Financial Statements

A strong financial
performance in 2025

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Consolidated Statement of Financial Position

As at December 31, 2025 and 2024

	Note	2025 (%'000)	2024 (%'000) Restated
ASSETS
Cash and balances with Saudi Central Bank (SAMA), net	4	19,295,251	22,599,973
Due from banks and other financial institutions, net	5	21,272,353	20,298,831
Investments, net	6	79,512,892	70,120,446
– Investment at fair value through income statement (FVIS)	6 a)	4,870,489	4,492,580
– Investment at amortised cost, net	6 a)	50,945,418	44,151,537
– Investments at fair value through other comprehensive income (FVOCI)	6 a)	23,696,985	21,476,329
Positive fair value of derivatives	7	6,398,711	5,568,952
Loans and advances, net	8	373,304,812	320,089,491
Other assets	11	10,899,109	5,051,940
Investment in associates	9	427,963	402,419
Other real estate, net		648,713	753,700
Property, equipment and right of use assets, net	10	7,721,487	6,517,129
Total assets		519,481,291	451,402,881
LIABILITIES AND EQUITY
Liabilities
Due to banks and other financial institutions	12	39,082,215	41,162,802
Negative fair value of derivatives	7	5,418,500	5,165,593
Customer deposits	13	331,721,047	306,423,391
Debt securities in issue and term loan	14 a)	47,937,627	13,324,453
Other liabilities	15	19,840,445	16,933,060
Total liabilities		443,999,834	383,009,299
Shareholders' equity
Share capital	16	30,000,000	30,000,000
Treasury shares	17	(371,733)	(165,105)
Statutory reserve	18	17,886,727	15,283,989
Other reserves	19	1,225,715	528,699
Retained earnings		15,364,548	13,359,899
Equity attributable to the shareholders of the Bank		64,105,257	59,007,482
Tier 1 Sukuk	14 b)	11,376,200	9,386,100
Total equity		75,481,457	68,393,582
Total liabilities and equity		519,481,291	451,402,881

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, 2025 and 2024

	Note	2025 (%'000)	2024 (%'000)
Special commission income	21	27,082,891	24,182,126
Special commission expense	21	14,011,385	11,308,859
Net special commission income		13,071,506	12,873,267
Fee and commission income	22	5,035,612	4,539,492
Fee and commission expense	22	1,557,087	1,548,552
Fee and commission income, net		3,478,525	2,990,940
Exchange income, net		616,388	779,396
Trading income, net	23	973,536	529,420
Dividend income		23,424	43,374
Gains on disposal of non-trading investments, net	24	138,531	16,802
Other operating income	25	79,206	51,332
Total operating income, net		18,381,116	17,284,531
Salaries and employee-related expenses	26	2,833,941	2,752,215
Rent and premises-related expenses		236,056	216,327
Depreciation of property, equipment and right of use assets	10	737,861	683,579
Other general and administrative expenses	27	1,472,305	1,591,137
Other operating expenses		152,663	42,343
Total operating expenses before impairment charge		5,432,826	5,285,601
Impairment charge for credit losses and other financial assets, net	8 e)	1,361,983	1,620,728
Impairment charge for investments, net		12,408	11,618
Total operating expenses, net		6,807,217	6,917,947
Net operating income		11,573,899	10,366,584
Share in income of associates, net		33,808	30,354
Income before zakat		11,607,707	10,396,938
Zakat	30	1,196,756	1,075,044
Net income		10,410,951	9,321,894
Basic and diluted earnings per share (in %)	28	3.29	3.01

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, 2025 and 2024

	2025 (%'000)	2024 (%'000)
Net income	10,410,951	9,321,894
Other comprehensive income (OCI)
a) Items that are or may be reclassified to consolidated statement of income in subsequent periods
– Fair value through other comprehensive income (FVOCI - debt instruments)
– Net change in fair value	799,888	333,042
– Net amounts transferred to consolidated statement of income	(109,309)	(16,802)
– Net changes in allowance for expected credit losses (ECL) of debt instruments	10,340	10,987
– Effective portion of net change in fair value of cash flow hedge
– Net change in fair value	24,239	29,049
– Net amounts transferred to consolidated statement of income	(128,854)	(97,869)
b) Items that will not be reclassified to consolidated statement of income in subsequent periods
– Actuarial (losses) gains on defined benefit plans (note 31 d)	(46,020)	173,368
– Net change in fair value and transfers of equity instruments at fair value through other comprehensive income	115,371	539
Other comprehensive income	665,655	432,314
Total comprehensive income	11,076,606	9,754,208

