First Abu Dhabi Bank: Quarterly Financial Result - 31 March 2018

Transcription

1. FAB Q1 ’18 Financial Results  Management Discussion & Analysis  Pro forma Condensed Consolidated Financial Statements
2. Management Discussion & Analysis Report for the first quarter ended 31 March 2018 Please note that FAB pro forma condensed consolidated interim financial statements as at 31 March 2018 serve as the main basis of reference for our Management Discussion & Analysis Report (MDA) and Investor Relations presentation. FAB’s unaudited condensed consolidated interim financial statements at 31 March 2018 are prepared on the basis that the FGB/NBAD merger was declared effective on 1st April 2017 with FGB being the accounting acquirer as per IFRS 3. Therefore, these financials reflect the consolidation of NBAD since 1st April 2017 only, while prior period comparative financial information relates to FGB. For further information, please refer to the Business Combination note of the reviewed
3. th Abu Dhabi , 29 April 2018 Management Discussion and Analysis Report (based on pro forma interim consolidated financials) FAB reports record first quarter 2018 Group Net Profit of AED 3.0 Billion First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, reported its financial results for the first quarter ended 31 March 2018 today. 2018 off to a solid start …      Q1’18 Group Net Profit at AED 3.0 Billion, up 2% year-on-year and 6% quarter-on-quarter Annualised Earnings per Share (EPS) at AED 1.06, compared to AED 1.04 in Q1’17 Operating income at AED 4.9 Billion, compared to AED 5.2 Billion in the first quarter of 2017 (which included opportunistic investment gains of around AED 400 Million) Cost discipline and sustained synergy realisation continue to support market-leading cost-to-income ratio (excluding integration costs) of 25.8%, improving from 27.2% in the same period of 2017 Impairment charges (net) at AED 439 Million compared to AED 641 Million in Q1’17 … driven by healthy business momentum     Total assets at AED 678 Billion, up 1% quarter-on-quarter and 3% year-on-year Loans and advances (net) and customer deposits both grew 2% quarter-on-quarter to AED 338 Billion and AED 404 Billion, respectively CASA deposits represent 41% of total customer deposits, up from 38% as of December-end 2017 Robust asset quality with Non-Performing Loan ratio at 3.1% and strong provision coverage at 127% … whilst maintaining strong liquidity and capital ratios, and improving returns    Liquidity position remains highly comfortable with loan-to-deposit ratio at 84% and Liquidity Coverage Ratio (LCR) at 112% Common Equity Tier-1 (CET1) ratio comfortably in excess of regulatory requirements at 12.4% Return on Tangible Equity (RoTE) at 17.2%, up from 16.1% in Q1’17 Page 2 of 9
4. Commenting on the bank ’s performance, Abdulhamid Saeed, Group Chief Executive Officer of FAB, said: “I am pleased to announce that we started 2018 on a positive note with FAB realising a record Group Net Profit of AED 3.0 Billion. During the quarter, we continued to build on the many successes we have achieved to-date, whilst delivering strong revenues and healthy balance sheet growth. We also maintained a strong capital position even after the distribution of AED 7.6 Billion of cash dividends earlier this year. “As we enter our second year, FAB continues to make significant progress in delivering on its business objectives and integration milestones, with IT integration activities in particular moving forward at a steady pace and according to plan. As part of our business expansion strategy we are also extending our presence into Saudi Arabia, after receiving commercial and investment banking licenses from the Saudi Arabian Monetary Authority and Capital Market Authority. “Looking ahead to the remainder of 2018, we remain steadfast in our commitment to support the growth ambitions of our shareholders, customers, employees and all other stakeholders. We will continue to contribute to the late Sheikh Zayed bin Sultan Al Nahyan’s vision of a strong and prosperous UAE, as we put our customers first and remain ahead of market trends.” Page 3 of 9
