Abu Dhabi Islamic Bank net profit for Q increases 15.1% to AED million

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1 MANAGEMENT DISCUSSION & ANALYSIS FOR THE QUARTER ENDING 30 JUNE 2013 Abu Dhabi Islamic Bank net profit for Q increases 15.1% to AED million Total Assets increased 15.1% to AED 90.7 billion Group financial highlights Second quarter 2013 vs. Second quarter 2012 Group net revenue for Q was AED million vs. AED million for Q2 2012, an increase of 7.2 %. Group operating profit (margin) for Q was AED million vs. AED million for Q2 2012, an increase of 8.2%. Total credit provisions and impairments for Q were AED million vs. AED million in Q Group net profit for Q was AED million vs. AED million in Q2 2012, an increase of 15.1%. ADIB remains one of the most liquid banks in the UAE, with an advances to stable funds ratio of 79.1%, a customer financing to deposits ratio of 84.0% and net due from banks and deposits with Central Bank totaling AED 10.1 billion. Capital adequacy position under Basel II remains strong at 17.32%. This is after the repayment in Q of the entire AED 2.2 billion in Tier 2 capital, issued to the UAE Federal Government in Bank financial highlights Second quarter 2013 vs. Second quarter 2012 Bank net revenue for Q was AED million vs. AED million for Q2 2012, an increase of 5.8%. Bank operating profit (margin) for Q was AED million vs. AED million for Q2 2012, an increase of 5.1%. Total credit provisions and impairments for Q were AED million vs. AED million for Q2 2012, an increase of 0.3%. Bank net profit for Q was AED million vs. AED million in Q2 2012, an increase of 6.8%. Total number of customers increased by 12.1% over Q2 2012, to reach 537,770. Total number of branches in the UAE stands at 76, from 73 at the end of Q Group financial highlights First half 2013 vs. First half 2012 Group net revenue for H was AED 1,869.6 million vs. AED 1,757.5 million for H1 2012, an increase of 6.4%. Group net profit for H was AED million vs. AED million in H1 2012, an increase of 12.9%. 1

2 Financial analysis Income Statement: Q vs. Q and Q Group net revenues for Q increased to AED million vs. AED million in Q2 2012, a 7.2% increase (and an increase of 3.4% over the AED million in Q1 2013). Bank net revenues for Q increased to AED million vs. AED million in Q2 2012, a 5.8% increase (and an increase of 2.5% over the AED million in Q1 2013). Group fee and commission income for Q increased to AED million vs. AED million in Q2 2012, an increase of 40.4% (and a decrease of 5.8% over the AED million in Q1 2013). Group net profit for Q was AED million, after taking credit provisions and impairments of AED million vs. a net profit of AED million in Q2 2012, which was recorded after credit provisions and impairments of AED million. Net profit for Q was AED million after taking credit provisions and impairments of AED million. Bank net profit for Q was AED million, after taking credit provisions and impairments of AED million vs. a net profit of AED million in Q2 2012, which was recorded after credit provisions and impairments of AED million. Net profit for Q was AED million after taking credit provisions and impairments of AED million. Income Statement: H vs. H Group net revenues for H increased to AED 1,869.6 million vs. AED 1,757.5 million in H1 2012, a 6.4% increase. Bank net revenues for H increased to AED 1,856.6 million vs. AED 1,762.9 million in H1 2012, a 5.3% increase. Group fee and commission income for H increased to AED million vs. AED million in H1 2012, an increase of 39.9%. Group net profit for H was AED million, after taking credit provisions and impairments of AED million vs. a net profit of AED million in H1 2012, which was recorded after credit provisions and impairments of AED million. Bank net profit for H was AED million, after taking credit provisions and impairments of AED million vs. a net profit of AED million in H1 2012, which was recorded after credit provisions and impairments of AED million. Balance Sheet: 30 June 2013 vs. 30 June 2012 and 31 December 2012 Total assets as of 30 June 2013 were AED 90.7 billion, representing an increase of 15.1% compared to AED 78.9 billion at the end of 30 June 2012 (and an increase of 5.9% over the AED 85.7 billion at 31 Dec 2012). Customer deposits grew 10.4% to AED 66.9 billion, from AED 60.5 billion at the same time last year (and an increase of 9.0% over the AED 61.3 billion at 31 Dec 2012). 2

3 Capital adequacy and liquidity: 30 June 2013 vs. 30 June 2012 and 31 December 2012 The capital adequacy ratio at 30 June 2013 stood at 17.32% vs % recorded at 30 June 2012 (21.42% at 31 Dec 2012). The customer financing to deposits ratio at 30 June 2013 was 84.0% vs. 83.0% at 30 June 2012 (83.5% at 31 Dec 2012). The advances to stable funds ratio (a regulatory ratio) moved to 79.1% at 30 June 2013 from 80.8% at 30 June 2012 (75.7% at 31 Dec 2012). Financial highlights Four year performance As at 30 June All figures are in AED millions Balance sheet Q Q Q Q YR (CAGR) Total assets 68,332 72,327 78,857 90, % Gross customer financing 47,133 50,697 53,508 59, % Customer deposits 51,883 53,192 60,546 66, % Total equity 7,701 8,159 8,605 12, % Capital adequacy ratio Basel II 61.1% 16.1% 16.6% 17.3% Tier 1 ratio Basel II 12.7% 12.4% 12.8% 16.9% Customer financing to deposit ratio 87.1% 90.5% 83.0% 84.0% Income statement Q Q Q Q YR (CAGR) Net revenue Group % Net revenue Bank % Operating profit (margin) Group % Operating profit (margin) Bank % Credit provisions and impairment charge Group % Credit provisions and impairment charge Bank % Net profit Group % Net profit Bank % Total credit provisions to gross financing assets ratio Group 4.10% 5.07% 6.09% 5.52% Cost to income ratio Group 41.4% 39.3% 42.6% 42.0% Cost to income ratio Bank 37.7% 38.2% 39.7% 40.1% Network - UAE Q Q Q Q YR (CAGR) Total customers 387, , , , % Branches % ATMs % 3

