Investor Presentaiton
NOTES TO THE GROUP CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
12 LOANS AND RECEIVABLES
13
2021
AED 000
2020
AED 000
(a)
By Type
Gross loans and receivables
459,457,866
478,526,280
Less: Expected credit losses
(37,185,476)
(34,984,811)
422,272,390
443,541,469
At Amortised Cost
Overdrafts
2021
AED 000
141,178,599
2020
AED 000
147,606,488
Time loans
227,088,997
244,809,965
Loans against trust receipts
9,236,631
7,915,401
Bills discounted
3,892,605
Credit card receivables
13,353,455
Gross loans - conventional
394,750,287
3,594,752
12,842,426
416,769,032
Murabaha
Ijara
Wakala
Istisna'a
Credit cards receivable
Others
41,489,900
20,862,452
975,081
873,178
39,841,875
20,263,477
454,006
1,141,483
Less: Deferred income
1,646,713
675,088
(1,814,833)
1,483,910
293,847
(1,721,350)
Gross Islamic financing receivables
64,707,579
61,757,248
Gross loans and receivables
459,457,866
478,526,280
Total of credit impaired loans and receivables
29,159,717
29,817,914
2021
AED 000
2020
AED 000
(b)
By Business Units
Corporate and Institutional banking
Retail banking
AED 000
AED 000
314,574,572
341,275,968
107,697,818
102,265,501
422,272,390
443,541,469
Corporate ljara assets amounting to AED 2.3 billion (2020: AED 4.6 billion) and Murabaha assets amounting
to AED Nil (2020: AED 0.2 billion) were securitised for the purpose of issuance of Sukuk liability (refer Note
19 and 13 b).
Expected credit losses on Loans and receivables have been disclosed in further detail in Note 46 (I).
53
EMIRATES NBD BANK PJSC - GROUP CONSOLIDATED FINANCIAL STATEMENTS - FOR THE YEAR ENDED 31 DECEMBER 2021
54
54
NOTES TO THE GROUP CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
LOANS SECURITISATION
(a)
(b)
Incorporation of Emirates NBD Asset Finance Companies in Ireland and Cayman Islands for asset
securitisation
As at 31 December 2021, the corporate loans and receivables balance transferred to ENBD Asset
Finance Company No.1 Designated Activity Company (DAC) and ENBD Asset Finance Company No.
2 Limited is AED 918 million (2020: AED 918 million) and the associated liability secured by these
assets and included under debt issued and other borrowed funds is AED 918 million (2020: AED
918 million). The principal activity of these companies is to purchase portfolio of loans through
issuance of notes.
Since the Group is exposed to variable returns from its involvement in the SPES and has the ability
to affect those returns through its power over the SPES, these SPEs are consolidated in compliance
with IFRS 10.
Securitisation of Islamic Financing Receivables
The Group transferred certain identified ljara and Murabaha assets totalling to AED 3.7 billion (the
"co-owned assets") of its Subsidiary, Emirates Islamic Bank, to EIB Sukuk Company Limited - (the
"Issuer"), a special purpose vehicle formed for the issuance of these sukuk. This medium term
finance is carried at amortised cost. As at 31 December 2021 the total outstanding sukuk payable is
AED 3.7 billion (2020: AED 5.5 billion).
In substance, the co-owned assets remain in control of the Group; accordingly these assets continue
to be recognised by the Group. In case of any default, the Group has provided an undertaking to
make good all losses to the sukuk holders. The assets are in the control of the Group and shall
continue to be serviced by the Group.
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