Financial statements

Consolidated Statement of Financial Position

as at 31 December
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Notes 2024
$ '000 		2023
$'000
ASSETS
Cash and balances with Saudi Central Bank (SAMA) 4 13,849,670 12,598,444
Due from banks and other financial institutions, net 5 4,510,142 1,700,907
Investments held at fair value through statement of income (FVSI) 6 3,142,665 2,648,977
Investments held at fair value through other comprehensive income (FVOCI) 6 13,750,818 13,466,579
Investments held at amortized cost, net 6 31,681,460 27,105,159
Investments in associate and joint venture 6 50,267 15,637
Positive fair value of derivatives 7 505,417 144,329
Financing, net 8 202,308,094 173,624,044
Property, equipment and right of use assets, net 9 3,400,866 2,888,209
Other assets 10 3,628,082 2,522,813
TOTAL ASSETS 276,827,481 236,715,098
LIABILITIES AND EQUITY
LIABILITIES
Due to SAMA, banks and other financial institutions 11 13,936,256 7,431,230
Customers' deposits 12 210,544,650 187,900,581
Negative fair value of derivatives 7 436,626 110,321
Amount due to Mutual Funds' unitholders 13 114,557 93,510
Other liabilities 14 10,353,617 6,845,855
TOTAL LIABILITIES 235,385,706 202,381,497
EQUITY
Share capital 15 25,000,000 20,000,000
Treasury shares 17.1 (203,958) (225,611)
Statutory reserve 16 4,836,346 3,378,431
Other reserves 17.2 (129,404) 62,359
Retained earnings 3,188,291 1,118,422
Proposed issue of bonus shares 15.2 - 5,000,000
Equity attributable to the shareholders of the Bank 32,691,275 29,333,601
Tier 1 Sukuk 18 8,750,500 5,000,000
TOTAL EQUITY 41,441,775 34,333,601
TOTAL LIABILITIES AND EQUITY 276,827,481 236,715,098

Consolidated Statement of Income

For the year ended December 31
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Notes 2024
%'000 		2023
%'000
Income from investments and financing 20 16,154,779 13,227,509
Return on time investments 20 (7,506,150) (5,572,995)
Income from investments and financing, net 20 8,648,629 7,654,514
Fee from banking services – income 1.21 2,921,597 2,426,703
Fee from banking services – expense 1.21 (1,313,278) (967,712)
Fees from banking services, net 1.21 1,608,319 1,458,991
Exchange income, net 379,564 330,291
Income from FVSI financial instruments, net 1.6 237,073 211,721
Gain from FVOCI sukuk investments, net 911 -
Dividend income on FVOCI equity investments 33,004 30,798
Other operating income 2.21 32,576 39,342
Total operating income 10,940,076 9,725,657
Salaries and employee related expenses 22 1,664,098 1,466,521
Rent and premises related expenses 74,210 73,651
Depreciation and amortization 9 353,839 325,313
Other general and administrative expenses 27 1,291,492 1,178,041
Operating expenses before impairment charges 3,383,639 3,043,526
Impairment charge on financing, net of recoveries 8.2 1,049,809 1,272,104
Impairment (reversal) / charge on other financial assets (550) 26,524
Total operating expenses 4,432,898 4,342,154
Net operating income 6,507,178 5,383,503
Share of (loss) / income from associate and joint venture 6.6, 5.6 (5,106) 12,021
Income for the year before zakat 6,502,072 5,395,524
Zakat for the year 24 (670,411) (556,318)
Net income for the year after zakat 5,831,661 4,839,206
Basic and diluted earnings per share (%) 23 2.22 1.87

Consolidated Statement of Comprehensive Income

For the year ended December 31
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Notes 2024
%'000 		2023
%'000
Net income for the year after zakat 5,831,661 4,839,206
Other comprehensive income / (loss):
Items that cannot be recycled back to consolidated statement of income in subsequent periods
Net change in fair value of FVOCI equity investments 17.2 23,721 461,304
Share of joint venture / associate's other comprehensive (loss) / income 17.2 (11,553) 10,868
Actuarial gain on re-measurement of end of service benefits 17.2 5,486 19,637
Items that can be recycled back to consolidated statement of income in subsequent periods
Net change in fair value of FVOCI sukuk investments 17.2 (174,260) 108,987
Gain from FVOCI sukuk investments, net 17.2 (911) -
Cash flow hedge:
Effective portion of change in fair value of cash flow hedge (51,435) -
Net amounts transferred to consolidated statement of income 28,475 -
Total other comprehensive (loss) / income (180,477) 600,796
Total comprehensive income for the year 5,651,184 5,440,002