4 Abu Dhabi, UAE 23 July 2013: The Abu Dhabi Islamic Bank (ADIB) Group posted a 15.1% increase in net profit of AED million for Q2 2013, after taking provisions and impairments of AED million, as the next phase of its growth strategy continued to gain momentum. The performance of the main banking business in the first half of the year has been particularly strong with total assets reaching AED 90.7 billion for the first time. The business highlights for Q were: A strong performance across a number of business units, saw ADIB s net customer financing assets increase by 4.0% vs.31 March 2013, a 9.8% increase in H The expansion into new customer segments, while remaining loyal to the core UAE National customer base, saw the number of active customers served by ADIB increase by 3.3% in Q to 537,770, a 12.1% year-on-year increase. With 76 retail branches and 560 ATMs in the UAE at the end of Q the Bank maintained its position as one of the largest retail banking networks in the UAE. It remains on track to have 80 branches in The deposit concentration risk was further reduced as current and savings account balances reached AED 36.7 billion, a 5.5% increase vs. Q and a 19.9% year-on-year increase. The continuation of the conservative policy of non-performing asset recognition and remedial management, including the taking of an additional AED million in credit provisions, to ensure a healthy pre-collateral non-performing asset coverage ratio of 72.8% of the impaired portfolio, net of write-offs. Risk management ADIB continued its best-practice approach to managing its non-performing portfolio. As a result, total nonperforming accounts as a percentage of gross customer financing decreased to 9.6% vs. 10.4% at 31 December 2012 while the Bank took an additional AED million in specific provisions and AED 6.2 million in collective provisions in Q2 2013, thereby increasing net credit provisions to AED 3,284 million, net of write-offs. Total net credit provisions now represent a pre-collateral non-performing coverage ratio of 72.8% of the impaired portfolio. The Bank's collective provisions represent 1.61% of total customer risk weighted assets, and remain ahead of the Central Bank s 2014 requirement of 1.5%. Furthermore, the Bank has an additional Credit Risk Reserve of AED 400 million, which was established in Q as part of a preemptive move towards the emerging global best practice standard of expected loss coverage and establishment of capital buffers. In addition to the credit portfolio, a further AED 39.6 million in impairments was taken against the real estate subsidiary s legacy development and investment portfolio, bringing total impairments related to this business to AED million over the past four years. 4

5 Write off Specific credit provision Collective provision 3, , ,442 2,425 3,284 3, Q Q Total Gross Credit Provisions AED Mn 15.1% -0.57% % 6.09% 5.52% 4.10% % Q2 09 Q2 10 Q2 11 Q2 12 Q2 13 Q2 09 Q2 10 Q2 11 Q2 12 Q2 13 Group net profit AED Mn Total credit provisions to gross customer financing ratio. Net of write offs - % Liquidity ADIB maintained its position as one of the most liquid banks in the UAE. At the end of Q2 2013, customer deposits stood at AED 66.9 billion, Central Bank placements at AED 5.0 billion and the net interbank position at AED 5.1 billion. A continued focus on reducing the cost of funds and deposit concentration saw current and savings accounts grow by 19.9% year-on-year to reach AED 36.7 billion, while overall deposits increased 10.4% to AED 66.9 billion during the same period. On the asset side, net customer financing grew by 9.8% in H to reach a new high of AED 56.2 billion (AED 51.2 billion as at 31 December 2012) and the Bank ended the quarter with a customer financing to deposits ratio of 84.0% and an advances to stable funds ratio of 79.1%, which is significantly better than the regulatory threshold of 100%. Furthermore, it is noteworthy that ADIB's quick asset to total asset ratio was 25.9% at the end of Q

6 Advances to Stable Funds ratio Quick Assets to Total Assets ratio 11.8% 10.4% 37,447 45,201 48,128 50,252 56,192 43,566 51,883 53,192 60,546 66,868 Q2 09 Q2 10 Q2 11 Q2 12 Q2 13 Net Customer Financing Growth AED Mn Q2 09 Q2 10 Q2 11 Q2 12 Q2 13 Customer Deposit Growth - AED Mn Capital strength Q saw ADIB repay the entire AED 2.2 billion in Tier 2 capital, which was issued to the UAE Federal Government in 2009, as part of its multi-pronged approach to capital management and optimization. The Bank s approach to capital management and optimization, which also included the successful Tier 1 issue in Q4 2012, means that the next phase of ADIB s growth is on track, as shown by the 9.8% increase in net customer financing in H vs. 31 December ADIB's capital ratios continue to be well above the UAE Central Bank of the prescribed minimums of 12% for capital adequacy and 8% for Tier 1. The capital adequacy ratio under Basel II principles ended Q at 17.32% and the Basel II Tier 1 capital ratio was 16.87%. 14.2% CAR Basel II UAE Central Bank requirement Equity Total Capital Resources 16.6% 16.1% 16.6% 17.3% % 12.0% 12.0% 12.0% 12.0% Q2 09 Q2 10 Q2 11 Q2 12 Q2 13 Q2 09 Q2 10 Q2 11 Q2 12 Q2 13 Capital Adequacy Ratio - % 6 Equity & Total Capital Resources AED Bn

