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Financial Statements, December 31, 2002

Summary

| Balance Sheet |

| Statement of Income |

| Statement of Changes in Shareholders Equity |

For the year ended December 31, 2002 and 2001

Amounts in SAR'000	Share capital	Statutory reserve	General reserve	Other reserve	Retained earning	Total
2002
Balance at beginning of the year	1,100,000	825,000	19,000	41,069	55,716	2,040,785
Net income	-	-	-	-	380,361	380,361
Transfer of statutory reserve	-	96,000	-	-	(96,000)	-
Proposed gross dividend	-	-	-	-	(273,700)	(273,700)
Net changes in fair value	-	-	-	24,778	(12,257)	12,521
Balance at end of the year	1,100,000	921,000	19,000	65,847	54,140	2,159,987

2001
Balance at beginning of the year	1,000,000	748,000	119,000	-	1,008	1,870,008
Effect of implementation of IAS 39 at January 1,2001	-	-	-	-	30,787	30,787
Bonus share issue	100,000	-	(100,000)	-	-	-
Net income	-	-	-	-	304,094	304,094
Transfer of statutory reserve	-	77,000	-	-	(77,000)	-
Proposed gross dividend	-	-	-	-	(183,920)	(183,920)
Net changes in fair value	-	-	-	41,069	(19,253)	21,816
Balance at end of the year	1,100,000	825,000	19,000	41,069	55,716	2,040,785

| Statement of Cash Flow |

For the years ended December 31, 2002 and 2001

Amounts in SAR'000	2002	2001
CASH FLOWS FROM OPERATING ACTIVITIES :
Net income	380,361	304,094
Adjustments to reconcile net income :
(Accretion of discounts) and amortization of premium on investments, net	(116,927)	(106,800)
Gains on investments ,net	(20,644)	(15,169)
Depreciation and amortization	13,655	12,200
Provision for possible credit losses	52,265	40,000
	308,710	234,325
Net (increase) decrease in operating assets :
Statutory deposits with SAMA	(61,586)	(31,321)
Due from banks and other financial institutions after ninety days	(308,143)	(484,310)
Loans and advances	(1,415,919)	(180,351)
Other assets	(31,550)	2,492

Net increase in operating liabilities :
Due to banks and other financial institutions	1,361,747	786,731
Customer deposits	3,115,463	590,411
Other liabilities	18,560	13,313
Net cash from operating activities	2,987,282	931,290

CASH FLOW FROM INVESTING ACTIVITIES :
Proceeds from mutured/sale of investments	4,043,281	1,637,022
Purchase of investments	(4,525,260)	(2,889,134)
Purchase of fixed assets	(37,046)	(8,060)
Net cash used in investing activities	(519,025)	(1,260,172)

CASH FLOW FROM FINANCING ACTIVITIES :
Dividends paid	(183,920)	(107,200)
Net cash used in financing activities	(183,920)	(107,200)
Increase (decrease) in cash and cash equivalents	2,284,337	(436,082)
Cash and cash equivalents at the begining of the year	635,815	1,071,897
Cash and cash equivalents at the end of the year	2,920,152	635,815

Quarterly Financial Statements

| 1st Quarter |

BALANCE SHEET

Amounts in SAR'000	At Mar 31 2002 (Unaudited)	At Dec 31 2001 (Audited)	At Mar 31 2001 (Unaudited)
Assets
Cash and balances with the Saudi Arabian Monetary Agency (SAMA)	388,749	412,953	301,178
Due form banks and other financial institutions	1,925,924	1,165,173	1,673,434
Investments, net	6,538,545	5,821,598	5,308,280
Loans and advances, net	8,079,892	7,527,129	6,930,070
Fixed assets, net	53,413	52,643	54,701
Other assets	245,020	272,446	261,843
Total assets	17,231,543	15,251,942	14,529,504

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions	2,710,911	1,562,617	962,278
Customer deposits	11,870,291	10,949,526	10,932,945
Other liabilities	505,384	699,014	625,740
Total Liabilities	15,084,586	13,211,157	12,520,963

Shareholders' Equity
Share Capital	1,100,000	1,100,000	1,100,000
Statutory reserve	825,000	825,000	748,000
General reserve	19,000	19,000	19,000
Retained earnings	149,915	55,716	111,986
Other reserve	53,042	41,069	29,555
Total shareholders' equity	2,146,957	2,040,785	2,008,541
Total liabilities and shareholders' equity	17,231,543	15,251,942	14,529,504

