,685   68,153
Fee and commission expenses 12 (10,640)   (21,405)
    ————————-   ————————-
Net fee and commission income 12 43,045   46,748
    ————————-   ————————-
         
Net insurance premium earned    147,139    141,399
Net commission paid    (11,698)    (11,323)
Net insurance claims incurred    (84,411)    (84,443)
Other underwriting income/(expenses)    (5,445)    (6,860)
    ————————-   ————————-
Net insurance income    45,585    38,773
    ————————-   ————————-
         
Net investment income / (loss) 13 14,279   (407)
Credit impairment loss on loans and advances 20 (69,258)   (75,848)
Credit impairment loss on Islamic financing and investing assets  

21

(1,200)   (4,313)
Other operating income – net 14 21,027   21,625
    ————————-   ————————-
Net operating income   227,816   221,531
    ————————-   ————————-
         
Salaries and employees related expenses 15 (142,790)   (145,001)
Depreciation of property, fixtures and equipment 25 (16,382)   (8,701)
Amortization of intangibles 26   (261)
Interest on lease liabilities   (318)  
General and administrative expenses 16 (45,516)   (48,494)
    ————————-   ————————-
Operating profit for the year   22,810   19,074
    ————————-   ————————-
Share of loss of equity accounted investees 22 (365)   (1,235)
    ————————-   ————————-
Profit for the year   22,445   17,840
    ————————-   ————————-
    2019   2018
  Note AED’000   AED’000
         
Profit for the year   22,445   17,840
         
Other comprehensive income:

Items that will not be reclassified to profit or loss:

       
Gain / (loss) on changes in fair value of financial assets carried at fair value through other comprehensive income   21,940   (42,336)
Directors’ remuneration   (1,064)   (3,090)
    ————————-   ————————-
Other comprehensive income / (loss) for the year   20,876   (45,426)
    ————————-   ————————-
Total comprehensive income / (loss) for the year   43,321   (27,586)
    =============   =============
         
Profit attributable to:

Equity holders of the parent

  13,592   11,825
Non-controlling interests   8,853   6,015
         
    ————————-   ————————-
    22,445   17,840
    =============   =============
Total comprehensive income attributable to:        
Equity holders of the parent   31,428   (32,430)
Non-controlling interests   11,893   4,844
    ————————-   ————————-
    43,321   (27,586)
    =============   =============
Basic and diluted earnings per share        
attributable to ordinary shares (AED) 17 (0.03)   (0.04)
    =============   =============
         

 

The notes on pages 15 to 106 are an integral part of this consolidated financial statements.