National Bank of Abu Dhabi
National Bank of Abu Dhabi PJSC
Condensed consolidated interim financial statements 31 March 2011
National Bank of Abu Dhabi PJSC
Condensed consolidated interim financial statements
Contents Independent auditors' report on review of condensed consolidated interim
financial information Condensed consolidated interim statement of financial position Condensed consolidated interim income statement Condensed consolidated interim statement of cash flows Condensed consolidated interim statement of comprehensive income Condensed consolidated interim statement of changes in equity Notes to the condensed consolidated interim financial statements
Page
1 2 3 4 5 6 7 - 20
National Bank of Abu Dhabi PJSC
Condensed consolidated interim income statement
For the three month period ended 31 March 2011
31 Mar `11 31 Mar `10
Note
AED'000
AED'000
Interest income Interest expense
Net interest income
Income from Islamic financing contracts Depositors' share of profits
Net income from Islamic financing contracts
1,862,677 (567,113) -----------------------1,295,564 ------------------------
97,139 (14,368) -----------------------82,771 ------------------------
1,659,544 (468,806) -----------------------1,190,738 ------------------------
60,054 (11,355) -----------------------48,699 ------------------------
Fee and commission income Fee and commission expense
Net fee and commission income
392,447 (48,674) -----------------------343,773 ------------------------
357,618 (34,312) -----------------------323,306 ------------------------
Net gain on investments Net foreign exchange gain Other operating income
69,516 71,207 18,409 -----------------------159,132 ------------------------
112,951 80,855 15,471 -----------------------209,277 ------------------------
Operating income
1,881,240 1,772,020
General, administration and other operating expenses
Profit before net impairment charge and taxation
(565,912)
(493,940)
------------------------ ------------------------
1,315,328 1,278,080
Net impairment charge Profit before taxation
(365,046) (225,126) ------------------------ ------------------------
950,282 1,052,954
Overseas income tax expense Net profit for the period
(22,993) ------------------------
927,289 ===========
(22,119) ------------------------
1,030,835 ===========
Basic earnings per share (AED) Diluted earnings per share (AED)
20
0.28
0.32
=========== ===========
20
0.28
0.31
=========== ===========
The notes 1 to 23 are an integral part of these condensed consolidated interim financial statements.
The independent auditors' report on review of condensed consolidated interim financial information is set out on page 1.
3
National Bank of Abu Dhabi PJSC
Condensed consolidated interim statement of cash flows
For the three month period ended 31 March
31 Mar `11
AED'000
Cash flows from operating activities Profit before taxation Adjustments for: Depreciation Accreted interest Net impairment charge on assets Foreign exchange translation adjustment Share option scheme
950,282
34,294 4,854 398,879 147,413 7,312 -------------------------1,543,034
Change in investments at fair value through profit or loss Change in due from banks, financial institutions
and central banks Change in reverse repurchase agreements Change in loans and advances Change in other assets Change in due to banks Change in repurchase agreements Change in customers' deposits Change in other liabilities
Overseas income tax paid, net of recoveries
Net cash from / (used in) operating activities
Cash flows from investing activities Purchase of non-trading investments, net of
proceeds from sale or maturity Net disposal/ purchase of premises and equipment
Net cash used in investing activities
Cash flows from financing activities Dividends paid Issue of medium term borrowings Redemption of medium term borrowings Net movement of euro commercial paper Payment on tier 1 capital notes
Net cash (used in) / from financing activities
Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 March
162,041
(402,036) (4,591,935) (6,759,114)
(873,194) 2,322,427
341,391 17,920,531
1,273,441 -------------------------10,936,586
(19,797) -------------------------10,916,789 --------------------------
(3,305,017) (110,791)
-------------------------(3,415,808) --------------------------
(717,511) 960
(120,000) --------------------------
(836,551) -------------------------6,664,430 20,976,579 --------------------------
27,641,009 ===========
31 Mar `10 AED'000
1,052,954
28,428 2,916 234,774 (160,464) 5,358 -----------------------------1,163,966
155,181
721,369 (3,415,773) (1,568,105)
(638,508) 508,850 829,466 (879,583) 500,502 ------------------------------(2,622,635)
(319) ------------------------------
(2,622,954) ------------------------------
(442,667) 10,583
----------------------------(432,084)
-----------------------------
(217,428) 3,122,050 (784,523) (175,221) (120,000) -----------------------------1,824,878 -----------------------------(1,230,160) 27,617,187 -------------------------------
26,387,027 ============
Cash and cash equivalents comprise: Contractual maturity within three months: Cash and balances with central banks Due from banks and financial institutions
14,191,145 13,449,864 -------------------------27,641,009 ===========
8,932,378 17,454,649 -------------------------------26,387,027 ============
The notes 1 to 23 are an integral part of these condensed consolidated interim financial statements. The independent auditors' report on review of condensed consolidated interim financial information is set out on page 1.