5. FAB Q1 ’18 Pro forma Summary Financials Income Statement - Summary (AED Mn) Note Net interest Income Q1'18 Q4'17 QoQ % Q1'17 YoY % 3,268 3,363 3,256 0 Fees & commissions, net 934 932 0 782 19 FX and investment income, net 656 464 41 1,097 (40) (76) Other non-interest income (3) 13 289 (95) 53 4,871 5,049 (4) 5,188 (6) (1,326) (1,616) (18) (1,516) (13) (70) (198) (65) (104) (32) (44) (138) (68) - Impairment charges, net (439) (562) (22) (641) (31) Non Controlling Interests and Taxes (108) (48) 126 (106) 2 Total Operating Income Operating expenses Incl: Integration costs Amortisation of intangibles (merger-related) Net Profit Basic Earning per Share (AED) a - 2,998 2,822 6 2,926 2 1.06 1.00 6 1.04 2 a) Basic EPS based on attributable profits to equity shareholders' excluding Tier-1 notes coupon (Q1'18: AED 120 Mn) and outstanding shares Balance Sheet - Summary (AED Bn) Note Mar'18 Dec'17 QoQ % Mar'17 YoY % Loans and advances 338 330 2 345 (2) Customer deposits 404 396 2 394 3 166 150 11 150 11 678 669 1 660 3 94 102 (8) 94 (0) 63 71 (11) 68 (7) CASA (deposits) b Total Assets Equity (incl Tier-1 capital notes) Tangible Equity c b) CASA deposits include current, savings and call accounts; periods prior to Mar-2018 have been reclassified to include call accounts c) Tangible equity is shareholders' equity net of Tier-1 capital notes, goodwill & intangibles Key Ratios (%) Note Net Interest Margin Cost-Income ratio (ex-integration costs) Q1'18 Q4'17 2.49 2.42 QoQ (bps) 7 Q1'17 YoY (bps) 2.45 4 25.8 28.1 (230) 27.2 (143) Cost of Risk (bps) d 49 66 (17) 73 (24) Non-performing loans ratio d 3.1 3.1 4 2.6 51 Provision coverage d 127 120 714 122 545 84 83 23 88 (392) 17.2 15.0 218 16.1 108 2.4 2.3 10 2.4 0 Loans-to-deposits ratio Return on Tangible Equity (RoTE) e Return on Risk-weighted Assets (RoRWA) CET1 ratio f 12.4 14.5 (210) 13.9 (150) Capital Adequacy ratio f 15.6 17.8 (220) 17.2 (159) d) As Q1’18 ratios are based on IFRS9 accounting and ratios for prior periods are based on IAS39 accounting, they may not be fully comparable e) Return on Average Tangible Equity, annualised; based on attributable profit to equity shareholders' excl coupon on Tier-1 capital notes f) As per UAE Central Bank's Basel III framework; Q4'17 figure is without considering the transitional arrangements for 2017-end; Q1'17 ratio is based on UAE CB's Basel II framework Rounding differences may appear in above table Page 4 of 9
6. Financial Review FAB delivered a solid set of results in the first quarter of 2018 with a Group Net Profit of AED 3 .0 Billion, up 2% year-on-year and 6% quarter-on-quarter, capitalising on a healthy business momentum in an improving environment, and underpinned by continued synergy realisation and lower impairment charges. Group profitability improved during the period with an annualised return on average tangible equity of 17.2%, up from 16.1% in Q1’17, and an annualised return on risk-weighted assets of 2.4%. Group Revenue was 6% lower year-on-year primarily on lower investment income as opportunistic gains realised in the first quarter of 2017 of around AED 400 Million were not repeated. Excluding this extraordinary item, operating income was up 2% supported by a double-digit growth in fees and commissions. Group Net Interest Margin (NIM) was positively impacted by rate increases expanding 4 basis points (bps) year-on-year and 7bps quarter-on-quarter to 2.49%. Net Interest Income (including Islamic Financing Income) increased marginally year-on-year as margin expansion was offset by competitive pricing and riskasset optimisation. Fees and commissions (net) recorded a 19% increase year-on-year on the back of higher syndication and trade-related fees. FX and investment income came in lower primarily due to the extraordinary gains recorded in Q1’17. Operating expenses reduced 13% year-on-year and 18% quarter-on-quarter to AED 1.3 Billion, demonstrating cost discipline and continued synergy realisation in the context of the rigorous execution of the integration agenda. As a result, cost-to-income ratio (ex-integration costs) landed at an industryleading level of 25.8%, compared to 27.2% in the first quarter of 2017, indicating considerable improvements in operating efficiency across the Group. Credit quality As of March-end 2018, FAB’s credit quality remained strong across the portfolio. Impairment charges (net) for the first quarter were at AED 439 Million, down from AED 641 Million in the first quarter of 2017, implying a cost of risk (annualised) of 49bps. In line with regulatory requirements, the Group successfully implemented the IFRS9 methodology related to credit loss recognition on the basis of expected losses. During the period, IFRS9 transition was effected through shareholders’ equity and amounted to AED 3.1 Billion, within estimates. Non-Performing Loan ratio stood at 3.1% in line with December-end 2017, with impaired loans at AED 11.0 Billion (FY’17: AED 10.6 Billion). Total provisions against loans and advances were AED 13.5 Billion as of March-end 2018 translating to a strong provision coverage of 127%. Balance sheet trends Loans and