9 Segment information

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Segment Information

For management purposes, the Group is organized into three major business segments:

(i)       Commercial and retail financing, which principally provides loans and other credit facilities for institutional and individual customers.

(ii)      Investment, which involves the management of the Group’s investment portfolio and its treasury activities.

(iii)     Insurance, which involves one of the Group’s subsidiaries providing non-life insurance services.

These segments are the basis on which the Group reports its primary segment information. Transactions between segments are conducted at rates determined by management taking into consideration the cost of funds.

 


Information regarding the Group’s reportable segments is presented below:

31 December 2024 Commercial

and retail

financing

Investment

Insurance   Others   Unallocated   Total
  AED’000   AED’000     AED’000   AED’000   AED’000   AED’000
                         
Interest income and income from Islamic financing and investing assets 187,884   2,382     1,697   30,408   –   222,371
Interest expense and profit distributable to depositors (44,785)   (37,624)      

–   

  (16,151)    

   –

   (98,560)
Net fee and commission income 12,067   –     –   4,340   –   16,407
Net income from investment –   44,914     –   –   –   44,914
Insurance service result before reinsurance contracts issued –   –     (59,962)   –   –   (59,962)
Net(expenses)/income from reinsurance contracts held –   –     36,547   –   –   36,547
Insurance finance expense for insurance contracts issued –   –     (5,430)   –   –   (5,430)
Reinsurance finance income for reinsurance contracts held –   –     14,098   –   –   14,098
Net insurance income            (14,747)             (14,747)
Share of results of an associate –   1,301     –   –   –   1,301
Other operating income, net 20,390   6     (533)   2,015   –   21,878
Total segment revenue 175,556   10,979     (13,583)   20,612   –   193,564
Depreciation of property, fixtures and equipment (10,074)   (159)     –   (184)   –   (10,417)
Other expenses and charges (49,612)   (3,881)     –   (10,687)   (63,355)   (127,535)
Total expenses and other charges (59,686)   (4,040)     –   (10,871)   (63,355)   (137,952)
Profit/(loss) for the year before impairment 115,870   6,939     (13,583)   9,741   (63,355)   55,612
Net impairment charges on loans and advances (46,600)   –     –   –   –   (46,600)
Net impairment reversal on Islamic financing and investing assets –   –     –   (755)   –   (755)
Net profit/(loss) for the year before tax 69,270   6,939     (13,583)   8,986   (63,355)   8,257
Segmental assets 1,776,527   762,542     205,666   384,584   –   3,129,319
Segmental liabilities 1,754,755   390,765     202,510   142,343   –   2,490,373
Additions to non-current assets during the year –   1,644     427   84   4,137   6,292

Information regarding the Group’s reportable segments is presented below:

31 December 2023 Commercial

and retail

financing

Investment

Insurance   Others   Unallocated   Total
  AED’000   AED’000     AED’000   AED’000   AED’000   AED’000
                         
Interest income and income from Islamic financing and investing assets 186,635   2,016     1,389   30,722    –   220,762
Interest expense and profit distributable to depositors (38,673)   (20,132)      

–

   (24,159)    

–

   (82,964)
Net fee and commission income 13,199    –      –   4,750    –   17,949
Net income from investment  –   5,197      –    –    –   5,197
Insurance service result before reinsurance contracts issued  –    –     (21,167)    –    –   (21,167)
Net(expenses)/income from reinsurance contracts held  –    –     (15,133)    –    –   (15,133))
Insurance finance expense for insurance contracts issued  –    –     (7,142)    –    –   (7,142)
Reinsurance finance income for reinsurance contracts held  –    –     3,090    –    –   3,090
Net insurance income –    –     (40,352)    –    –   (40,352)
Share of results of an associate  –   (399)      –    –    –   (399)
Other operating income 55,621   246     625   1,262    –   57,754
Total segment revenue 216,782   (13,072)     (38,338)   12,575    –   177,947
Depreciation of property, fixtures and equipment (6,199)   (184)     –   (185)    –   (6,568)
Other expenses and charges (49,612)   (5,421)     –   (9,905)   (69,400)   (134,338)
Total expenses and other charges (55,811)   (5,605)     –   (10,090)   (69,400)   (140,906)
Profit / (loss) for the year before impairment 160,971   (18,677)     (38,338)   2,485   (69,400)   37,041
Net impairment charges on loans and advances (23,668)    –      –    –    –   (23,668)
Net impairment reversal on Islamic financing and investing assets –    –      –   1,436    –   1,436
Net profit/(loss) for the year 137,303   (18,677)     (38,338)   3,921   (69,400)   14,809
Segmental assets 1,875,670   297,424     217,215   375,213    –   2,765,522
Segmental liabilities 1,841,005   (115,790)     193,227   185,154    –   2,103,596
Additions to non-current assets during the year –   969     806   13   28,361   30,149

 

 

 



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