financial-statement-wc

Financial
Statements

Consolidated Statement of Financial Position

As at December 31, 2024 and 2023

Note

 2024
&'000 		2023
&'000

ASSETS

Cash and balances with Saudi Central Bank (SAMA), net

4

22,599,973

26,175,226

Due from banks and other financial institutions, net

5

22,574,084

15,433,725

Positive fair value of derivatives

6

5,568,952

3,668,130

Investments, net

7

69,668,963

58,108,824

- Investment at fair value through income statement (FVIS)

7 a)

4,492,580

2,322,845

- Investment at amortised cost, net

7 a)

44,151,537

34,618,204

- Investments at fair value through other comprehensive income (FVOCI)

7 a)

21,024,846

21,167,775

Loans and advances, net

8

320,089,491

274,398,246

Other assets

11

2,204,083

2,547,120

Investment in associates

9

402,419

379,941

Other real estate

753,700

670,470

Property, equipment and right of use assets, net

10

6,517,129

5,467,247

Total assets

450,378,794

386,848,929

LIABILITIES AND EQUITY

Liabilities

Due to banks and other financial institutions

12

43,949,020

42,464,026

Negative fair value of derivatives

6

5,165,593

3,428,575

Customer deposits

13

306,423,391

254,907,624

Debt securities in issue and term loan

14 a)

13,324,453

13,372,622

Other liabilities

15

13,574,238

12,418,011

Total liabilities

382,436,695

326,590,858

Shareholders' equity

Share capital

16

30,000,000

30,000,000

Treasury shares

17

(165,105)

(165,912)

Statutory reserve

18

15,283,989

12,953,515

Other reserves

19

77,216

(369,203)

Retained earnings

13,359,899

11,277,171

Proposed dividends

29

1,950,000

Equity attributable to the shareholders of the Bank

58,555,999

53,695,571

Tier 1 Sukuk

14 b)

9,386,100

6,562,500

Total equity

67,942,099

60,258,071

Total liabilities and equity

450,378,794

386,848,929

The accompanying notes 1 to 45 form an integral part of these consolidated financial statements.

Consolidated Statement of Income

For the years ended December 31, 2024 and 2023

Note

 2024
&'000 		2023
&'000

Special commission income

21

24,182,126

20,606,115

Special commission expense

21

11,308,859

8,191,837

Net special commission income

12,873,267

12,414,278

Fee and commission income

22

4,539,492

3,730,796

Fee and commission expense

22

1,548,552

1,346,175

Fee and commission income, net

2,990,940

2,384,621

Exchange income, net

779,396

608,106

Trading income, net

23

529,420

419,944

Dividend income

43,374

40,801

Gains/(losses) on disposal of non-trading investments, net

24

16,802

(43,630)

Other operating income

25

51,332

74,718

Total operating income, net

17,284,531

15,898,838

Salaries and employee-related expenses

26

2,752,215

2,542,164

Rent and premises-related expenses

216,327

219,979

Depreciation of property, equipment and right of use assets

10

683,579

695,356

Other general and administrative expenses

27

1,591,137

1,463,518

Other operating expenses

42,343

47,607

Total operating expenses before impairment charge

5,285,601

4,968,624

Impairment charge for credit losses and other financial assets, net

8 e)

1,620,728

1,875,464

Impairment charge for investments, net

11,618

96,224

Total operating expenses, net

6,917,947

6,940,312

Net operating income

10,366,584

8,958,526

Share in income of associates, net

30,354

12,273

Income before zakat

10,396,938

8,970,799

Zakat

30

1,075,044

924,955

Net income

9,321,894

8,045,844

Basic and diluted earnings per share (in %)

28

3.01

2.58

The accompanying notes 1 to 45 form an integral part of these consolidated financial statements.

