Consolidated Statement of Cash Flows

Consolidated statement of cash flows

   

Year ended 31 December

  2018   2017
Note AED’000   AED’000

Cash flows from operating activities

 
Profit for the year 17,840 32,614
Adjustments for:
Depreciation of property, fixtures and equipment 10 8,701 7,170
Amortisation of intangibles 11 261 784
Change in fair valuation of investment properties 2,592 6,000
Share of results of an associate 1,235 (1,243)
Dividend income from investments 25 (27,560) (27,501)
(Gain)loss on disposal of investments carried at fair value through profit or loss 25 (3,531) 5,925
Change in fair value of investments carried at fair value through profit or loss 25 31,498 22,735
Net impairment charges on loans and advances and Islamic financing and investing assets 6,7 79,496 55,959
Net movement in provision for employees’ end of service benefits

456

1,568

Operating cash flows before changes in working capital

110,988

104,011

       
Changes in working capital  
Loans and advances (101,764) (325,708)
Islamic financing and investing assets 21,959 (5,877)
Interest receivable and other assets (28,289) (64,063)
Assets held for sale 12,313
Customers’ deposits and margin accounts (203,269) 108,562
Interest payable and other liabilities

52,894

38,921

Net cash outflow from operating activities

(147,481)

(131,841)

     
Cash flow from investing activities  
Purchase of investments carried at fair value through other comprehensive income (78,603) (69,367)
Proceeds from sale of investments carried at fair value through other comprehensive income 192,031 38,895
Purchase of investments carried at fair value through profit or loss (123,303) (226,471)
Proceeds from sale of investments carried at fair value through profit or loss 110,310 226,219
Purchase of investments carried at amortised cost (1,837) (41,334)
Proceeds from sale of investments carried at amortised cost 81,654 88,249
Addition to property, fixtures and equipment (19,343) (6,591)
Proceeds from disposal of property, fixtures and equipment 207
Acquisition of investment properties in respect of settlement of a loan 28 (5,070)
Dividend income received

27,560

27,501

Net cash inflow from investing activities

188,469

32,238

     
Cash flow from financing activities  
Proceeds from short term borrowings and medium term loans 14 150,000 223,910
Repayment of short term borrowings and medium term loans 14 (326,309) (116,666)
Directors’ remuneration paid (3,090) ( (1,976)
Movement inTier I Sukuk (2,050) (5,150)
Tier 1 Sukuk coupon paid (22,500) (22,500)
Purchase of treasury shares (8,815)
Change in non-controlling interest (1,388)
Cash dividend paid

(15,141)

(18,170)

Net cash (outflow) inflow from financing activities

(220,478)

50,633

   
Net decrease in cash and cash equivalents   (179,490)   (48,970)
Cash and cash equivalents, beginning of the year 688,638 737,608
Cash and cash equivalents, end of the year 4
509,148
688,638