Consolidated Statement of Cash Flows
Consolidated statement of cash flows
for the year ended 31 December
| 2023 | 2022 | ||
| AED’000 | AED’000 | ||
| (restated) | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Profit for the year | 14,809 | (11,326) | |
| Adjustments for: | |||
| Depreciation of property, fixtures and equipment | 6,568 | 7,789 | |
| Gain on fair valuation of investment in property | (700) | – | |
| Change in fair value of investment property | (1,417) | (600) | |
| Share of loss of equity accounted investees | 399 | 4,268 | |
| Dividend income from investments | (6,915) | (8,919) | |
| Loss/(profit) on disposal of investments carried at fair value through profit or loss | 1,478 | (7,226) | |
| Net change in fair value of investments carried at fair value through profit or loss | 240 | 3,821 | |
| Loss on disposal of investment carried at amortized cost | – | (39) | |
| Net impairment loss on loans and advances | 23,668 | 44,009 | |
| Impairment reversal on Islamic financing and investing assets | (1,436) | (5,721) | |
| Net provision for employees’ end of service benefits | 1,986 | 2,386 | |
| 38,680 | 28,442 | ||
| Changes in: | |||
| Islamic financing and investing assets | 9,932 | 13,390 | |
| Loans and advances | 101,810 | 37,108 | |
| Interest receivable and other assets | 8,212 | (10,978) | |
| Insurance receivables and contract assets | 5,275 | (38,509) | |
| Customers’ deposits and margin accounts | (497,985) | 344,289 | |
| Interest payable and other liabilities | 14,706 | (94,497) | |
| Lease liabilities | (537) | (568) | |
| (Decrease)/increase in insurance contract liabilities | (27,512) | 39,967 | |
| Cash (used in)/generated from operating activities | (347,419) | 318,644 | |
| Employees’ end of service benefits paid | (3,229) | (2,343) | |
| Dividend received | 6,915 | 8,919 | |
| Directors’ remuneration paid | (2,048) | (2,251) | |
| Net cash (used in)/generated from operating activities | (345,781) | 322,969 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchase of investments carried at fair value through other comprehensive income | (3,480) | (30,189) | |
| Proceeds from sale of investments carried at fair value through other comprehensive income | 94,707 | 48,000 | |
| Purchase of investments carried at fair value through profit or loss | (11,273) | (50,370) | |
| Proceeds from sale of investments carried at fair value through profit or loss | 47,414 | 54,628 | |
| Proceeds from redemption of fixed deposit | 14,000 | 14,000 | |
| Proceeds from sale of investments carried at amortized cost | – | 1,886 | |
| Purchase of investments carried at amortized cost | (44,916) | – | |
| Purchase of investment property | (29,525) | – | |
| Proceeds from disposal of investment property | 4,800 | – | |
| Purchase of property, fixtures and equipment | (30,149) | (15,563) | |
| Proceeds from disposal of property, fixtures and equipment | 11,786 | – | |
| Net cash generated from investing activities | 53,365 | 22,392 |
| 2023 | 2022 | ||
| Note | AED’000 | AED’000 | |
| (restated) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Repayments of short-term borrowings | (275,000) | (156,160) | |
| Repayment of medium-term loans | (33,334) | (33,333) | |
| Proceeds from medium Term loan | 150,000 | 54,250 | |
| Repurchase of Tier 1 Sukuk | (100) | – | |
| Tier 1 SUKUK coupon paid | (17,025) | (16,907) | |
| Tier 1 Bond coupon paid | (1,238) | (1,238) | |
| Purchase of treasury shares | (4,661) | (16,712) | |
| Net cash used in financing activities | (181,358) | (170,100) | |
| Net (decrease)/increase in cash and cash equivalents | (473,774) | 175,261 | |
| Cash and cash equivalents at 1 January | 730,428 | 555,167 | |
| Cash and cash equivalents at 31 December | 17 | 256,654 | 730,428 |
The accompanying notes from 1 to 40 form an integral part of these consolidated financial statements.