7 Cost management ADIB has continued to invest appropriately across all customer segments and has expanded its operations in new markets. During the past 12 months, investments were made in: distribution (with three new branches in UAE); alternative channels (60 new ATMs); and also building its regional and international capabilities with ADIB now present in 7 countries. Behind this investment is a clear strategy to ensure that ADIB continues to consolidate its position as one of the top retail banks in the UAE while continuing to work towards the Group s long-term vision of becoming a top tier global Islamic bank. Despite the focus on growth, a concurrent focus on efficiency saw the Group s cost to income ratio decrease to 42.4% for H (43.0% - H1 2012), while the Bank s cost to income ratio remained flat at 40.3% for H (40.3% - H1 2012). Human resources A continued emphasis on efficiency and performance, despite ADIB s focus on the growth of its local and international operations, has seen the Bank's headcount decrease by 34 since Q to 1,634. ADIB remains one of the leading banks in regard to Emiratisation and as at the end of Q the Bank employed 702 UAE Nationals. Management comment On behalf of the Board of Directors and the management team Tirad Al Mahmoud, CEO of ADIB, said: I am pleased that the next phase of ADIB s growth strategy continues to gain momentum as shown by the underlying growth of our total assets which reached AED 90 billion for the first time. Our continued focus on a customer-centric strategy across an increasing number of segments and markets, combined with our now established ability to optimize capital and manage liquidity, enabled ADIB to grow its net customer financing assets by 9.8% in the first half of The growth, which is well above the market average, reinforces ADIB s status as a top-tier UAE bank. Notwithstanding the growth in our net customer financing assets, ADIB continued to demonstrate its strong liquidity capabilities by improving the advances to stable funds ratio to 79.1% at 30 June Most notably, our focus on building current and savings accounts saw their combined balances grow by 19.9% year-on-year. The overall result is that we not only meet the new Basel III based liquidity ratios but our deposit concentration risk continues to decline. With regards to provisioning, we have continued our prudent practices and added a further AED 180 million in total credit provisions and impairments during Q2 2013, while maintaining our collective provisions well above the Central Bank guidelines of 1.5%. Since 2008, total credit provisions and impairments taken by the Group amounts to AED 4,646 million. Despite both the positive outlook we have in new customer and financing asset growth, we remain cautious about any recovery in the non- 7

8 performing credit environment and fully intend to continue our diligent approach to both the recognition and management of remedial accounts. Other ADIB Group companies ADIB Securities On the back of a strong recovery in the local equity markets and the welcome news about the UAE s entrance to the MSCI emerging markets index, our stock-brokerage subsidiary, ADIB Securities, registered a net profit of AED 7.7 million in Q2 2013, up 327% from the previous year. The business, which only deals in Shari s compliant shares, recorded a market share of 6.0% for Q and is now established as the top retail broker in the UAE. Its success reflects our strategic commitment to servicing our Private Banking and Retail Banking customers through the investment cycle, rather than entering and exiting sectors and segments based on market fluctuations." Burooj Properties With regard to Burooj, the Group s real estate subsidiary: "Notwithstanding the continued signs of recovery of the real estate market in an increasing number of segments and locations across the UAE, we remain cautious about the outlook of the sector as a whole which, is in our view, still overbuilt. Given this we have continued our prudent approach to bringing Burooj s legacy development portfolio to account and during the quarter we were pleased with the progress made in resolving another one of Burooj s commitments and thereby restricting impairments to AED 39.6 million in Q vs 47.5 million in the same quarter last year. As a consequence Burooj made a loss of AED 60.7 million in Q against the loss of AED 77.1 million in Q Outlook for 2013 Providing guidance on the Bank s direction for 2063: As a result of a strong first half for asset growth, our outlook for the full year is moderately positive. However, since we continue to have concerns about the sustainable recovery of global economy we remain focused on our remedial and problem credit management processes and until there is a meaningful improvement in the non-performing portfolio we will continue to take provisions as is prudent and necessary. Notwithstanding our caution, we will continue to invest across all segments and business units for long-term growth potential and market leadership, as we remain committed to playing a leading role in the economic growth of the UAE and in those countries in which we and our clients operate. Gratitude The Board of Directors, executive management and members of ADIB staff wish to extend their sincere appreciation and gratitude to His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE 8

