Consolidated Statement of Financial Position

as at 31 December
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Notes 2023
SAR’000 		2022
SAR’000
ASSETS
Cash and balances with Saudi Central Bank (SAMA) 4 12,598,444 9,723,259
Due from banks and other financial institutions, net 5 1,700,907 1,454,458
Investments held at fair value through statement of income (FVSI) 6 2,610,274 1,641,496
Investments held at fair value through other comprehensive income (FVOCI) 6 13,505,282 12,084,604
Investments held at amortized cost, net 6 27,105,159 24,721,320
Investments in associate and joint venture 6 15,637 70,214
Financing, net 8 173,624,044 146,491,956
Property, equipment and right of use assets, net 9 2,888,209 2,632,794
Other assets 10 2,667,142 1,616,128
TOTAL ASSETS 236,715,098 200,436,229
LIABILITIES AND EQUITY
LIABILITIES
Due to SAMA, banks and other financial institutions 11 7,431,230 16,483,039
Customers’ deposits 12 187,900,581 145,168,490
Amount due to Mutual Funds’ unitholders 13 93,510 136,570
Other liabilities 14 6,956,176 6,771,817
TOTAL LIABILITIES 202,381,497 168,559,916
EQUITY
Share capital 15 20,000,000 20,000,000
Treasury shares 17.1 (225,611) (66,021)
Statutory reserve 16 3,378,431 2,168,630
Other reserves 17.2 62,359 (507,396)
Retained earnings 1,118,422 4,285,004
Proposed issue of bonus shares 15.2 5,000,000 -
Proposed dividends 15.1 - 996,096
Equity attributable to the shareholders of the Bank 29,333,601 26,876,313
Tier 1 Sukuk 18 5,000,000 5,000,000
TOTAL EQUITY 34,333,601 31,876,313
TOTAL LIABILITIES AND EQUITY 236,715,098 200,436,229

Consolidated Statement of Income

For the year ended December 31
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Notes 2023
SAR’000 		2022
SAR’000
Income from investments and financing 20 13,227,509 7,612,961
Return on time investments 20 (5,572,995) (1,546,495)
Income from investments and financing, net 20 7,654,514 6,066,466
Fee from banking services – income 21.1 2,426,703 1,901,510
Fee from banking services – expense 21.1 (967,712) (692,578)
Fees from banking services, net 21.1 1,458,991 1,208,932
Exchange income, net 330,291 290,836
Income from FVSI financial instruments, net 6.1 211,721 279,308
Gain from FVOCI sukuk investments, net - 993
Dividend income on FVOCI equity investments 30,798 30,545
Other operating income 21.2 39,342 85,980
Total operating income 9,725,657 7,963,060
Salaries and employee related expenses 22 1,466,521 1,325,324
Rent and premises related expenses 73,651 68,225
Depreciation and amortization 9 325,313 279,116
Other general and administrative expenses 1,178,041 1,092,312
Operating expenses before impairment charges 3,043,526 2,764,977
Impairment charge on financing, net of recoveries 8.2 1,272,104 1,197,700
Impairment charge / (reversal) on other financial assets 26,524 (8,982)
Total operating expenses 4,342,154 3,953,695
Net operating income 5,383,503 4,009,365
Share of income from associate and joint venture 6.5, 6.6 12,021 3,534
Income for the year before zakat 5,395,524 4,012,899
Zakat for the year 24 (556,318) (413,759)
Net income for the year after zakat 4,839,206 3,599,140
Basic and diluted earnings per share (SAR) 23 2.33 1.73

Consolidated Statement of Comprehensive Income

For the year ended December 31
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Notes 2023
SAR’000 		2022
SAR’000
Net income for the year after zakat 4,839,206 3,599,140
Other comprehensive income / (loss):
Items that can be recycled back to consolidated statement of income in subsequent periods
Net change in fair value of FVOCI equity investments 17.2 461,304 (412,976)
Share of associate's other comprehensive income 17.2 10,868 -
Actuarial gain on re-measurement of End of Service Benefits 17.2 19,637 12,226
Items that can be recycled back to consolidated statement of income in subsequent periods
Net change in fair value of FVOCI sukuk investments 17.2 108,987 (247,262)
Net gain realized on sale of FVOCI sukuk investments 17.2 - (993)
Total other comprehensive income / (loss) 600,796 (649,005)
Total comprehensive income for the year 5,440,002 2,950,135

