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

		2020		2019
	Note	AED’000		AED’000
Interest income and income from Islamic financing and investing assets	11	210,006		259,959
Interest expense and profit distributable to depositors	11	(56,542)		(85,621)
		————————-		————————-
Net interest income and income from Islamic financing and investing assets	11	153,464		174,338
		————————-		————————-
Fee and commission income	12	36,657		53,685
Fee and commission expenses	12	(10,994)		(10,640)
		————————-		————————-
Net fee and commission income	12	25,663		43,045
		————————-		————————-
Net insurance premium earned		145,694		147,139
Net commission paid		(14,089)		(11,698)
Net insurance claims incurred		(84,212)		(84,411)
Other underwriting income/(expenses)		(4,867)		(5,445)
		————————-		————————-
Net insurance income		42,526		45,585
		————————-		————————-
Net investment income / (loss)	13	31,493		14,279
Credit impairment loss on loans and advances	20	(72,273)		(69,258)
Credit impairment loss on Islamic financing and investing assets	21	(1,825)		(1,200)
Other operating income – net	14	22,346		21,027
		————————-		————————-
Net operating income		201,394		227,816
		————————-		————————-
Salaries and employees related expenses	15	(121,954)		(142,790)
Depreciation of property, fixtures and equipment	25	(15,208)		(16,382)
Amortization of intangibles	26	–
Interest on lease liabilities		(171)		(318)
General and administrative expenses	16	(42,854)		(45,516)
		————————-		————————-
Operating profit for the year		21,207		22,810
		————————-		————————-
Share of loss of equity accounted investees	22	(307)		(365)
		————————-		————————-
Profit for the year		20,900		22,445
		————————-		————————-

		2020		2019
	Note	AED’000		AED’000
Profit for the year		20,900		22,445
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		(14,719)		21,940
		————————-		————————-
Other comprehensive income / (loss) for the year		(14,719)		21,940
		————————-		————————-
Total comprehensive income / (loss) for the year		6,181		44,385
		=============		=============
Profit attributable to: Equity holders of the parent		13,965		13,592
Non-controlling interests		6,935		8,853
		————————-		————————-
		20,900		22,445
		=============		=============
Total comprehensive income attributable to:
Equity holders of the parent		381		32,492
Non-controlling interests		5,800		11,893
		————————-		————————-
		6,181		44,385
		=============		=============
Basic and diluted earnings per share
attributable to ordinary shares (AED)	17	(0.02)		(0.03)
		=============		=============

 

The notes on pages 15 to 113 are an integral part of this consolidated financial statements.