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10 Financial summaries ADIB Financial summary Half year Summary Banking Consolidated Group Financials H H H Chg H1 12 vs. H1 11 Chg H1 13 vs. H1 12 H H H Chg H1 12 vs. H1 11 Chg H1 13 vs. H1 12 AED Mn AED Mn AED Mn % % AED Mn AED Mn AED Mn % % Net Revenue from Funding 1, , , % 1.9% 1, , , % 1.9% Fees, Commissions and FX % 27.3% % 27.3% Investment Revenues % 14.5% % 14.5% Net Banking Revenues 1, , , % 5.3% 1, , , % 5.3% Brokerage Revenues (ADIFS subsidiary) % 61.1% Real Estate Revenues (Burooj subsidiary) (19.6) (14.5) % 25.9% Finance Company Revenues (SIH subsidiary) % 204.7% Revenue from Other Minor Activities % - Net Non-banking Revenues (5.4) % 340.7% Banking Consolidated Group Total Revenues 1, , , % 5.3% 1, , , % 6.4% Operating profit (margin) 1, , , % 5.4% 1, , , % 7.4% Credit Provisions and Impairment charge % 0.1% % -2.0% Net Profit % 7.4% % 12.9% Total Assets in AED (Billion) % 15.3% % 15.1% Customer Financing in AED (Billion) % 11.4% % 11.8% Customer Deposits in AED (Billion) % 10.6% % 10.4% ADIB Financial summary Quarter Summary Banking Consolidated Group Financials Q Q Q Chg Q2 12 vs. Q2 11 Chg Q2 13 vs. Q2 12 Q Q Q Chg Q2 12 vs. Q2 11 Chg Q2 13 vs. Q2 12 AED Mn AED Mn AED Mn % % AED Mn AED Mn AED Mn % % Net Revenue from Funding % 4.0% % 4.0% Fees, Commissions and FX % 38.4% % 38.4% Investment Revenues % -39.9% % -39.9% Net Banking Revenues % 5.8% % 5.8% Brokerage Revenues (ADIFS subsidiary) % 118.2% Real Estate Revenues (Burooj subsidiary) (9.6) (5.4) % 44.1% Finance Company Revenues (SIH subsidiary) % 66.5% Revenue from Other Minor Activities % - Net Non-banking Revenues (1.3) % 938.5% Banking Consolidated Group Total Revenues % 5.8% % 7.2% Operating profit (margin) % 5.1% % 8.2% Credit Provisions and Impairment charge % 0.3% % -3.6% Net Profit % 6.8% % 15.1% -Ends- 00

11 About ADIB: Abu Dhabi Islamic Bank (ADIB) was established on 20 th May 1997 as a Public Joint Stock Company following the Emiri Decree No. 9 of The Bank commenced commercial operations on 11 th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan on 18 th April ADIB's vision is to be a top-tier, global Islamic financial services group and its mission is to provide Islamic financial solutions to the global community. The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles. ADIB s core values, reflected in all its activities are: Simple and Sensible; Transparent; Mutual Benefit; Hospitality and Tolerance; and Shari a inspired. It brings to its customers banking as it should be. ADIB Awards: 1. Sheikh Khalifa Excellence Award - Gold category - in Best Islamic bank in the Middle east by Banker Financial Times 3. CSR label for 2012 from Dubai Chamber of Commerce 4. Best Islamic Bank in the UAE by Global Finance in 2012 for three consecutive years. 5. "Best Overall Bank in the UAE in customer service" in 2012) by Ethos Consultancy. 6. "Best Call center Award in the UAE" for 2012 by Ethos Consultancy for two consecutive years. 7. Best Branch Award in the UAE by Ethos Consultancy for 2012 for two consecutive years. 8. Best Islamic Bank in the UAE by EMEA Finance magazine for Best overall Islamic bank by Islamic Finance News magazine for Best Islamic bank in the UAE for 2012 by Euromoney. 11. Best Islamic Bank in the UAE by Islamic Finance News magazine for Best Islamic Bond by International Financing Review for Best Co-branded card and best covered card by Banker Middle East for Best Islamic card and best co-branded card by Smart Card Middle East for Human Resource Development award by Emirates Banking Institute and Finance for Best Islamic Investment strategist of the year by Islamic Finance News for Excellence in Islamic Banking Award by the International Alternative Investment Review for Best Islamic Retail Bank by Islamic Finance News for Best Corporate deal of the year by Islamic Finance News for Best Mudarabah Deal of the year by Islamic Finance News for Best Syndicated deal of the year by Islamic Finance News for Best UAE deal of the year by Islamic Finance News for For media information, please visit or contact: Lamia Hariz Corporate Communications ADIB Tel: Lamia.Hariz@adib.ae 11

12 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 JUNE 2013 (UNAUDITED)

13 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contents Page Report on review of interim condensed consolidated financial statements 1 Interim consolidated income statement 2 Interim consolidated statement of comprehensive income 3 Interim consolidated statement of financial position 4 Interim consolidated statement of changes in equity 5 Interim consolidated statement of cash flows 6 Notes to the interim condensed consolidated financial statements 7 41

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15 INTERIM CONSOLIDATED INCOME STATEMENT Three months and six months ended Three months ended Six months ended 30 June 30 June Notes OPERATING INCOME Income from murabaha, mudaraba and wakala with financial institutions 14,187 22,689 29,288 53,208 Income from murabaha, mudaraba, ijara and other Islamic financing with customers 5 892, ,653 1,772,134 1,822,359 Investment income 6 21,398 39,165 70,112 62,220 Share of results of associates and joint venture 4,621 2,952 6,224 4,306 Fees and commission income, net 7 143, , , ,784 Foreign exchange income 16,642 12,580 4,842 24,564 Income from investment properties 6,079 4,207 8,872 7,001 Income from development properties - 1,140-1,140 Other income 2, , ,101,866 1,099,741 2,189,555 2,186,160 OPERATING EXPENSES Employees costs 8 (243,312) (222,960) (481,495) (447,530) General and administrative expenses 9 (123,321) (126,683) (246,740) (252,947) Depreciation (32,760) (27,886) (64,571) (54,432) Provision for impairment, net 10 (179,821) (186,585) (365,349) (372,679) (579,214) (564,114) (1,158,155) (1,127,588) PROFIT FROM OPERATIONS, BEFORE DISTRIBUTION TO DEPOSITORS AND SUKUK HOLDERS 522, ,627 1,031,400 1,058,572 Distribution to depositors and sukuk holders 11 (151,300) (212,983) (319,969) (428,631) PROFIT FOR THE PERIOD 371, , , ,941 Attributable to: Equity holders of the Bank 370, , , ,447 Non-controlling interest , , , , ,941 Basic and diluted earnings per share attributable to ordinary shares (AED) The attached notes 1 to 38 form part of these interim condensed consolidated financial statements. 2