Consolidated Statement of Comprehensive Income

For the years ended December 31, 2024 and 2023
2024
&'000 		2023
&'000

Net income

9,321,894

8,045,844

Other comprehensive income (OCI):

a) Items that will be reclassified to consolidated statement of income in subsequent

- Fair value through other comprehensive income (FVOCI- debt instruments)

- Net change in fair value

333,042

211,552

- Net amounts transferred to consolidated statement of income

(16,802)

43,630

- Net changes in allowance for expected credit losses (ECL) of debt instruments

10,987

98,820

- Effective portion of net change in fair value of cash flow hedge

(68,820)

(13,118)

b) Items that will not be reclassified to consolidated statement of income in subsequent periods

- Actuarial gains (losses) on defined benefit plans (note 31 d)

173,368

(127,711)

- Net change in fair value and transfers of equity instruments at fair value through other comprehensive income

539

207,884

Other comprehensive income

432,314

421,057

Total comprehensive income

9,754,208

8,466,901

The accompanying notes 1 to 45 form an integral part of these consolidated financial statements.

Consolidated Statement of Changes in Equity

For the years ended December 31, 2024 and 2023

&'000

Share

capital

Treasury

shares

Statutory reserve

Other reserves

Retained earnings

Proposed dividends

Equity attributable

to the shareholders

Tier 1 sukuk

Total equity

31 December 2024

Balance at the beginning of the year

30,000,000

(165,912)

12,953,515

(369,203)

11,277,171

-

53,695,571

6,562,500

60,258,071

Total comprehensive income

Net changes in fair values of

- FVOCI -equity instruments

-

-

-

539

-

-

539

-

539

- FVOCI -debt instruments

-

-

-

333,042

-

-

333,042

-

333,042

Net amount reclassified to the consolidated statement of income for FVOCI -debt instruments

-

-

-

(16,802)

-

-

(16,802)

-

(16,802)

Net changes in allowance for expected on FVOCI -debt instruments

-

-

-

10,987

-

-

10,987

-

10,987

Actuarial gains (Note 31 d)

-

-

-

173,368

-

-

173,368

-

173,368

Net change in fair value of cash flow hedge

-

-

-

(68,820)

-

-

(68,820)

-

(68,820)

Net income

-

-

-

-

9,321,894

-

9,321,894

-

9,321,894

Total comprehensive income

-

-

-

432,314

9,321,894

-

9,754,208

-

9,754,208

Disposal of FVOCI-equity instruments

-

-

-

-

51,270

-

51,270

-

51,270

Tier 1 sukuk issued

-

-

-

-

-

-

-

2,823,600

2,823,600

Tier 1 sukuk costs

-

-

-

-

(317,712)

-

(317,712)

-

(317,712)

Final dividends paid - 2023 (note 29)

-

-

-

-

(2,246,250)

-

(2,246,250)

-

(2,246,250)

Interim dividend - 2024 (note 29)

-

-

-

-

(2,396,000)

-

(2,396,000)

-

(2,396,000)

Transfer to statutory reserve (note 18)

-

-

2,330,474

-

(2,330,474)

-

-

-

-

Employee share plan reserve

-

807

-

14,105

-

-

14,912

-

14,912

Balance at the end of the year

30,000,000

(165,105)

15,283,989

77,216

13,359,899

-

58,555,999

9,386,100

67,942,099

31 December 2023

Balance at the beginning of the year

30,000,000

-

10,942,054

(790,260)

7,500,430

1,950,000

49,602,224

6,571,125

56,173,349

Total comprehensive income

Net changes in fair values of

- FVOCI -equity instruments

-

-

-

207,884

-

-

207,884

-

207,884

- FVOCI -debt instruments

-

-

-

211,552

-

-

211,552

-

211,552

Net amount reclassified to the consolidated statement of income for FVOCI -debt instruments

-

-

-

43,630

-

-

43,630

-

43,630

Net changes in allowance for expected credit losses on FVOCI -debt instruments

-

-

-

98,820

-

-

98,820

-

98,820

Actuarial loss (note 31 d)

-

-

-

(127,711)

-

-

(127,711)

-

(127,711)

Net change in fair value of cash flow hedge

-

-

-

(13,118)

-

-

(13,118)

-

(13,118)

Net income

-

-

-

-

8,045,844

-

8,045,844

-

8,045,844

Total comprehensive income

-

-

-

421,057

8,045,844

-

8,466,901

-

8,466,901

Final dividends paid - 2022

-

-

-

-

-

(1,950,000)