advances (net) grew 2% from December-end 2017 to AED 338 Billion (+AED 8 Billion) driven by a healthy business momentum in Corporate and Investment Banking (CIB) in a competitive market. Customer deposits also added 2% during the quarter to AED 404 Billion, driven by an increase in both corporate and retail liabilities. At AED 166 Billion, Current Accounts and Saving Accounts (CASA) grew 11% sequentially contributing 41% to overall deposits and reflecting the Group’s strong liability franchise. With loans and deposits growing at the same pace during the period, loan-to-deposit ratio remained at a highly comfortable level of 84% against an industry average of 90% (as of February 2018). Further demonstrating a strong liquidity position, Group LCR as of March-end 2018 was at 112%, well above the minimum of 90% for the current year as per the Basel III glide path. Page 5 of 9
7. During the period and in line with its funding diversification strategy , FAB concluded its first public issuances since legal merger raising over USD 1.4 Billion at a competitive pricing through the Formosa and Sukuk bond markets. These transactions were oversubscribed and received strong investor endorsement, further demonstrating the Bank’s robust credit profile and superior ratings, while cementing its position as a market-leading funding platform. The Group also raised medium term funding through a number of private placements during the period. Shareholders’ equity, capital and returns The Group’s shareholders’ equity stood at AED 93.7 Billion, compared to AED 101.7 Billion as of December-end 2017. Basel III Common Equity Tier 1 (CET1) remains strong and comfortably above regulatory requirements at 12.4%, down from 14.5% as of December-end 2017. This decrease reflects the payment of dividends for 2017 and the impact of IFRS9 implementation. Business performance As of March-end 2018, the Corporate & Investment Banking (CIB) Group continued to be a major revenue contributor, generating 51% of Group operating income, followed by the Personal Banking Group (PBG) with 37%. Head Office (HO) and Subsidiaries contributed 9% and 3% to total operating income respectively. While UAE operations generated 86% of Group revenues, international operations contributed 14% and remain a key differentiator, supporting both liquidity and risk diversification. International revenues in the first quarter grew 4% year-on-year, partly driven by a strong performance in Libya and sustained momentum in key strategic growth markets. While loans and advances grew 7%, liquidity remained strong with loan-to-deposit ratio averaging 74%, providing ample room for future asset growth. Revenues by Segment Revenues by Geography Middle East & Africa 5% PBG 37% CIB 51% HO 9% Subsidiaries 3% UAE 86% Europe & Americas 6% Asia Pacific 3% Corporate & Investment Banking (CIB) Group CIB continued to capitalise on a market-leading position, delivering a solid performance during the first three months of 2018 in spite of an increasingly competitive regional loan market. Revenues grew 5% sequentially driven by strong performances in Global Markets, Cash Management, and in our Loan and Debt Capital Markets businesses. Operating income was marginally down year-on-year due to strategic trading gains in Global Markets realised in the first quarter of 2017 which were not repeated. This was partially offset by higher fees from Loan Capital Markets and Global Trade Finance on Page 6 of 9
8. the back of renewed activity . Continued momentum in capturing new client mandates, higher cash balances and rising rates also led to a significant increase in Cash Management revenues year-on-year. On the balance sheet, the loan book grew 2% sequentially with a healthy pipeline expected for the remainder of the year both in the UAE and across our strategic growth markets. Liquidity position remained strong. Loan-to-deposits ratio was highly comfortable at 79%, with customer deposits adding 2% from December-end 2017. This was supported by higher CASA balances as a result of new cash management mandates, and enhanced client experience through product innovation and process improvement. Operating expenses reduced 10% sequentially and 20% year-on-year demonstrating ongoing synergy realisation and cost discipline. Impairment charges increased year-on-year reflecting higher recoveries and write-backs in Q1’17. Although 5% lower year-on-year, profit after taxes improved 16% sequentially. Key highlights in the first quarter of 2018 include: th • On February 26 2018, FAB Global Corporate Finance hosted the inaugural “Abu Dhabi Fixed Income Investor Day”, bringing