In the meantime CBUAE's
held-to-maturity securities rose to around Dh41.65 billion in May, with other foreign assets up to Dh15.1 billion during the monitored period.
Asset growth since September 30, 2017 resulted primarily from a USD224m increase in net loans receivable and a USD119m increase in
held-to-maturity securities.
Since September 30, 2016, cash and cash equivalents decreased USD 137 million or 30.5% while available-for-sale securities decreased USD 657 million or 34.2% and
held-to-maturity securities slightly offset these with an increase of USD 229 million or 16.2%.
In June 2016, BPI sold a portion of
held-to-maturity securities to fund loan growth, reduce high cost deposits and enhance capital.
Held-to-maturity securities have risen in value during the same period from Dh101.46 billion to Dh104.33 billion, while "other foreign assets" increased from Dh5.29 billion to Dh6.36 billion.
The Bank's long-term
held-to-maturity securities portfolio, which is comprised substantially of U.S.
Central's decision to reclassify $9.3 billion worth of
held-to-maturity securities to available-for-sale, McKechnie confirmed, with the balance representing additional loss of value experienced during the quarter.
Under SFAS 115, MBSs are classified into one of three categories: trading securities,
held-to-maturity securities, or available-for-sale securities.
Were any declines in the fair value of available-for-sale or
held-to-maturity securities deemed to be impaired?
81 says auditors ordinarily should obtain written representations from management confirming, with respect to
held-to-maturity securities, that management has the intent and the entity has the ability to hold such securities to maturity.
Excluding one-off income from sale of
held-to-maturity securities in June 2016, net income for the first semester went up by 48 percent, the bank said in a regulatory filing on Thursday.