(1,950,000)

-

(1,950,000)

Tier 1 sukuk costs

-

-

-

-

(310,416)

-

(310,416)

(8,625)

(319,041)

Treasury shares (note 17)

-

(165,912)

-

-

-

-

(165,912)

-

(165,912)

Interim dividend - 2023 (note 29)

-

-

-

-

(1,947,226)

-

(1,947,226)

-

(1,947,226)

Transfer to statutory reserve (note 18)

-

-

2,011,461

-

(2,011,461)

-

-

-

-

Balance at the end of the year

30,000,000

(165,912)

12,953,515

(369,203)

11,277,171

-

53,695,571

6,562,500

60,258,071

The accompanying notes 1 to 45 form an integral part of these consolidated financial statements.

Consolidated Statement of Cash Flows

For the years ended December 31, 2024 and 2023

Note

 2024
&'000 		2023
&'000

OPERATING ACTIVITIES

Income before zakat

10,396,938

8,970,799

Adjustments to reconcile net income for the year to net cash from operating activities:

Accretion of discounts and amortisation of premium on non-FVIS instruments, net

(665,348)

(453,673)

(Gains)/ losses on disposal of non-trading investments, net

(16,802)

43,630

Gains on trading investments, net

(51,090)

(68,021)

(Gains)/ losses on sale of property and equipment, net

(2,427)

4,566

Dividend income

(43,374)

(40,801)

Depreciation of property, equipment and right of use assets

683,579

695,356

Share in income of associates, net

(30,354)

(12,273)

Impairment charge for credit losses and other financial assets, net

8 e)

1,620,728

1,875,464

Interest on lease liabilities

16,834

17,936

Impairment charge for investments, net

11,618

96,224

11,920,302

11,129,207

Net (increase) decrease in operating assets:

Statutory deposit with SAMA

(2,308,997)

(824,568)

Positive fair value of derivatives

(1,900,822)

122,711

Investments at FVIS

(2,118,645)

(891,405)

Loans and advances, net

(46,699,921)

(33,867,292)

Other real estate

(83,230)

(205,221)

Other assets

343,037

628,826

Net increase (decrease) in operating liabilities:

Due to banks and other financial institutions

1,484,994

3,703,958

Negative fair value of derivatives

1,737,018

574,290

Customer deposits

51,515,767

14,900,539

Other liabilities

1,108,075

90,785

14,997,578

(4,638,170)

Zakat paid

(931,647)

(1,282,325)

Net cash from (used in) operating activities

14,065,931

(5,920,495)

INVESTING ACTIVITIES

Proceeds from sales and maturities of investments not held as FVIS instruments

22,974,609

10,011,007

Purchase of investments not held as FVIS instruments

(31,682,776)

(14,417,241)

Purchase of property and equipment

(1,772,311)

(2,946,789)

Proceeds from sale of property and equipment

41,277

88,275

Net cash used in investing activities

(10,439,201)

(7,264,748)

FINANCING ACTIVITIES

Proceeds from issue of debt securities in issue and term loan, net

-

4,600,353

Debt securities in issue and term loan, net, related movements

(48,169)

5,225

Proceeds from issue of Tier 1 sukuk

14

2,823,600

-

Dividend paid

(4,624,977)

(3,878,282)

Tier 1 sukuk related costs

(317,712)

(310,416)

Payment of principal portion of lease liabilities

(203,363)

(261,226)

Purchase of treasury shares

-

(165,912)

Net cash used in financing activities

(2,370,621)

(10,258)

Increase (decrease) in cash and cash equivalents

1,256,109

(13,195,501)

Cash and cash equivalents at beginning of the year

28,290,580

41,486,081

Cash and cash equivalents at end of the year

32

29,546,689

28,290,580

Special commission received during the year

23,978,412

20,236,585

Special commission paid during the year

11,374,302

7,540,378

Supplemental non-cash information

Net changes in fair value and transfers to consolidated statement of income

247,959

449,948

Right of use (ROU) assets

(82,493)

(67,514)

Lease liabilities

(83,235)

(75,990)