together Abu Dhabi’s leading corporate and financial institution issuers in front of an audience of regional and international fixed income investors. • From February 27-28 2018, FAB Global Markets hosted the 9th edition of the Global Financial Markets Forum (GFMF) under the patronage of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. As the region’s premier financial markets conference, the event brought together more than 1,600 delegates to discuss global and regional economic trends, as well as challenges and opportunities ahead. • Notable awards received in first quarter of 2018: th o o o o o “Best Arranger of Loans in the Middle East”, Global Capital 2017 “Best Equity Bank in the Middle East”, Global Finance 2018 “Best Equity House in the Middle East”, EMEA Finance 2017 “Best M&A House in the Middle East”, EMEA Finance 2017 “Best Investment Bank in the UAE”, Global Finance 2018 Personal Banking Group (PBG) During the first quarter of 2018, PBG continued to focus on improving efficiency and productivity across the business, while enhancing customer experience. Profitability significantly improved year-on-year with profit after taxes growing 59% on the back of notable reductions in impairment charges and operating expenses, offsetting a modest drop in revenue due to risk asset optimisation and tightened risk appetite. While net loans and advances were 5% lower from year-end 2017, targeted efforts to attract retail liabilities resulted in a 3% growth in CASA balances. During Q1 2018, PBG successfully launched the UAE’s first fully-featured digital wallet, ‘Payit’, which allows its users to send and receive money instantly (24/7), make payments through merchant partner applications, websites or by scanning QR codes, as well as split bills with friends and track their spending. PBG also continued to build on its strong merchant portfolio, launching its online analytics tool, Merchant Portal, earlier this year, whilst the Business Banking team witnessed significant growth across liabilities. FAB’s domestic network comprised 89 branches and cash offices as of March-end 2018, compared to a count of 103 as of December-end 2017, as the Bank continues to improve operating efficiency and leverage digital solutions through a multichannel and “smart” distribution model. Page 7 of 9
10. About First Abu Dhabi Bank (FAB) FAB, the UAE’s largest bank and one of the world’s largest and safest institutions, offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises. Headquartered in Abu Dhabi in Khalifa Business Park, the bank’s international network spans over 19 countries outside the UAE, providing the global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. In line with its commitment to put customers first, to Grow Stronger, FAB will continually invest in people and technology to create the most customer-friendly banking experience, and will support the growth ambitions of its stakeholders across countries in which the bank operates. To empower its customers and clients to Grow Stronger, FAB initiated a powerful movement, which goes beyond banking. The Grow Stronger movement represents the bank’s promise to support its stakeholders’ goals and growth ambitions, providing ideas, tools and expertise to help them become stronger, today and in the future. With total assets of AED 678 Billion (USD 185 Billion) as of March-end 2018, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch respectively, the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Finance as the safest bank in the UAE and the Middle East, 4th in emerging markets, 17th amongst commercial banks worldwide, and 31st in the world.Through a strong, diversified balance sheet, leading efficiency and a solid corporate governance structure in place, FAB is set to drive growth forward. For further information, visit: www.bankfab.com For investor-related queries, please contact FAB Investor Relations team on ir@bankfab.com or download FAB Investor Relations app on iOS or Android @FABConnects First Abu Dhabi Bank Disclaimer The information contained herein has been prepared by First Abu Dhabi Bank P.J.S.C (“FAB”). FAB relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. This document has been prepared for information purposes only and is not and does not form part of any offer for sale or solicitation of any offer to subscribe for or purchase or sell any securities nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Some of the information in this document may contain projections or other forward-looking statements regarding future events or the future financial performance of FAB. These forward-looking statements include all matters that are not historical facts. The inclusion of such forward-looking information shall not be regarded as a representation of FAB or any other person involved in the objectives or plans of FAB will be achieved. FAB undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. Page 9 of 9