STATEMENT OF INCOME (Unaudited) For the three months ended March 31
Amounts in SAR'000		2002	2001
Special commision income		195,204	265,173
Special commision expense		82,328	170,551
Net special commision income		112,876	96,622
Fees from banking services		21,896	21,192
Exchange income		2,149	1,570
Dividend income		3,651	1,485
Gains on investments, net		7,954	414
Total operating income		148,526	121,283
Salaries and employee related expenses		24,840	20,847
Rent and premises related expenses		4,733	4,673
Depreciation and amortization		3,079	3,158
Other general and administrative expenses		10,132	6,996
Provision for possible credit losses		10,000	5,000
Total operating expenses		52,784	40,674
Net Income for the period		95,742	80,609
Earnings per share for the period (in SAR)		4.35	3.66

| 2nd Quarter |

BALANCE SHEET

Amounts in SAR'000		At Jun 30 2002 (Unaudited)	At Dec 31 2001 (Audited)	At Jun 30 2001 (Unaudited)
Assets
Cash and balances with SAMA		386,981	412,953	312,040
Due form banks and other financial institutions		2,539,766	1,165,173	1,565,395
Investments, net		7,370,908	5,821,598	4,753,224
Loans and advances, net		9,371,984	7,527,129	7,618,960
Fixed assets, net		57,370	52,643	53,816
Other assets		296,970	272,446	241,748
Total assets		20,021,977	15,251,942	14,545,183

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions		5,393,701	1,562,617	801,999
Customer deposits		11,880,729	10,949,526	11,037,739
Other Liabilities		492,122	699,014	583,287
Total Liabilities		17,766,522	13,211,157	12,423,025

Shareholders' Equity
Share Capital		1,100,000	1,100,000	1,100,000
Statutory reserve		825,000	825,000	748,000
General reserve		19,000	19,000	19,000
Retained earnings		250,989	55,716	186,523
Other reserve		60,436	41,069	70,635
Total shareholders' equity		2,255,425	2,040,785	2,122,158
Total liabilities and shareholders' equity		20,021,977	15,251,942	14,545,183

STATEMENT OF INCOME (Unaudited) For the three months ended June 30
Amounts in SAR' 000	Three-month period ended		Six-month period ended
	June 30, 2002	June 30, 2001	June 30, 2002	June 30, 2001

Special commision income	215,575	231,915	410,779	497,088
Special commision expense	87,776	140,148	170,104	308,699
Net special commision income	127,799	91,767	240,675	188,389
Fees form banking servies	29,596	23,382	51,492	44,574
Exhange income	646	2,704	2,795	4,274
Dividend income	7,019	3,096	10,670	4,581
Gains on investments, net	578	9,926	8,532	10,340
Total operating income	165,638	130,875	314,164	252,158
Salaries and employee related expenses	26,590	21,236	51,430	42,083
Rent and premises related expenses	5,060	4,532	9,793	9,205
Depreciation and amortization	3,545	3,107	6,624	6,265
Other general and administrative expenses	15,641	7,541	25,773	14,537
Provision for possible crdit losses	10,000	10,000	20,000	15,000
Total operating expenses	60,836	46,416	113,620	87,090
Net Income for the period	104,802	84,459	200,544	165,070
Earnings per share for the period (in SAR)	4.76	3.84	9.12	7.50

| 3rd Quarter |

BALANCE SHEET

Amounts in SAR'000		At Sep 30 2002 (Unaudited)	At Dec 31 2001 (Audited)	At Sep 31 2001 (Unaudited)
Assets
Cash and balances with SAMA		389,618	412,953	350,324
Due form banks and other financial institutions		2,761,705	1,165,173	1,286,097
Investments, net		5,991,874	5,821,598	5,053,705
Loans and advances, net		9,371,445	7,527,129	7,925,129
Fixed assets, net		57,175	52,643	53,081
Other assets		281,052	272,446	252,630
Total assets		18,852,849	15,251,942	14,920,966

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions		3,514,825	1,562,617	887,149
Customer deposits		12,491,426	10,949,526	11,310,157
Other liabilities		499,245	699,014	566,937
Total Liabilities		16,505,496	13,211,157	12,764,243

Shareholders' Equity
Share Capital		1,100,000	1,100,000	1,100,000
Statutory reserve		825,000	825,000	748,000
General reserve		19,000	19,000	19,000
Retained earnings		346,351	55,716	262,310
Other reserve		57,002	41,069	27,413
Total shareholders' equity		2,347,353	2,040,785	2,156,723
Total liabilities and shareholders' equity		18,852,849	15,251,942	14,920,966

STATEMENT OF INCOME (Unaudited) For the period ended September 30
Amounts in SAR'000	Three-month period ended		Nine-month period ended
	Sep 30, 2002	Sep 30, 2001	Sep 30, 2002	Sep 30, 2001

Special commision income	202,723	208,261	613,502	705,349
Special commision expense	98,244	118,748	270,348	427,447
Net special commision income	104,479	89,513	345,154	277,902
Fees form banking servies	22,997	25,883	74,489	70,457
Exhange income	2,113	1,818	4,908	6,092
Dividend income	12,832	2,965	23,502	7,546
Gains on investments, net	12,923	2,905	21,455	13,245
Other income	1,452	-	1,452	-
Total operating income	156,796	123,084	470,960	375,242
Salaries and employee related expenses	26,603	21,107	78,033	63,190
Rent and premises related expenses	6,061	4,333	15,854	13,538
Depreciation and amortization	3,502	2,990	10,126	9,255
Other general and administrative expenses	8,727	9,372	23,900	23,909
Provision for possible crdit losses	11,666	7,500	42,266	22,500
Total operating expenses	56,559	45,302	170,179	132,392
Net Income for the period	100,237	77,782	300,781	242,850
Earnings per share for the period (in SAR)	4.56	3.54	13.67	11.04