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, 2025 and 2024

%'000	Share capital	Treasury shares	Statutory reserve	Other reserves	Retained earnings	Equity attributable to the shareholders	Tier 1 sukuk	Total equity
31 December 2025
Balance at the beginning of the year	30,000,000	(165,105)	15,283,989	528,699	13,359,899	59,007,482	9,386,100	68,393,582
Total comprehensive income
– Net changes in fair values of
– FVOCI - equity instruments	-	-	-	115,371	-	115,371	-	115,371
– FVOCI - debt instruments	-	-	-	799,888	-	799,888	-	799,888
– Net amount reclassified to the consolidated statement of income for FVOCI - debt instruments	-	-	-	(109,309)	-	(109,309)	-	(109,309)
– Net changes in allowance for expected on FVOCI - debt instruments	-	-	-	10,340	-	10,340	-	10,340
– Actuarial gains (note 31 d)	-	-	-	(46,020)	-	(46,020)	-	(46,020)
– Net change in fair value of cash flow hedge
– Net change in fair value	-	-	-	24,239	-	24,239	-	24,239
– Net amounts transferred to consolidated statement of income	-	-	-	(128,854)	-	(128,854)	-	(128,854)
– Net income	-	-	-	-	10,410,951	10,410,951	-	10,410,951
Total comprehensive income	-	-	-	665,655	10,410,951	11,076,606	-	11,076,606
Tier 1 sukuk issued	-	-	-	-	-	-	1,990,100	1,990,100
Tier 1 sukuk costs	-	-	-	-	(565,215)	(565,215)	-	(565,215)
Final dividends paid – 2024 (note 29)	-	-	-	-	(2,695,525)	(2,695,525)	-	(2,695,525)
Interim dividend – 2025 (note 29)	-	-	-	-	(2,542,824)	(2,542,824)	-	(2,542,824)
Transfer to statutory reserve (note 18)	-	-	2,602,738	-	(2,602,738)	-	-	-
Employee share plan reserve	-	(206,628)	-	31,361	-	(175,267)	-	(175,267)
Balance at the end of the year	30,000,000	(371,733)	17,886,727	1,225,715	15,364,548	64,105,257	11,376,200	75,481,457
31 December 2024
Balance at 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
Impact of fair value of equity investment	-	-	-	451,483	-	451,483	-	451,483
Restated balance beginning of year (note 6 a)	30,000,000	(165,912)	12,953,515	82,280	11,277,171	54,147,054	6,562,500	60,709,554
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 credit on FVOCI-debt instruments	-	-	-	10,987	-	10,987	-	10,987
– Actuarial loss (note 31 d)	-	-	-	173,368	-	173,368	-	173,368
– Net change in fair value of cash flow hedge
– Net change in fair value	-	-	-	29,049	-	29,049	-	29,049
– Net amounts transferred to consolidated statement of income	-	-	-	(97,869)	-	(97,869)	-	(97,869)
– 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
Final dividend paid – 2023	-	-	-	-	(2,246,250)	(2,246,250)	-	(2,246,250)
Tier 1 sukuk issued	-	-	-	-	-	-	2,823,600	2,823,600
Tier 1 sukuk costs	-	-	-	-	(317,712)	(317,712)	-	(317,712)
Treasury shares (note 17)	-	-	-	-	-	-	-	-
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	528,699	13,359,899	59,007,482	9,386,100	68,393,582

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, 2025 and 2024

	Note	2025 (%'000)	2024 (%'000)
OPERATING ACTIVITIES
Income before zakat		11,607,707	10,396,938
Adjustments to reconcile net income for the year to net cash from operating activities:
Accretion of discounts and amortization of premium on non-FVIS instruments, net		(664,447)	(665,348)
Gains on disposal of non-trading investments, net		(138,531)	(16,802)
Gains on trading investments, net		(93,490)	(51,090)
Loss on sale of property and equipment, net		7,078	(2,427)
Dividend income		(23,424)	(43,374)
Depreciation of property, equipment and right of use assets		737,861	683,579
Share in income of associates, net		(33,808)	(30,354)
Impairment charge for credit losses and other financial assets, net	8 e)	1,361,983	1,620,728
Interest on lease liabilities		19,104	16,834
Impairment charge for investments, net		12,408	11,618
		12,792,441	11,920,302
Net (increase) decrease in operating assets:
Statutory deposit with SAMA		(426,309)	(2,308,997)
Positive fair value of derivatives		(829,759)	(1,900,822)
Investments at FVIS		(284,472)	(2,118,645)
Loans and advances, net		(54,580,023)	(46,699,921)
Other real estate		104,987	(83,230)
Other assets		(5,847,169)	(3,376,154)
Net increase (decrease) in operating liabilities:
Due to banks and other financial institutions		(2,080,587)	383,032
Negative fair value of derivatives		252,907	1,737,018
Customer deposits		25,297,656	51,515,767
Other liabilities		2,848,561	2,210,037
		(22,751,767)	11,278,387
Zakat paid		(1,136,347)	(931,647)
Net cash (used in) from operating activities		(23,888,114)	10,346,740
INVESTING ACTIVITIES
Proceeds from sales and maturities of investments not held as FVIS instruments		36,613,616	22,974,609
Purchase of investments not held as FVIS instruments		(43,987,178)	(31,682,776)
Purchase of property and equipment		(1,977,742)	(1,772,311)
Proceeds from sale of property and equipment		28,445	41,277
Net cash used in investing activities		(9,322,859)	(10,439,201)
FINANCING ACTIVITIES
Repayment of Tier 2 Sukuk	14 a)	(5,636,100)	-
Proceeds from issue of debt securities in issue and term loans, net	14 a)	40,552,144	-
Debt securities in issue and term loans, net, related movements	14 a)	(302,870)	(48,169)
Proceeds from issue of Tier 1 sukuk	14 b)	1,990,100	2,823,600
Tier 1 sukuk related costs		(565,215)	(317,712)
Dividend paid		(5,228,153)	(4,624,977)
Payment of principal portion of lease liabilities		(149,814)	(203,363)
Purchase of treasury shares		(206,628)	-
Net cash from (used in) financing activities		30,453,464	(2,370,621)
Net decrease in cash and cash equivalents		(2,757,509)	(2,463,082)
Cash and cash equivalents at beginning of the year		27,271,436	29,734,518
Cash and cash equivalents at end of the year	32	24,513,927	27,271,436
Special commission received during the year		24,648,622	23,978,412
Special commission paid during the year		13,260,320	11,374,302
Supplemental non-cash information
Net changes in fair value and transfers to consolidated statement of income		701,335	247,959
Right of use (ROU) assets		49,153	(82,493)
Lease liabilities		61,630	(83,235)

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

document locations

A strong financial performance in 2025

Consolidated Statement of Financial Position

Consolidated Statement of Income

Consolidated Statement of Comprehensive Income

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

A strong financial
performance in 2025