| |
|
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
|