11. Pro forma Condensed Consolidated Financial Statements March 31 , 2018
12. PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION The following pro forma condensed consolidated financial information (“Pro forma financial information”) illustrates the effects on the statement of financial position and financial performance of the combination (Merger) between National Bank of Abu Dhabi and its subsidiaries (together referred to as “NBAD”) and First Gulf Bank and its subsidiaries (together referred to as “FGB”). The Pro forma financial information consists of the unaudited Pro Forma Condensed Consolidated Statement of Financial Position of NBAD and FGB (together referred to as “the Group”) as at 31 March 2018, and its unaudited Pro forma Condensed Consolidated statement of Profit or Loss for the period then ended. These statements are prepared as if the Merger has taken place as at 1 Jan 2017. The purpose of the Pro forma financial statements is to show the material effects that the Merger of NBAD and FGB would have had on the historical consolidated statement of financial position if the Group had already existed in the structure created by the Merger as at 31 March 2018 and on the historical consolidated statement of profit or loss for the financial period ended 31 March 2018. They are not representative of the financial situation and performance that could have been observed if the indicated business combination had been undertaken at an earlier date. The presentation of the Pro forma financial information of the Group is based on certain pro forma assumptions and has been prepared for illustrative purposes only and, because of its nature, the pro forma consolidated statement of financial position and financial performance addresses a hypothetical situation and, therefore, does not represent and may not give a true picture of the financial position and financial performance of the Group. Furthermore, the Pro forma financial information is only meaningful in conjunction with the historical consolidated financial statements of NBAD and FGB as at and for the financial year ended 31 December 2017. The Pro forma financial information has been compiled based on the accounting policies adopted by the Group for the preparation of 31 March 2018 financial information. Any impact due to change in the accounting policy and adjustment have been reflected in prior comparative periods. The Pro forma financial information does not take into consideration the effects of expected synergies or costs incurred to achieve these synergies as a result of the Merger. The Pro forma financial information gives no indication of the results and future financial situation of the activities of the Group.
13. Pro forma Condensed consolidated interim statement of financial position As at Assets 31 Mar 2018 AED ’000 31 Dec 2017 AED’000 Cash and balances with central banks Investments at fair value through profit or loss Due from banks and financial institutions Reverse repurchase agreements Derivative financial instruments Loans and advances Non-trading investments Investment properties Property and equipment Intangibles Other assets 136,572,952 20,439,765 17,175,141 17,350,026 14,208,398 338,227,476 85,904,954 6,956,891 3,626,653 19,852,294 17,501,430 --------------------------------------677,815,980 ================ 138,111,054 19,320,764 13,829,490 21,346,974 11,399,432 330,465,888 88,457,710 6,927,692 3,535,501 19,901,374 15,672,416 -------------------------------------668,968,295 ================ 37,008,507 30,581,633 22,676,132 17,399,530 404,005,698 44,010,501 440,245 27,483,752 ---------------------------------------583,605,998 30,576,336 37,674,016 24,124,097 14,941,331 395,843,664 42,145,718 420,381 21,033,339 ------------------------------------566,758,882 10,897,545 53,060,713 (38,445) 7,081,074 456,391 10,754,750 259,450 108,265 11,121,350 ---------------------------------------- 10,897,545 53,026,644 (42,433) 7,081,074 962,736 10,754,750 256,265 108,265 18,677,552 ------------------------------------- 93,701,093 508,889 ----------------------------------------94,209,982 ----------------------------------------677,815,980 ================= 101,722,398 487,015 ------------------------------------102,209,413 -------------------------------------668,968,295 ================ Total assets Liabilities Due to banks and financial institutions Repurchase agreements Commercial paper Derivative financial instruments Customer accounts and other deposits Term borrowings Subordinated notes Other liabilities Total liabilities Equity Share capital Share premium Treasury shares Statutory and special reserves Other reserves Tier 1 capital notes Share option scheme Convertible notes - equity component Retained earnings Total equity attributable to shareholders of the Group Non-controlling interest Total Equity Total liabilities and equity