4
National Bank of Abu Dhabi PJSC
Condensed consolidated interim statement of comprehensive income
For the three month period ended 31 March
Net profit for the period
Note
31 Mar `11 31 Mar `10
AED'000
AED'000
927,289 1,030,835
Other comprehensive income
Exchange difference on translation of foreign operations
Change in the fair value reserve
17
Directors' remuneration
Other comprehensive (expense) / income for the period
Total comprehensive income for the period
(1,723) (73,294)
(5,450)
--------------------------
(80,467)
--------------------------
846,822
===========
237 307,940
(4,950)
--------------------------
303,227
--------------------------
1,334,062
===========
The notes 1 to 23 are an integral part of these condensed consolidated interim financial statements. The independent auditors' report on review of condensed consolidated interim financial information is set out on page 1.
5
National Bank of Abu Dhabi PJSC
Condensed consolidated interim statement of changes in equity
For the three month period ended 31 March
Government
of Abu Dhabi
tier 1
Share Statutory Special General
capital
capital reserve reserve reserve
notes
AED'000 AED'000 AED'000 AED'000 AED'000
Share option scheme AED'000
Fair value reserve
AED'000
Subordinated
Foreign convertible
currency
notes -
translation
equity
reserve component
AED'000 AED'000
Retained earnings AED'000
Total AED'000
Balance at 31 December 2009
2,174,275
Net profit for the period
-
Net movement in fair value reserve (note 17)
-
Directors' remuneration
-
Foreign currency translation adjustment
-
----------------------
Total comprehensive income for the period
-
Payment on tier 1 capital note (note 15)
-
Option granted to staff
-
Dividend paid for 2009 (note 14)
-
Bonus shares issued (note 14)
217,428
Transfer to general reserve (note 14)
-
----------------------
Balance at 31 March 2010
2,391,703
==========
1,087,138 -
---------------------
--------------------1,087,138 =========
2,128,253 -
----------------------
---------------------2,128,253 ==========
8,623,500 4,000,000
-
-
-
-
-
-
-
-
--------------------- -------------------------
-
-
-
-
-
-
-
-
(217,428)
-
2,100,000
-
--------------------- -------------------------
10,506,072 4,000,000
========== ==========
18,888 -
-----------------------
5,358 -
----------------------24,246
==========
(845,223) -
307,940 -
------------------307,940
------------------(537,283) ========
5,887 237
---------------237 -
---------------6,124
=======
79,712 3,168,138
- 1,030,835
-
-
-
(4,950)
-
-
---------------------- --------------------------
- 1,025,885
-
(120,000)
-
-
-
(217,428)
-
-
- (2,100,000)
---------------------- --------------------------
79,712 1,756,595
========== ===========
20,440,568 1,030,835 307,940 (4,950) 237
-------------------------1,334,062 (120,000) 5,358 (217,428) -
-------------------------21,442,560 ===========
Balance at 31 December 2010
2,391,703
Net profit for the period
-
Net movement in fair value reserve (note 17)
-
Directors' remuneration
-
Foreign currency translation adjustment
-
----------------------
Total comprehensive income for the period
-
Payment on tier 1 capital note (note 15)
-
Option granted to staff
-
Dividend paid for 2010 (note 14)
-
Bonus shares issued (note 14)
478,340
Transfer to general reserve (note 13,14)
-
----------------------
Balance at 31 March 2011
2,870,043
==========
1,195,852 -
---------------------
--------------------1,195,852 =========
2,128,253 -
----------------------
---------------------2,128,253 ==========
10,507,798 4,000,000
-
-
-
-
-
-
-
-
--------------------- -------------------------
-
-
-
-
-
-
-
-
(478,340)
-
2,332,424
-
--------------------- -------------------------
12,361,882 4,000,000
========== ==========
52,739 -
-----------------------
7,312 -
----------------------60,051
==========
(414,606) -
(73,294) -
------------------(73,294)
------------------(487,900) ========
(3,453) -
(1,723) ---------------(1,723)
---------------(5,176) =======
74,925 4,180,205
-
927,289
-
-
-
(5,450)
-
-
---------------------- --------------------------
-
921,839
-
(120,000)
-
-
-
(717,511)
-
-
(32,424) (2,300,000)
---------------------- --------------------------
42,501 1,964,533
========== ===========
24,113,416 927,289 (73,294) (5,450) (1,723)
-------------------------846,822 (120,000) 7,312 (717,511) -
-------------------------24,130,039 ===========
The notes 1 to 23 are an integral part of these condensed consolidated interim financial statements. The independent auditors' report on review of condensed consolidated interim financial information is set out on page 1.
6
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