Consolidated statement of profit or loss
Consolidated statement of profit or loss
for the year ended 31 December
| 2021 | 2020 | |||
| Note | AED’000 | AED’000 | ||
| Interest income and income from Islamic financing and investing assets | 11 | 180,945 | 210,006 | |
| Interest expense and profit distributable to depositors | 11 | (43,749) | (56,542) | |
| ————————- | ————————- | |||
| Net interest income and income from Islamic financing and investing assets | 11 | 137,196 | 153,464 | |
| ————————- | ————————- | |||
| Fee and commission income | 12 | 29,251 | 36,657 | |
| Fee and commission expenses | 12 | (13,388) | (10,994) | |
| ————————- | ————————- | |||
| Net fee and commission income | 12 | 15,863 | 25,663 | |
| ————————- | ————————- | |||
| Net insurance premium earned | 129,840 | 145,694 | ||
| Net commission paid | (9,705) | (14,089) | ||
| Net insurance claims incurred | (66,636) | (84,212) | ||
| Other underwriting expenses | (11,608) | (4,867) | ||
| ————————- | ————————- | |||
| Net insurance income | 41,891 | 42,526 | ||
| ————————- | ————————- | |||
| Net investment income | 13 | 25,008 | 31,493 | |
| Credit impairment loss on loans and advances | 20 | (52,892) | (72,273) | |
| Credit impairment loss on Islamic financing and investing assets |
21 |
(200) | (1,825) | |
| Other operating income – net | 14 | 26,534 | 22,346 | |
| ————————- | ————————- | |||
| Net operating income | 193,400 | 201,394 | ||
| ————————- | ————————- | |||
| Salaries and employees related expenses | 15 | (102,846) | (121,954) | |
| Depreciation of property, fixtures and equipment | 25 | (13,450) | (15,208) | |
| Interest on lease liabilities | (23) | (171) | ||
| General and administrative expenses | 16 | (51,417) | (42,854) | |
| ————————- | ————————- | |||
| Operating profit for the year | 25,664 | 21,207 | ||
| ————————- | ————————- | |||
| Share of loss of equity accounted investees | 22 | (2,906) | (307) | |
| ————————- | ————————- | |||
| Profit for the year | 22,758 | 20,900 | ||
| ————————- | ————————- |
| 2021 | 2020 | |||
| Note | AED’000 | AED’000 | ||
| Profit for the year | 22,758 | 20,900 | ||
| 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 | 63,139 | (14,719) | ||
| (Loss) on disposal of financial assets measured at fair value through other comprehensive income | (2,102) | – | ||
| ————————- | ————————- | |||
| Other comprehensive income /(loss) for the year | 61,037 | (14,719) | ||
| ————————- | ————————- | |||
| Total comprehensive income for the year | 83,795 | 6,181 | ||
| ============= | ============= | |||
| Profit attributable to:
Equity holders of the parent |
15,484 | 13,965 | ||
| Non-controlling interests | 7,274 | 6,935 | ||
| ————————- | ————————- | |||
| 22,758 | 20,900 | |||
| ============= | ============= | |||
| Total comprehensive income attributable to: | ||||
| Equity holders of the parent | 72,677 | 381 | ||
| Non-controlling interests | 11,118 | 5,800 | ||
| ————————- | ————————- | |||
| 83,795 | 6,181 | |||
| ============= | ============= | |||
| Basic and diluted earnings per share | ||||
| attributable to ordinary shares (AED) | 17 | (0.01) | (0.02) | |
| ============= | ============= | |||
The notes on pages 15 to 113 are an integral part of this consolidated financial statements.
