| STATEMENT OF CASH FLOWS |
| |
|
|
2009 |
2008 |
|
|
AED’000 |
AED’000 |
|
OPERATING ACTIVITIES |
|
|
|
Net profit for the year |
475,497 |
410,026 |
|
Adjustments for: |
|
|
|
Depreciation of property and equipment |
10,275 |
8,157 |
|
Amortisation of (premium)/discount on convertible bonds and other debt instruments |
(13,085) |
833 |
|
Gain on sale of property and equipment |
(286) |
(912) |
|
Gain on sale of investments |
(367) |
(215,183) |
|
Fair value (gain)/loss on investments carried at fair value through
profit and loss |
(30,317) |
135,242 |
|
Fair value loss on investment property revaluation |
12,108 |
- |
|
Allowance for impairment on financial assets |
89,899 |
156,755 |
|
Payment of directors’ remuneration and charity donation |
(8,500) |
(8,500) |
|
|
|
|
|
|
|
|
Operating profit before changes in operating assets and liabilities |
535,224 |
486,418 |
|
|
|
|
Decrease/(increase) in deposits and due from banks maturing after three months |
74,697 |
(437,061) |
(Decrease)/increase in due to banks maturing after three months |
(2,787) |
8,113 |
Decrease/(increase) in statutory reserves with Central Banks |
74,716 |
(590,394) |
|
Increase in loans and advances |
(1,200,014) |
(5,086,648) |
|
Decrease/(increase) in other assets |
149,737 |
(416,001) |
|
Increase in customers’ deposits |
1,994,972 |
3,780,920 |
|
(Decrease)/increase in other liabilities |
(101,311) |
125,324 |
|
|
|
|
|
|
|
|
Net cash (used in)/from operating activities |
1,525,234 |
(2,129,329) |
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
Purchase of property and equipment |
(16,304) |
(88,683) |
|
Property and equipment acquired from a subsidiary |
- |
(60,896) |
|
Proceeds from sale of property and equipment |
2,649 |
10,864 |
Purchase of investment properties |
(8,538) |
(91,723) |
Purchase of investments |
(453,255) |
(746,280) |
Investment in an associate |
- |
(80,074) |
Proceeds from sale of investments |
93,931 |
589,369 |
Acquisition of subsidiaries or adjustment to net fair value of assets acquired from acquisition of subsidiaries |
(1,107) |
(180,344) |
|
|
|
|
|
|
|
|
Net cash used in investing activities |
(382,624) |
(647,767) |
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
Dividends paid |
(260,621) |
(312,500) |
|
Proceeds from issuance of convertible bonds |
- |
974,944 |
|
|
|
|
|
|
|
|
Net cash (used in)/from financing activities |
(260,621) |
662,444 |
|
|
|
|
|
|
|
|
Increase/(decrease) in cash and cash equivalents |
881,989 |
(2,114,652) |
Cash and cash equivalents at the beginning of the year |
870,045 |
2,984,697 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the year (Note 23) |
1,752,034 |
870,045 | |
|
|