Consolidated Statement of Cash Flows

Consolidated statement of cash flows

for the year ended 31 December

		2,022	2,021
	Note	AED’000	AED’000
Cash flows from operating activities		20,785	22,758
Profit for the year
Adjustments for:
Depreciation of property, fixtures and equipment		9,154	13,450
Gain on fair valuation of investment in property		(600)	–
Share of loss of equity accounted investees		4,268	2,906
Dividend income from investments		(8,919)	(10,012)
Loss on disposal of investments
carried at fair value through profit or loss		(7,226)	(4,169)
Net change in fair value of investments carried at fair
value through profit or loss		3,821	(11,639)
Loss on disposal of investment carried at amortized cost		(39)	–
Net impairment loss on loans and advances		44,009	52,892
Impairment (reversal) / loss on Islamic financing and investing assets		(5,721)	200
Net provision for employees’ end of service
benefits		2,386	(597)
		————————-	————————-
		61,918	65,789
Changes in:
Islamic financing and investing assets		13,390	29,876
Loans and advances		37,108	33,196
Placement with banks maturing above three months		–	1,044
Interest receivable and other assets		(10,978)	16,467
Insurance receivables and contract assets		(71,985)	(64,184)
Customers’ deposits and margin accounts		344,289	(207,574)
Unearned premiums		31,280	2,009
Gross claims outstanding		8,687	25,786
Interest payable and other liabilities		(94,497)	56,528
Lease liabilities		(568)	(2,356)
		————————-	————————-
Cash generated from / (used in) operating activities		318,644	(43,419)
Employees’ end of service benefits paid		(2,343)	(2,285)
Dividend received		8,919	10,012
Directors’ remuneration paid		(2,251)	(1,957)
		————————-	————————-
Net cash generated from / (used in) operating activities		322,969	(37,649)
Cash flows from investing activities
Purchase of investments carried at fair value through
other comprehensive income		(30,189)	(36,467)
Proceeds from sale of investments carried at fair value
through other comprehensive income		48,000	62,278
Purchase of investments carried at fair value through profit or loss		(50,370)	(49,206)
Proceeds from sale of investments carried at fair value
through profit or loss		54,628	34,634
Proceeds from sale of investments carried at amortized cost		1,886	3,673
Purchase of investments carried at amortized cost		–	(1,847)
Purchase of property, fixtures and equipment		(15,563)	(18,563)
Disposal of property, fixtures and equipment		–	4,425
		————————-	————————-
Net cash generated from / (used in) investing activities		8,392	(1,073)
		————————-	————————-
Consolidated statement of cash flows (continued)
for the year ended 31 December
		2,022	2,021
	Note	AED’000	AED’000
Cash flows from financing activities
Repayments of short-term borrowings		(132,910)	(250,000)
Repayment of Medium-term loans		(33,333)	(25,000)
Proceeds from Short Term borrowings		31,000	393,750
Proceeds from Medium Term loan		–	100,000
Movement in Tier 1 Sukuk		–	(3,650)
Tier 1 SUKUK coupon paid		(16,907)	(17,008)
Tier 1 Bond coupon paid		(1,238)	(1,238)
Cash dividend paid		–	(5,749)
Purchase of treasury shares		(16,712)	(29,823)
		————————-	————————-
Net cash (used in) / generated from financing activities		(170,100)	161,282
		————————-	————————-
Net increase in cash and cash equivalents		161,261	122,560
Cash and cash equivalents at 1 January		569,167	446,607
		————————-	————————-
Cash and cash equivalents at 31 December	17	730,428	569,167
		===========	===========

 

The notes on pages 15 to 105 are an integral part of these consolidated financial statements.