Consolidated Statement of Changes in Equity

For the year ended December 31
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2024
($ '000) 		Notes Share
capital 		Treasury
shares 		Statutory
reserve 		Other
reserves 		Retained
earnings 		Proposed
issue
of
bonus
shares
/
dividends
Total
equity
attributable
to
the
shareholder		 Tier 1
Sukuk 		Total
equity
Balance at the beginning of the year 20,000,000 (225,611) 3,378,431 62,359 1,118,422 5,000,000 29,333,601 5,000,000 34,333,601
Net income for the year afggr zakat - - - - 5,831,661 - 5,831,661 - 5,831,661
Net change in fair value of FVOCI equity investments 17.2 - - - 23,721 - - 23,721 - 23,721
Actuarial gain on re-measurement of end of service benefits 17.2 - - - 5,486 - - 5,486 - 5,486
Net change in fair values of FVOCI sukuk investments 17.2 - - - (174,260) - - (174,260) - (174,260)
Gain on sale of FVOCI sukuk investments - - - (911) - - (911) - (911)
Cash flow hedge 7, 17.2 - - - (22,960) - - (22,960) - (22,960)
Share of joint venture's other comprehensive loss 17.2 - - - (11,553) - - (11,553) - (11,553)
Total comprehensive income - - - (180,477) 5,831,661 - 5,651,184 - 5,651,184
Issuance of bonus shares 15.2 5,000,000 - - - - (5,000,000) - - -
Transfers to retained earnings on disposal of FVOCI equity investments 17.2 - - - (85,926) 85,926 - - - -
Realized share of joint venture's other comprehensive loss 17.2 - - - 11,553 (11,553) - - - -
Transfer to statutory reserve 16 - - 1,457,915 - (1,457,915) - - - -
Tier 1 Sukuk costs 18 - - - - (321,921) - (321,921) - (321,921)
Issuance of Tier 1 sukuk 18 - - - - (15,149) - (15,149) 3,750,500 3,735,351
Interim dividends paid for 2024 15.1 - - - - (1,988,419) - (1,988,419) - (1,988,419)
Employee share based plans and other reserve movements 17.2 - 21,653 - 63,087 (52,761) - 31,979 - 31,979
Balance at the end of the year 25,000,000 (203,958) 4,836,346 (129,404) 3,188,291 - 32,691,275 8,750,500 41,441,775
2023
($ '000) 		Notes Share
capital 		Treasury
shares 		Statutory
reserve 		Other
reserves 		Retained
earnings 		Proposed
issue
of
bonus
shares
/
dividends
Total
equity
attributable
to
the
shareholder		 Tier 1
Sukuk 		Total
equity
Balance at the beginning of the year 20,000,000 (66,021) 2,168,630 (507,396) 4,285,004 996,096 26,876,313 5,000,000 31,876,313
Net income for the year after zakat - - - - 4,839,206 - 4,839,206 - 4,839,206
Net change in fair value of FVOCI equity investments 17.2 - - - 461,304 - - 461,304 - 461,304
Actuarial gain on re-measurement of end of service benefits 17.2 - - - 19,637 - - 19,637 - 19,637
Net change in fair values of FVOCI sukuk investments 17.2 - - - 108,987 - - 108,987 - 108,987
Share of associate other comprehensive income 17.2 - - - 10,868 - - 10,868 - 10,868
Total comprehensive income - - - 600,796 4,839,206 - 5,440,002 - 5,440,002
Transfers to retained earnings on disposal of FVOCI equity investments 17.2 - - - (120,052) 120,052 - - - -
Realized share of associate's other comprehensive income 17.2 - - - (10,868) 10,868 - - - -
Transfer to statutory reserve 16 - - 1,209,801 - (1,209,801) - - - -
Tier 1 Sukuk costs - - - - (200,000) - (200,000) - (200,000)
Final dividends paid for 2022 15.1 - - - - - (996,096) (996,096) - (996,096)
Interim dividends paid for 2023 15.1 - - - - (1,690,389) - (1,690,389) - (1,690,389)
Proposed issue of bonus shares for 2023 15.2 - - - - (5,000,000) 5,000,000 - - -
Employee share based plans and other reserve movements 17.1,17.2 - (159,590) - 99,879 (36,518) - (96,229) - (96,229)
Balance at the end of the year 20,000,000 (225,611) 3,378,431 62,359 1,118,422 5,000,000 29,333,601 5,000,000 34,333,601

