Consolidated statement of profit or loss
Consolidated statement of profit or loss
for the year ended 31 December
| 2024 | 2023 | |||
| Note | AED’000 | AED’000 | ||
| Interest income and income from Islamic financing and investing assets | 10 | 222,371 | 220,762 | |
| Interest expense and profit distributable to depositors | 10 | (98,560) | (82,964) | |
| Net interest income and income from Islamic financing and investing assets | 10 | 123,811 | 137,798 | |
| Fee and commission income | 11 | 30,657 | 28,985 | |
| Fee and commission expenses | 11 | (14,250) | (11,036) | |
| Net fee and commission income | 11 | 16,407 | 17,949 | |
| Insurance services result before reinsurance contracts issued | (59,962) | (21,167) | ||
| Net income/(expenses) from reinsurance contracts held | 36,547 | (15,133) | ||
| Insurance finance expense for insurance contracts issued | (5,430) | (7,142) | ||
| Reinsurance finance income for reinsurance contracts held | 14,098 | 3,090 | ||
| Net insurance loss | (14,747) | (40,352) | ||
| Net investment income | 12 | 44,914 | 5,197 | |
| Allowance for expected credit losses on loans and advances | 19 | (46,600) | (23,668) | |
| (Allowance)/reversal of allowance for expected credit losses on Islamic financing and investing assets |
20 |
(755) | 1,436 | |
| Other operating income, net | 13 | 21,878 | 57,754 | |
| Net operating income | 144,908 | 156, 114 | ||
| Salaries and employees related expenses | 14 | (91,666) | (91,001) | |
| Depreciation of property, fixtures and equipment | (10,417) | (6,568) | ||
| Interest on lease liabilities | – | (3) | ||
| General and administrative expenses | 15 | (35,869) | (43,334) | |
| Operating profit for the year | 6,956 | 15, 208 | ||
| Share of profit/(loss) from equity accounted investees | 21 | 1,301 | (399) | |
| Profit for the year before tax | 8,257 | 14,809 | ||
| Tax expense | 38 | (769) | – | – |
|
Profit for the year after tax |
7,488 | 14,809 |