14. Pro forma Condensed consolidated statement of profit or loss For the three month period ended 31 March Note Interest income Interest expense Net interest income Fee and commission income Fee and commission expense Net fee and commission income Net foreign exchange gain Net gain on investments and derivatives Other operating income 1 2 Operating income General , administration and other operating expenses Profit before net impairment charge and taxation Net impairment charge Profit before taxation Overseas income tax expense Net profit for the period Profit attributable to: Shareholders of the Group Non-controlling interests 3 (Unaudited) 31 Mar 2018 AED’000 (Unaudited) 31 Mar 2017 AED’000 4,918,011 (1,649,532) -----------------------------------3,268,479 4,619,384 (1,363,774) ------------------------------------3,255,610 1,267,118 (333,373) ----------------------------------933,745 1,129,980 (348,156) ------------------------------------781,824 335,504 320,266 13,034 -----------------------------------4,871,028 116,175 981,209 53,383 ------------------------------------5,188,201 (1,326,069) -----------------------------------3,544,959 (1,515,871) ------------------------------------3,672,330 (439,128) -----------------------------------3,105,831 (640,549) ------------------------------------3,031,781 (94,260) ---------------------------------3,011,571 =============== (105,225) ----------------------------------2,926,556 =============== 2,997,920 13,651 --------------------------------3,011,571 ============== 2,925,683 873 ----------------------------------2,926,556 ==============
15. Segmental information Business Segment Geographic Segment _________________________________________________________________________ __________________________________________________________________________________ Corporate and Investment Banking AED ’000 Personal Banking AED’000 Subsidiaries AED’000 Head Office AED’000 Total AED’000 UAE AED’000 Middle East And Africa AED’000 Europe and Americas AED’000 Asia - Pacific AED’000 Total AED’000 For the three month period ended 31 March 2018 Net Interest income Net non-interest income 1,461,269 1,009,575 1,307,539 511,461 43,094 87,952 456,577 (6,439) 3,268,479 1,602,549 2,821,173 1,392,971 133,226 99,704 245,045 34,065 69,035 75,809 3,268,479 1,602,549 Operating income 2,470,844 ============= 1,819,000 ============= 131,046 ============= 450,138 ============= 4,871,028 4,214,144 ============= 232,930 ============= 279,110 ============= 144,844 ============= 4,871,028 434,196 660,999 71,218 159,656 1,326,069 1,094,629 83,884 77,584 69,972 1,326,069 238,643 ============= 1,798,005 ============= 57,500 ============= 1,740,505 ============= 234,609 ============= 923,392 ============= 27,932 ============= 895,460 ============= (31,038) ============= 90,866 ============= 8,670 ============= 82,196 ============= (3,086) ============= 293,568 ============= 158 ============= 293,410 ============= 439,128 418,438 ============= 2,701,077 ============= 807 ============= 2,700,270 ============= (11,046) ============= 160,092 ============= 26,111 ============= 133,981 ============= (46,054) ============= 247,580 ============= 55,946 ============= 191,634 ============= 77,790 ============= (2,918) ============= 11,396 ============= (14,314) ============= 439,128 455,855,776 ================ 95,649,219 =============== 20,543,943 =============== 134,989,560 ================ 555,737,086 ================ 28,710,027 =============== 130,170,472 =============== 26,187,540 ================ General administration and other operating expenses Net impairment charge Profit before taxation Overseas taxation Net profit for the period 3,105,831 94,260 3,011,571 3,105,831 94,260 3,011,571 As at 31 March 2018 Segment total assets Inter segment balances Total assets Segment total liabilities Inter segment balances Total liabilities 454,007,565 ================== 97,759,356 ================= 10,406,205 =============== 50,655,390 =============== 707,038,498 (29,222,518) ------------------------------------------677,815,980 =============== 612,828,516 (29,222,518) ------------------------------------------583,605,998 ================ 476,890,218 ================== 20,385,176 ================ 126,659,062 ================== 22,660,687 =============== 740,805,125 (62,989,145) ------------------------------------------677,815,980 ================ 646,595,143 (62,989,145) ------------------------------------------583,605,998 ================
