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.