Consolidated Statement of Cash Flows

For the year ended December 31
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Notes 2024
$'000 		2023
$'000
OPERATING ACTIVITIES
Income for the year before zakat 6,502,072 5,395,524
Adjustments to reconcile income for the year before zakat to net cash from operating activities:
Depreciation and amortization 9 353,839 325,313
Loss / (gain) on disposal of property and equipment, net 4,172 (7,878)
Unrealized loss / (gain) from FVSI financial instruments, net 26,710 (67,011)
Gain from FVOCI sukuk investments, net (911) -
Fair value adjustment to derivatives (34,783) (34,008)
Dividend income on FVOCI equity investments (33,004) (30,798)
Impairment charge on financing, net of recoveries 8.2 1,049,809 1,272,104
Impairment (reversal) / charge on other financial assets (550) 26,524
Recoveries of previously written-off bad debts 8.2 197,137 141,705
Unwinding of deferred payment program modification loss (15,228) (22,548)
Unwinding of fair value impact of SAMA deposits 10,110 55,901
Employees share based plans reserve 17.2 62,141 57,113
Share of loss / (income) from associate and joint venture 6.6, 5.6 5,106 (12,021)
Gain on derecognition of an associate 212 - (5,143)
8,126,620 7,094,777
Net (increase) / decrease in operating assets:
Statutory deposit with Saudi Central Bank (2,448,205) (1,505,499)
Due from banks and other financial institutions with original maturity of more than three months (376,268) (13,927)
Investments held at FVSI (520,398) (901,767)
Financing (29,460,082) (28,386,725)
Other assets (1,118,163) (925,143)
Net increase / (decrease) in operating liabilities:
Due to SAMA, banks and other financial institutions 6,494,916 (9,155,325)
Customers' deposits 22,644,069 42,732,091
Other liabilities 2,957,319 (150,809)
Financing cost on lease liability (14,745) (13,773)
Net cash from operating activities before Zakat paid 6,285,063 8,773,900
Zakat paid (556,318) (413,759)
Net cash from operating activities 5,728,745 8,360,141
INVESTING ACTIVITIES
Purchases of investments held at FVOCI (1,217,789) (2,141,530)
Purchases of investments held at amortized cost 6.4 (8,558,637) (3,425,272)
Purchases of investment in joint venture (218,579) -
Proceeds from sales and maturities of investments held at FVOCI 783,011 1,373,749
Proceeds from sales and maturities of investments held at amortized cost 6.4 3,985,029 1,037,737
Proceeds from derecognition of investment in joint venture 167,290 -
Purchase of property and equipment (788,806) (557,195)
Proceeds from disposal of property and equipment 6,748 68,206
Dividends received from FVOCI equity investments 33,004 30,798
Net cash used in investing activities (5,808,729) (3,613,507)
FINANCING ACTIVITIES
Proceeds for the issuance of Tier 1 Sukuk, net of related costs 3,735,351 -
Payment for Tier 1 Sukuk costs (321,921) (200,000)
Cash payment for principal portion of lease liability (109,293) (93,861)
Dividend paid (1,988,419) (2,686,485)
Purchase of treasury shares 17.1 - (166,384)
Net cash from / (used in) financing activities 1,315,718 (3,146,730)
Net change in cash and cash equivalents 1,235,734 1,599,904
Cash and cash equivalents at beginning of the year 5,172,847 3,572,943
Cash and cash equivalents at end of the year 25 6,408,581 5,172,847
Income received from investments and financing 16,561,599 12,122,334
Return paid on time investments 7,797,323 4,648,505
Supplemental non-cash information:
Right-of-use assets (85,851) (83,383)
Lease liabilities (20,683) (9,999)
Net change in fair value of FVOCI investments (150,539) 570,291