2010

2009

AED’000

AED’000

Cash flows from operating activities

Profit for the year

 403,947

475,497

Adjustments for:

Depreciation of property and equipment and amortisation of intangible assets

18,735

10,275

Amortisation of premium on convertible bonds and other debt instruments

(22,703)

(13,085)

Gain on sale of property and equipment

(125)

(286)

Gain on sale of investments

(547)

(367)

Gain on disposal of associates and subsidiaries

(19,523)

-

Fair value loss/(gain) on investments carried at FVTPL

12,011

(30,317)

Fair value loss on investment properties revaluation

35,132

12,108

Allowance for impairment on financial assets

75,463

89,899

Payment of directors’ remuneration and charity donation

(12,195)

(8,500)

Operating profit before changes in operating assets and liabilities

490,195

535,224

(Increase)/decrease in deposits and due from banks maturing after three months

(183,270)

74,697

(Increase)/decrease in statutory reserves with central banks

(72,009)

74,716

Increase in loans and advances

(731,821)

(1,200,014)

(Increase)/decrease in other assets

(158,074)

149,737

Increase in customers’ deposits

2,264,029

1,994,972

Increase/(decrease) in other liabilities

254,939

(101,311)

Net movement on syndicated loan

(183,650)

-

Net cash generated from operating activities

1,680,339

1,528,021

Cash flows from investing activities

Purchase of property and equipment

(30,140)

(16,304)

Proceeds from sale of property and equipment

136

2,649

Purchase of investment properties

-

(8,538)

Purchase of investments

(239,416)

(453,255)

Proceeds from sale of investment in an associate & subsidiary

114,464

-

Proceeds from sale of partial stake in a subsidiary

165,285

-

Proceeds from sale of financial investments

66,706

93,931

Adjustment to net fair value of assets acquired from acquisition of subsidiaries

-

(1,107)

Net cash generated from/(used in) investing activities

77,035

(382,624)

Cash flows from financing activities

Acquisition of treasury shares

(2,657)

-

Dividends paid

(240,000)

(260,621)

Net cash used in financing activities

(242,657)

(260,621)

Increase in cash and cash equivalents

1,514,717

884,776

Cash and cash equivalents at the beginning of the year

1,746,708

861,932

Cash and cash equivalents at the end of the year (Note 23)

3,261,425

1,746,708

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