UAE Banking Market Update
Associates and Joint Ventures
Composition of Balances
Highlights
Significant de-risking of investment in Union Properties (UP) since 2009:
-
UP investment reduced by AED 0.5 billion and AED 1.0 billion in 2009
and 2010 respectively through recognition of share of losses and
impairment
additional reduction in book value of UP of AED 0.5 billion in Q1 2011
Network International accounted for as a jointly controlled entity from the
start of 2011 with a carrying value of AED 1.3 billion at the end of Q3 2011
Composition of Associates & Joint Ventures (AED million)
Income Statement
AED million
Union Properties
- Share of losses*
- Impairment of
investment
National General
Insurance
Q3
2011
YTD
Q3
2010
YTD
Change
(%)
Chang
2010
2009
e (%)
(500) (176)
185%
(1,043) (517)
+102%
(74)
(176) n/a
(683)
(201)
+240%
(426)
n/a
(360)
(316)
+14%
13
20
-35%
19
39
-51%
Network International
61
0
n/a
0
0
n/a
Total
(426)
(155)
174%
(1,024)
(478)
+114%
Balance Sheet
30 Sep
31 Dec
Change
31 Dec
31 Dec
Change
AED million
2011
2010
(%)
2010
2009
(%)
Investment in Union Properties
Union Properties
782
1,282
-39%
1,282
2,326
-45%
National General
129
130
0%
130
116
+12%
1.78
Insurance
1.45
Network International
1,343
3
n/a
3
3
0%
Total
2,254
1,415
+59%
1,415
2,445
-42%
0.80
2.8
2.3
0.49
1.3
2008
Emirates NBD
0.8
Q3 11 YTD
AED per share
2009
2010
AED billion
* Emirates NBD share of losses for Union Properties for Q1 2011 includes an amount of AED 74 million loss pertaining
to the 2010 financial year
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