Consolidated Statement of Financial Position
Consolidated Statement of Financial Position
as at 31 December
| 2020 | 2019 | |||
| Note | AED’000 | AED’000 | ||
| Assets | ||||
| Cash balances | 18 | 6,717 | 10,134 | |
| Due from banks | 18 | 501,511 | 505,808 | |
| Investment securities | 19 | 247,674 | 439,328 | |
| Loans and advances | 20 | 2,168,353 | 2,452,030 | |
| Islamic financing and investing assets | 21 | 60,381 | 90,850 | |
| Investment in equity accounted investees | 22 | 89,788 | 90,095 | |
| Interest receivable and other assets | 23 | 112,849 | 107,532 | |
| Insurance receivables and contract assets | 24 | 111,774 | 111,265 | |
| Property, fixtures and equipment | 25 | 94,147 | 102,261 | |
| Intangibles | 26 | 6,705 | 6,705 | |
| Investment properties | 27 | 7,925 | 7,925 | |
| ——————————————— | ———————————————- | |||
| Total assets | 3,407,824 | 3,923,933 | ||
| ========== | ========== | |||
| Liabilities and Equity | ||||
| Liabilities | ||||
| Customers’ deposits and margin accounts | 28 | 1,923,959 | 2,470,807 | |
| Due to banks and other financial institutions | 18 | 54,577 | 13,459 | |
| Short term borrowings | 29 | 298,160 | 173,100 | |
| Medium term loan | 29 | 25,000 | 100,003 | |
| Unearned premiums | 79,368 | 94,890 | ||
| Gross claims outstanding | 57,196 | 58,851 | ||
| Lease liabilities | 3,461 | 8,374 | ||
| Interest payable and other liabilities | 30 | 181,442 | 195,392 | |
| Provision for employees’ end of service benefits | 31 | 14,925 | 14,573 | |
| ——————————————— | ——————————————— | |||
| Total liabilities | 2,638,088 | 3,129,449 | ||
| ========== | ========== |
| 2020 | 2019 | |||
| Note | AED’000 | AED’000 | ||
| Equity | ||||
| Share capital | 32 | 310,050 | 310,050 | |
| Treasury shares | 33 | (21,402) | (21,402) | |
| Employees’ share-based payment scheme | 34 | (1,750) | (1,750) | |
| Statutory reserve | 35 | 150,123 | 148,726 | |
| Fair value reserve | (76,998) | (41,525) | ||
| Retained earnings | 19,324 | 15,980 | ||
| Tier 1 Sukuk | 36 | 279,850 | 280,400 | |
| Tier 1 Bonds | 36 | 15,000 | 15,000 | |
| Proposed directors’ remuneration | 1,957 | 1,223 | ||
| ——————————————— | ——————————————— | |||
| 676,154 | 706,702 | |||
| Non-controlling interests | 93,582 | 87,782 | ||
| ——————————————— | ——————————————— | |||
| Total equity | 769,736 | 794,484 | ||
| ——————————————— | ——————————————— | |||
| Total liabilities and equity | 3,407,824 | 3,923,933 | ||
| ========== | ========== | |||
| Commitments and contingent liabilities | 37 | 764,359 | 1,114,002 | |
| ——————————————— | ——————————————— |
The notes on pages 15 to 113 are an integral part of this consolidated financial statements.
To the best of our knowledge, the financial statements present fairly in all material respects the financial condition, financial performance and cash flows of the Group as of, and for, the periods presented therein.
These consolidated financial statements were authorized and approved for issue by the Board of Directors on 14 February 2021 and signed on their behalf by:
……………………………… ………………………………
Mr. Mohammed Alqubaisi Mr. T.K. Raman
CHAIRMAN Chief Executive Officer
