Consolidated statement of profit or loss
Consolidated statement of profit or loss
for the year ended 31 December
| 2023 | 2022 | |||
| Note | AED’000 | AED’000 | ||
| (restated) | ||||
| Interest income and income from Islamic financing and investing assets | 10 | 220,762 | 193,317 | |
| Interest expense and profit distributable to depositors | 10 | (82,964) | (55,069) | |
| Net interest income and income from Islamic financing and investing assets | 10 | 137,798 | 138,248 | |
| Fee and commission income | 11 | 28,985 | 31,079 | |
| Fee and commission expenses | 11 | (11,036) | (12,768) | |
| Net fee and commission income | 11 | 17,949 | 18,311 | |
| Insurance services result before reinsurance contracts issued | (21,167) | (57,577) | ||
| Net (expenses)/income from reinsurance contracts held | (15,133) | 32,122 | ||
| Insurance finance expense for insurance contracts issued | (7,142) | (1,138) | ||
| Reinsurance finance income for reinsurance contracts held | 3,090 | 516 | ||
| Net insurance loss | (40,352) | (25,987) | ||
| Net investment income | 12 | 5,197 | 12,363 | |
| Allowance for expected credit losses on loans and advances |
19 |
(23,668) | (44,009) | |
| Reversal of allowance for expected credit losses on Islamic financing and investing assets |
20 |
1,436 | 5,721 | |
| Other operating income, net | 13 | 57,754 | 24,444 | |
| Net operating income | 156,114 | 129,091 | ||
| Salaries and employees related expenses | 14 | (91,001) | (86,254) | |
| Depreciation of property, fixtures and equipment | (6,568) | (7,789) | ||
| Interest on lease liabilities | (3) | (5) | ||
| General and administrative expenses | 15 | (43,334) | (42,101) | |
| Operating profit/(loss) for the year | 15,208 | (7,058) | ||
| Share of losses of equity accounted investees | 21 | (399) | (4,268) | |
| Profit/(loss) for the year | 14,809 | (11,326) |
The accompanying notes from 1 to 40 form an integral part of these consolidated financial statements.