Consolidated Statement of Changes in Equity

For the year ended December 31
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2023 (SAR ‘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's 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
Gain on sale 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
2022 (SAR ‘000) Notes Share capital Treasury shares Statutory reserve Other reserves Retained earnings Proposed
dividends 		Total equity
attributable to
the shareholder		 Tier 1 Sukuk Total equity
Balance at the beginning of the year 20,000,000 (94,159) 1,268,845 122,601 3,618,609 795,131 25,711,027 5,000,000 30,711,027
Net income for the year after zakat - - - - 3,599,140 - 3,599,140 - 3,599,140
Net change in fair value of FVOCI equity investments 17.2 - - - (412,976) - - (412,976) - (412,976)
Actuarial gain on re-measurement of End of Service Benefits 17.2 - - - 12,226 - - 12,226 - 12,226
Net change in fair values of FVOCI sukuk investments 17.2 - - - (247,262) - - (247,262) - (247,262)
Gain on sale of FVOCI sukuk investments 17.2 - - - (993) - - (993) - (993)
Total comprehensive income - - - (649,005) 3,599,140 - 2,950,135 - 2,950,135
Loss on sale of FVOCI equity investments 17.2 - - - 347 (347) - - - -
Transfer to statutory reserve 16 - - 899,785 - (899,785) - - - -
Tier 1 Sukuk costs - - - - (150,000) - (150,000) - (150,000)
Final dividends paid for 2021 15.1 - - - - - (795,131) (795,131) - (795,131)
Interim dividends paid for 2022 15.1 - - - - (896,121) - (896,121) - (896,121)
Proposed final dividends for 2022 15.1 - - - - (996,096) 996,096 - - -
Employee share based plans and other reserve movements 17.1, 17.2 - 28,138 - 18,661 9,604 - 56,403 - 56,403
Balance at the end 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

Consolidated Statement of Cash Flows

For the year ended December 31
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Notes 2023
SAR’000 		2022
SAR’000
OPERATING ACTIVITIES
Income for the year before zakat 5,395,524 4,012,899
Adjustments to reconcile income for the year before zakat to net cash from operating activities:
Depreciation and amortization 9 325,313 279,116
Gain on disposal of property and equipment, net (7,878) (678)
Unrealized gain from FVSI financial instruments, net (67,011) (209,139)
Gain from Sukuk investments held at amortized cost 21.2 - (52,196)
Gain from FVOCI sukuk investments, net 17.2 - (993)
Dividend income on FVOCI equity investments (30,798) (30,545)
Impairment charge on financing, net of recoveries 8.2 1,272,104 1,197,700
Impairment charge / (reversal) on other financial assets 26,524 (8,982)
Recoveries of previously written-off bad debts 141,705 43,036
Unwinding of deferred payment program modification loss (22,548) (34,444)
Unwinding of fair value impact of SAMA deposits 55,901 55,951
Employees share based plans reserve 17.2 57,113 27,187
Share of income from associate and joint venture 6.5, 6.6 (12,021) (3,534)
Gain on derecognition of an associate 6.5 (5,143) -
7,128,785 5,275,378
Net (increase) / decrease in operating assets:
Statutory deposit with Saudi Central Bank (1,505,499) (778,951)
Due from banks and other financial institutions with original maturity of more than three months (13,927) (123,262)
Investments held at FVSI (901,767) (207,388)
Financing (28,386,725) (21,254,697)
Other assets (1,069,472) 48,757
Net increase / (decrease) in operating liabilities:
Due to SAMA, banks and other financial institutions (9,155,325) 1,137,212
Customers’ deposits 42,732,091 24,107,939
Other liabilities (40,488) 323,541
Financing cost on lease liabilities (13,773) (14,164)
Net cash from operating activities before Zakat paid 8,773,900 8,514,365
Zakat paid (413,759) (311,545)
Net cash from operating activities 8,360,141 8,202,820
INVESTING ACTIVITIES
Purchases of investments held at FVOCI (2,141,530) (5,486,723)
Purchases of investments held at amortized cost 6.4 (3,425,272) (3,818,613)
Proceeds from sales and maturities of investments held at FVOCI 1,373,749 1,340,902
Proceeds from sales and maturities of investments held at amortized cost 6.4 1,037,737 2,519,131
Purchase of property and equipment (557,195) (464,764)
Proceeds from disposal of property and equipment 68,206 21,000
Dividends received from FVOCI equity investments 30,798 30,545
Net cash used in investing activities (3,613,507) (5,858,522)
FINANCING ACTIVITIES
Payment for Tier 1 Sukuk costs (200,000) (200,000)
Cash payment for principal portion of lease liabilities (93,861) (90,627)
Dividend paid (2,686,485) (1,691,252)
Purchase of treasury shares 17.1 (166,384) -
Net cash used in financing activities (3,146,730) (1,981,879)
Net change in cash and cash equivalents 1,599,904 362,419
Cash and cash equivalents at beginning of the year 3,572,943 3,210,524
Cash and cash equivalents at end of the year 25 5,172,847 3,572,943
Income received from investments and financing 12,122,334 6,677,781
Return paid on time investments 4,648,505 1,087,834
Supplemental non-cash information:
Right-of-use assets (83,383) (84,736)
Lease liabilities (9,999) (5,891)
Net change in fair value of FVOCI investments 581,159 (661,231)