16. Segmental information (continued) Business Segment Geographic Segment ____________________________________________________________________________________ __________________________________________________________________________________ Corporate and Investment Banking AED’000 Personal Banking AED’000 Subsidiaries AED’000 Head Office AED’000 Total AED’000 UAE AED’000 Middle East And Africa AED’000 Europe and Americas AED’000 Asia - Pacific AED’000 Total AED’000 Net Interest income Net non-interest income 1,504,298 997,314 1,398,013 475,890 57,065 77,943 296,234 381,444 3,255,610 1,932,591 2,868,981 1,689,747 164,711 65,860 148,887 107,973 73,031 69,011 3,255,610 1,932,591 Operating income 2,501,612 ============= 1,873,903 ============= 135,008 ============= 677,678 ============= 5,188,201 4,558,728 ============= 230,571 ============= 256,860 ============= 142,042 ============= 5,188,201 542,862 779,257 81,021 112,731 1,515,871 1,306,408 85,626 77,329 46,508 1,515,871 70,074 ============= 1,888,676 ============= 54,819 ============= 1,833,857 ============= 484,133 ============= 610,513 ============= 48,885 ============= 561,628 ============= 64,544 ============= (10,557) ============= 540 ============= (11,097) ============= 21,798 ============= 543,149 ============= 981 ============= 542,168 ============= 640,549 631,525 ============= 2,620,795 ============= 1,401 ============= 2,619,394 ============= 18,901 ============= 126,044 ============= 27,887 ============= 98,157 ============= (6,848) ============= 186,379 ============= 67,141 ============= 119,238 ============= (3,029) ============= 98,563 ============= 8,796 ============= 89,767 ============= 640,549 450,430,907 ================ 97,980,652 =============== 21,782,636 =============== 126,431,598 ================ 544,299,763 ================ 21,240,671 =============== 129,441,066 =============== 23,406,626 ================ For the period ended 31 March 2017 General administration and other operating expenses Net impairment charge Profit before taxation Overseas taxation Net profit for the period 3,031,781 105,225 2,926,556 3,031,781 105,225 2,926,556 As at 31 December 2017 Segment total assets Inter segment balances Total assets Segment total liabilities Inter segment balances Total liabilities 438,220,833 ================ 95,001,870 =============== 11,430,776 =============== 49,762,901 =============== 696,625,793 (27,657,498) ------------------------------------------668,968,295 =============== 594,416,380 (27,657,498) ------------------------------------------566,758,882 ================ 456,642,109 ============== 13,808,673 ============= 126,033,661 ============= 19,694,270 =============== 718,388,126 (49,419,831) ------------------------------------------668,968,295 ================ 616,178,713 (49,419,831) ------------------------------------------566,758,882 ================
17. Notes to the condensed consolidated Pro-forma financial statements 1 Net gain on investments and derivatives Net realised and unrealised gain on investments at fair value through profit or loss and derivatives Net gain from sale of non-trading Investments Dividend income 2 (Unaudited) Three month period ended 31 Mar 2017 AED’000 235,190 71,238 13,838 340,577 618,509 22,123 ----------------------------320,266 -----------------------------981,209 ============ ============= (Unaudited) Three month period ended (Unaudited) Three month period ended 31 Mar 2018 31 Mar 2017 AED’000 AED’000 1,524 21,800 11,510 23,303 (10,290) 18,570 ----------------------13,034 ----------------------53,383 ========== ========== (Unaudited) Three month period ended 31 Mar 2018 AED’000 (Unaudited) Three month period ended 31 Mar 2017 AED’000 654,674 12,447 (187,459) (57,213) 16,679 ---------------------------439,128 ============ 776,211 951 (148,376) 11,763 ---------------------------640,549 ============ Other Operating Income Investment property income Leasing related income Other income 3 (Unaudited) Three month period ended 31 Mar 2018 AED’000 Net impairment charge Impairment charge on loans and advances Impairment charge on other financial assets Impairment charge on unfunded exposures Recoveries Write-off of impaired financial assets