16 INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Three months and six months ended Three months ended Six months ended 30 June 30 June Notes PROFIT FOR THE PERIOD 371, , , ,941 Other comprehensive (loss) income Items that will not be reclassified to consolidated income statement Net (loss) gain on valuation of investments carried at fair value through other comprehensive income 29 (3,066) 987 (4,554) 4,039 Directors remuneration paid 33 - (4,200) (4,200) (4,200) Items that may be subsequently reclassified to consolidated income statement Exchange differences arising on translation of foreign operations 29 (26,555) (4,756) (74,673) (1,953) (Loss) gain on hedge of foreign operations 29 (589) 4,010 4,033 1,953 Fair value gain (loss) on cash flow hedge 29 3,538 (5,467) 8,896 (4,816) OTHER COMPREHENSIVE LOSS FOR THE PERIOD (26,672) (9,426) (70,498) (4,977) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 344, , , ,964 Attributable to: Equity holders of the Bank 344, , , ,470 Non-controlling interest , , , , ,964 The attached notes 1 to 38 form part of these interim condensed consolidated financial statements. 3

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18 INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Six months ended Attributable to the equity holders of the Bank Credit Proposed Non- Share Legal General risk Retained Proposed dividends to Other Tier 1 controlling Total capital reserve reserve reserve earnings dividends charity reserves sukuk Total interest equity Note AED 000 AED '000 Balance at 1 January audited 2,364,706 1,756, , ,000 1,189, ,616 4,450 (86,050) 5,629,165 12,598,107 53,775 12,651,882 Profit for the period , ,211 1, ,431 Other comprehensive loss (4,200) - - (66,298) - (70,498) - (70,498) Profit paid on Tier 1 sukuk (95,595) (95,595) - (95,595) Profit paid on Tier 1 sukuk Government of Abu Dhabi (60,000) (60,000) - (60,000) Movement in Tier 1 sukuk ,836 1,836-1,836 Dividends paid (600,616) (600,616) - (600,616) Dividends paid to charity (4,450) - - (4,450) - (4,450) Balance at 30 June unaudited 2,364,706 1,756, , ,000 1,739, (152,348) 5,631,001 12,478,995 54,995 12,533,990 Balance at 1 January audited 2,364,706 1,755, ,921-1,311, ,546 1,028 (28,043) 2,000,000 8,568,458 2,609 8,571,067 Profit for the period , , ,941 Other comprehensive loss (4,200) - - (777) - (4,977) - (4,977) Profit paid on Tier 1 sukuk Government of Abu Dhabi (60,000) (60,000) - (60,000) Dividends paid (577,546) (577,546) - (577,546) Dividends paid to charity (1,028) - - (1,028) - (1,028) Non-controlling interest arising on a business combination ,986 47,986 Balance at 30 June 2012 unaudited 2,364,706 1,755, ,921-1,876, (28,820) 2,000,000 8,554,354 51,089 8,605,443 The attached notes 1 to 38 form part of these interim condensed consolidated financial statements. 5

19 INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS Six months ended Six months Six months ended 30 June ended 30 June Notes OPERATING ACTIVITIES Profit for the period 711, ,941 Adjustments for: Depreciation on investment properties 20 5,526 3,295 Depreciation on property and equipment 59,045 51,137 Share of results of associates (6,224) (4,306) Dividend income 6 (5,443) (2,098) Realised loss (gain) on sale of investments carried at fair value through profit and loss 6 11,038 (11,410) Unrealised loss (gain) on investments carried at fair value through profit and loss 6 18,567 (12,177) Provision for impairment, net , ,679 Gain on sale of investment properties (861) (1,159) Gain on sale of development properties - (1,140) Operating profit before changes in operating assets and liabilities 1,158,428 1,024,762 (Purchase of) proceeds from encashment of certificate of deposits (46,464) 1,504,349 (Increase) decrease in balances and wakala deposits with Islamic banks and other financial institutions (131,255) 119,279 Decrease (increase) in murabaha and mudaraba with financial institutions 1,040,461 (880,344) Increase in murabaha and other Islamic financing (1,369,237) (182,366) Increase in ijara financing (3,892,230) (1,498,326) Purchase of investments carried at fair value through profit and loss (2,194,026) (1,941,437) Proceeds from sale of investments carried at fair value through profit and loss 2,365,485 2,016,091 Increase in other assets (155,569) (267,225) Increase (decrease) in due to financial institutions 75,540 (3,679) Increase in depositors accounts 5,542,040 5,376,287 Increase (decrease) in other liabilities 226,687 (202,691) Cash from operations 2,619,860 5,064,700 Directors remuneration paid (4,200) (4,200) Net cash from operating activities 2,615,660 5,060,500 INVESTING ACTIVITIES Dividend received 6 5,443 2,098 Purchase of investments carried at fair value through other comprehensive income - (53,587) Proceeds from sale of investments carried at fair value through other comprehensive income 7, Purchase of investments carried at amortised cost (1,876,005) (1,567,707) Redemption proceeds from investment carried at amortised cost 307,700 - Dividend received from an associate 5,154 4,497 Proceeds from sale of investment properties 2,500 8,200 Additions to development properties 21 - (4,246) Proceeds from sale of development properties - 3,649 Additions to property and equipment (175,393) (157,982) Net cash used in investing activities (1,723,256) (1,764,511) FINANCING ACTIVITIES Profit paid on Tier 1 sukuk 30 (95,595) - Profit paid on Tier 1 sukuk to Government of Abu Dhabi 30 (60,000) (60,000) Tier 2 wakala capital repaid to UAE Federal government 26 (2,207,408) - Dividends paid (564,099) (550,213) Proceeds from sale of repurchased Tier 1 sukuk 1,836 - Proceeds from sale of (purchase of) repurchased sukuk (second issue) 119,723 (734) Net cash used in financing activities (2,805,543) (610,947) (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,913,139) 2,685,042 Cash and cash equivalents at 1 January 17,655,720 11,392,464 CASH AND CASH EQUIVALENTS AT 30 JUNE 32 15,742,581 14,077,506 Operating cash flows from profit on balances and wakala deposits with Islamic banks and other financial institutions, murabaha and mudaraba with financial institutions, customer financing, Islamic sukuk and customer deposits are as follows: Profit received 1,702,289 1,735,582 Profit paid to depositors and sukuk holders 321, ,955 The attached notes 1 to 38 form part of these interim condensed consolidated financial statements. 6

20 1 LEGAL STATUS AND PRINCIPAL ACTIVITIES Abu Dhabi Islamic Bank PJSC ( the Bank ) was incorporated in the Emirate of Abu Dhabi, United Arab Emirates (UAE), as a public joint stock company with limited liability, in accordance with the provisions of the UAE Federal Commercial Companies Law No. (8) of 1984 (as amended) and the Amiri Decree No. 9 of The Bank and its subsidiaries ( the Group ) carry out full banking services, financing and investing activities through various islamic instruments such as Murabaha, Istisna a, Mudaraba, Musharaka, Ijara, Wakalah, Sukuk etc. The activities of the Bank are conducted in accordance with Islamic Shari a, which prohibits usury, and within the provisions of the Articles and Memorandum of Association of the respective entities within the Group. In addition to its main office in Abu Dhabi, the Bank operates through its 76 branches in UAE and 3 overseas branches in Iraq, Qatar and Sudan and subsidiaries in the UAE, Kingdom of Saudi Arabia and the United Kingdom. The interim condensed consolidated financial statements combine the activities of the Bank s head office, its branches and subsidiaries. The registered office of the Bank is at P O Box 313, Abu Dhabi, UAE. The interim condensed consolidated financial statements of the Group were authorised for issued by the Board of Directors on 23 July DEFINITIONS The following terms are used in the interim condensed consolidated financial statements with the meanings specified: Murabaha A sale contract, in which the Group sells to a customer a physical asset, goods, or shares already owned and possessed (either physically or constructively) at a selling price consists of the purchasing cost plus a mark-up profit. Istisna a A sale contract, in which the Group (Al Saanee) sells an asset to be developed using its own materials to a customer (Al Mustasnee) according to pre-agreed upon precise specification, at a specific price, installments dates and to be delivered on a specific date. This developed asset can be either developed directly by the Group or through a subcontractor and then it is handed over to the customer on the pre-agreed upon date. Ijara A lease contract whereby the Group (the Lessor) leases to a customer (the Lessee) a service or the usufruct of an owned or rented physical asset either exists currently or to be constructed in future (forward lease) for a specific period of time at specific rental installments. The lease contract could be ended by transferring the ownership of a leased physical asset through an independent mode to the lessee. Qard Hasan A non-profit bearing loan enables the borrower to use the borrowed amounts for a specific period of time, at the end of which the same borrowed amounts would be repaid free of any charges or profits. Musharaka A contract between the Group and a customer to enter into a partnership in an existing project (or to be established), or in the ownership of a specific asset, either on ongoing basis or for a limited time, during which the Group enters in particular arrangements with the customer to sell to him/her its share in this partnership until he/she becomes the sole owner of it (diminishing musharaka). Profits are distributed according to the mutual agreement of the parties as stipulated in the contract; however, losses are borne according to the exact shares in the Musharaka capital on a prorata basis. 7

21 2 DEFINITIONS continued Mudaraba A contract between the Group and a customer, whereby one party provides the funds (Rab Al Mal) and the other party (the Mudarib) invests the funds in a project or a particular activity and any generated profits are distributed between the parties according to the profit shares that were pre-agreed upon in the contract. The Mudarib is responsible of all losses caused by his misconduct, negligence or violation of the terms and conditions of the Mudaraba; otherwise, losses are borne by Rab Al Mal. Wakalah A contract between the Group and a customer whereby one party (the principal: the Muwakkil) appoints the other party (the agent: Wakil) to invest certain funds according to the terms and conditions of the Wakala for a fixed fee in addition to any profit exceeding the expected profit as an incentive for the Wakil for the good performance. Any losses as a result of the misconduct or negligence or violation of the terms and conditions of the Wakala are borne by the Wakil; otherwise, they are borne by the principal. Sukuk Certificates which are equal in value and represent common shares in the ownership of a specific physical asset (leased or to be leased either existing or to be constructed in future), or in the ownership of cash receivables of selling an existing-owned asset, or in the ownership of goods receivables, or in the ownership of the assets of Mudaraba or Partnership companies. In all these cases, the Sukuk holders shall be the owners of their common shares in the leased assets, or in the cash receivables, or the goods receivable, or in the assets of the Partnership or the Mudaraba. 3 BASIS OF PREPARATION 3.1.a Statement of compliance The interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting and in compliance with general principles of the Shari a as determined by the Group s Fatwa and Shari a Supervisory Board. 3.1.b Accounting convention The interim condensed consolidated financial statements have been prepared under the historical cost convention except for investments carried at fair value through profit or loss, investments carried at fair value through other comprehensive income, Shari'a compliant alternatives of derivative financial instruments which have been measured at fair value and land which has been carried at revalued amount. The interim condensed consolidated financial statements have been presented in UAE Dirhams (AED), which is the functional currency of the Bank and all values are rounded to the nearest thousand AED except where otherwise indicated. 3.1.c Basis of consolidation The interim condensed consolidated financial statements comprise the financial statements of the Bank and those of its following subsidiaries: Activity Country Percentage of holding of incorporation Abu Dhabi Islamic Securities Company LLC Equity brokerage services United Arab Emirates 95% 95% Burooj Properties LLC Real estate investments United Arab Emirates 100% 100% ADIB Invest 1 Equity brokerage services BVI 100% 100% Kawader Services Company LLC Manpower supply United Arab Emirates 100% 100% Saudi Installment House Retail finance Kingdom of Saudi Arabia 51% 51% ADIB (UK) Limited Islamic banking United Kingdom 100% 100% ADIB Sukuk Company Ltd* Special purpose vehicle Cayman Island - - ADIB Sukuk Company II Ltd* Special purpose vehicle Cayman Island - - ADIB Capital Invest 1 Ltd* Special purpose vehicle Cayman Island - - * The Bank does not have any direct holding in ADIB Sukuk Company Ltd, ADIB Sukuk Company II Ltd or ADIB Capital Invest 1 Ltd and each are considered to be a subsidiary by virtue of control. 8

22 3 BASIS OF PREPARATION continued 3.1.c Basis of consolidation continued A subsidiary is an entity over which the Bank exercises control, directly or indirectly, to govern the financial and operating policies so as to obtain benefits from its activities. These interim condensed consolidated financial statements include the operations of the subsidiaries over which the Bank has control. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The interim condensed financial statements of the subsidiaries are prepared for the same reporting period as the Bank, using consistent accounting policies. All intra-group balances, transactions, income and expenses and profits and losses resulting from intra-group transactions are eliminated in full. Non-controlling interests represent the portion of the profit or loss and net assets not held by the Bank and are presented separately in the interim consolidated income statement, comprehensive income and within equity in the interim consolidated statement of financial position, separately from the Bank shareholders equity. 3.2 Standards issued but not yet effective The following new standards / amendments to standards which were issued and are not yet effective for the period ended 30 June 2013 have not been applied while preparing these interim condensed consolidated financial statements: IAS 32 Offsetting Financial Assets and Financial Liabilities 1 January 2014 These amendments clarify the meaning of currently has a legally enforceable right to set-off. The amendments also clarify the application of the IAS 32 offsetting criteria to settlement systems (such as central clearing house systems) which apply gross settlement mechanisms that are not simultaneous. 3.3 Significant judgements and estimates The preparation of the interim condensed consolidated financial statements in conformity with the International Financial Reporting Standards requires management to make judgment, estimates and assumptions that affect the application of accounting policies and reported amounts of financial assets and liabilities and the disclosure of contingent liabilities. These judgments, estimates and assumptions also affect the revenue, expenses and provisions as well as fair value changes. These judgments, estimates and assumptions may affect the reported amounts in subsequent financial years. Estimates and judgments are currently evaluated and are based on historical experience and other factors. In order to reduce the element of subjectivity, the Group has laid down clear criteria to enable estimation of future cash flows. As estimates are based on judgments, actual results may differ, resulting in future changes in such provisions. In preparing these interim condensed consolidated financial statements, the significant judgments made by management in applying the Group s accounting policies and the key sources of estimation uncertainty are the same as those applied to the consolidated financial statements as at and for the year ended 31 December

23 4 ACCOUNTING POLICIES The interim condensed consolidated financial statements do not contain all information and disclosures for full consolidated financial statements prepared in accordance with International Financial Reporting Standards, and should be read in conjunction with the Group's annual consolidated financial statements as at 31 December In addition, results for the six months ended 30 June 2013 are not necessarily indicative of the results that may be expected for the financial year ending 31 December The accounting policies used in the preparation of the interim condensed consolidated financial statements are consistent with those used in the preparation of the Group s annual consolidated financial statements for the year ended 31 December As required by Securities and Commodities Authority of UAE ( SCA ) notification no. 2635/2008 dated 12 October 2008, accounting policies related to financial instruments as disclosed in the annual consolidated financial statements are provided below: During the period, the Group has adopted the following new standards / amendments to standards effective for the annual periods beginning on or after 1 January 2013: IFRS 7 : Financial Instruments: Disclosures - Offsetting Financial Assets and Financial Liabilities (Amendment) IFRS 10 : Consolidated Financial Statements IFRS 11 : Joint Arrangements IFRS 12 : Disclosure of Interests in Other Entities IFRS 13 : Fair Value Measurement IAS 1 : Presentation of financial statements (Amendment) IAS 19 : Employee Benefits (Amendment) IAS 27 : Separate Financial Statements (Amendment) IAS 28 : Investment in Associates and Joint Ventures (Amendment) However the new standards / amendments to standards did not have any impact on the accounting policy, consolidated financial position and performance of the Group during the period. A brief description of the change is also provided below: IFRS 7: Financial Instruments: Disclosures - Offsetting Financial Assets and Financial Liabilities (Amendment) These amendments require an entity to disclose information about rights to set-off and related arrangements (e.g., collateral agreements). The disclosures would provide users with information that is useful in evaluating the effect of netting arrangements on an entity s financial position. The new disclosures are required for all recognised financial instruments that are set off in accordance with IAS 32 Financial Instruments: Presentation. The disclosures also apply to recognised financial instruments that are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are set off in accordance with IAS 32. The amendment did not have any impact on the accounting policy, interim condensed consolidated financial position and performance of the Group during the period. IFRS 10: Consolidated financial statements replaces part of IAS 27 Consolidated and Separate Financial Statements related to consolidated financial statements and replaces SIC 12 Consolidation Special Purpose Entities. The new standard defines the principle of control and establishes control as the basis for determining which entities are consolidated in the consolidated financial statements. IFRS 10 sets the principle of control in three elements of control (a) power over the investee, (b) exposure, or rights, to variable return from involvement with the investee, and (c) the ability to use power over the investee to affect the amount of investor s return. Management carried out a detailed review on the Bank s connected entities and the funds managed by the Bank in view of the new definition and guidance in IFRS 10 and determined that the Group s exposure to funds indicate that the Group is an agent and concludes that it does not control the funds and thus not consolidated. 10

24 4 SIGNIFICANT ACCOUNTING POLICIES continued IFRS 11: Joint Arrangements replaces IAS 31 interest in Joint Ventures and SIC 13 Jointly controlled Entities Non Monetary Contribution by Ventures. The new standard deals with how a joint arrangement of which two or more parties have joint control should be classified and requires that joint ventures are accounted for using the equity method of accounting. The amendment did not have any impact on the accounting policy, consolidated financial position and performance of the Group during the period. IFRS 12: Disclosures of interests in other entities includes all of the disclosures that were previously in IAS 27 related to consolidated financial statements, as well as all of the disclosures that were previously included in IAS 31 and IAS 28. These disclosures relate to an entity s interests in subsidiaries, joint ventures, associates and unconsolidated structured entities when the reporting entity has a special relationship with those other entities. The additional disclosure related to non-controlling interest in subsidiaries will be provided in the annual financial statements for the year ending 31 December The amendment did not have any impact on the accounting policy, consolidated financial position and performance of the Group during the period. IFRS 13: Fair value measurement aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. The amendment did not have any impact on the accounting policy, consolidated financial position and performance of the Group during the period. IAS 1: Presentation of financial statements (Amendment) prescribes the information to be presented in the other comprehensive income. The other comprehensive income section shall present line items for amounts of other comprehensive income in the period, classified by nature and group into those that, in accordance with other IFRSs will not be reclassified subsequently to statement of income and will be reclassified subsequently to statement of income when specific conditions are met. The amendment impacts the presentation of the statement of comprehensive income and did not have any impact on the accounting policy, consolidated financial position and performance of the Group during the period. IAS 19: Employee Benefits (Amendment) requires recognition of changes in defined benefit obligations and the fair value of plan asset when they occur, with all actuarial gains and losses recognized immediately through other comprehensive income. The amendment did not have any impact on the accounting policy, consolidated financial position and performance of the Group during the period as the defined benefit obligations are not materially significant. IAS 27: Separate Financial Statements (Amendment) requires, when an entity prepare separate financial statements, to account for investment in subsidiaries, joint ventures and associates at cost or in accordance with IFRS 9 Financial Instrument. The amendment did not have any impact on the accounting policy, consolidated financial position and performance of the Group during the period as this is not relevant for the Group s financial statements. IAS 28: Investment in Associates and Joint Ventures (Amendment) prescribes the accounting for investments in associates and sets out the requirement for the application of the equity method when accounting for investments in associates and joint ventures. The amendment did not have any impact on the accounting policy, consolidated financial position and performance of the Group. 11

25 4 SIGNIFICANT ACCOUNTING POLICIES continued Financial Instruments Recognition and Measurement Financial instruments comprise financial assets and financial liabilities. Financial assets of the Group are further analysed as: Customer financing; Balances and wakala deposits Islamic banks and other financial institutions; Murabaha and mudaraba with financial institutions; Investment in sukuk; Investment in equity instruments; and Sharia compliant alternatives of derivatives. The Group s customer financing comprise the following: Murabaha and other Islamic financing; and Ijara financing. Financial assets are classified in their entirety on the basis of the Group s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. Financial assets are measured either at amortised cost or fair value. Classification Financial assets at amortised cost Murahaba and other Islamic financing and Ijara financing i.e. customer financing and investment in sukuks, are measured at amortised cost, if both the following conditions are met: the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and profit on the principal amount outstanding. All other financial assets are subsequently measured at fair value. Financial assets at fair value through profit or loss ( FVTPL ) Investments in equity instruments are classified as FVTPL, unless the Group designates an investment that is not held for trading as at fair value through other comprehensive income ( FVTOCI ) on initial recognition. Financial assets that do not meet the amortised cost criteria are classified as FVTPL. In addition, certain financial assets that meet the amortised cost criteria but at initial recognition are designated as FVTPL in line with the business model of the Group. A financial asset may be designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would arise from measuring assets or liabilities or recognizing the gains or losses on them on different basis. Financial asset are reclassified from amortised cost to FVTPL when the business model is changed such that the amortised cost criteria are no longer met. Reclassification of financial assets that are designated as FVTPL on initial recognition is not allowed. 12

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