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Financial Statements, December 31, 2003

Summary

| Balance Sheet |

Amounts in SAR'000	2003	2002
ASSETS
Cash and balances with the Saudi Arabian Monetary Agency (SAMA)	541,891	408,177
Due from banks and other financial institutions	3,313,902	3,824,015
Investments	7,260,617	6,453,669
Loans and advances, net	10,231,585	8,890,783
Fixed assets, net	97,920	76,034
Other assets	262,404	303,996
Total assets	21,708,319	19,956,674

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions	4,086,138	2,924,364
Customer deposits	14,403,891	14,064,989
Other liabilities	586,322	807,334
Total liabilities	19,076,351	17,796,687

Shareholders' equity
Share capital	1,100,000	1,100,000
Statutory reserve	1,037,000	921,000
General reserve	294,000	19,000
Other reserves	160,575	65,847
Retained earning	40,393	54,140
Total shareholders' equity	2,631,968	2,159,987
Total liabilities and shareholders' equity	21,708,319	19,956,674

| Statement of Income |

Amounts in SAR'000	2003	2002
Special commission income	867,552	850,322
Special commision expense	359,715	410,250
Net special commision income	507,837	440,072
Fees from banking services, net	163,250	101,025
Exchange income	12,573	7,974
Dividend income	11,391	38,015
Gains on investment, net	87,189	20,644
Total operating income	782,240	607,730
Salaries and employee related expenses	124,984	107,718
Rent and premises related expenses	23,087	21,502
Depreciation and amortization	13,590	13,655
Other general and administrative expenses	75,710	32,229
Provision for possible credit losses	81,000	52,265
Total operating expenses	318,371	227,369
Net income	463,869	380,361
Earnings per share (in SAR)	21.08	17.29

| Statement of Changes in Shareholders Equity |

For the year ended December 31, 2003 and 2002

Amounts in SAR'000	Share capital	Statutory reserve	General reserve	Other reserve	Retained earning	Total
2003
Balance at beginning of the year	1,100,000	921,000	19,000	65,847	54,140	2,159,987
Net income	-	-	-	-	463,869	463,869
Transfer of statutory reserve	-	116,000	-	-	(116,000)	-
Transfer of general reserve	-	-	275,000	-	(275,000)	-
Proposed gross dividend	-	-	-	-	(76,340)	(76,340)
Net changes in fair value	-	-	-	94,728	(10,276)	84,452
Balance at end of the year	1,100,000	1,037,000	294,000	160,575	40,393	2,631,968

2002
Balance at beginning of the year	1,000,000	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	-	-	-	-	(273,680)	(273,680)
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

| Statement of Cash Flow |

For the years ended December 31, 2003 and 2002

Amounts in SAR'000	2003	2002
CASH FLOWS FROM OPERATING ACTIVITIES :
Net income	463,869	380,361
Adjustments to reconcile net income :
(Accretion of discounts) and amortization of premium on investments, net	(62,235)	(116,927)
Gains on investments ,net	(87,189)	(20,644)
Depreciation and amortization	13,590	13,655
Provision for possible credit losses	81,000	52,265
	409,035	308,710
Net (increase) decrease in operating assets :
Statutory deposits with SAMA	(12,206)	(61,586)
Due from banks and other financial institutions after ninety days	651,136	(308,143)
Loans and advances	(1,421,802)	(1,415,919)
Other assets	41,592	(31,550)

Net increase in operating liabilities :
Due to banks and other financial institutions	1,161,774	1,361,747
Customer deposits	338,902	3,115,463
Other liabilities	(23,672)	18,560
Net cash from operating activities	1,144,759	2,987,282

CASH FLOW FROM INVESTING ACTIVITIES :
Proceeds from mutured/sale of investments	3,006,875	4,043,281
Purchase of investments	(3,579,947)	(4,525,260)
Purchase of fixed assets	(35,476)	(37,046)
Net cash used in investing activities	(608,548)	(519,025)

CASH FLOW FROM FINANCING ACTIVITIES :
Dividends paid	(273,680)	(183,920)
Net cash used in financing activities	(273,680)	(183,920)
Increase (decrease) in cash and cash equivalents	262,531	2,284,337
Cash and cash equivalents at the begining of the year	2,920,152	635,815
Cash and cash equivalents at the end of the year	3,182,683	2,920,152

Quarterly Financial Statements

| 1st Quarter |

BALANCE SHEET

Amounts in SAR'000	At Mar 31 2003 (Unaudited)	At Dec 31 2002 (Audited)	At Mar 31 2002 (Unaudited)
Assets
Cash and balances with the Saudi Arabian Monetary Agency (SAMA)	473,978	408,177	388,749
Due form banks and other financial institutions	4,763,302	3,824,015	1,925,924
Investments, net	5,415,581	6,453,669	6,538,545
Loans and advances, net	9,404,763	8,890,783	8,079,892
Fixed assets, net	79,899	76,034	53,413
Other assets	243,240	303,996	245,020
Total assets	20,380,763	19,956,674	17,231,543

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions	2,510,074	2,924,364	2,710,911
Customer deposits	15,222,975	14,064,989	11,868,291
Other liabilities	426,782	807,334	505,384
Total Liabilities	18,159,831	17,796,687	15,084,586

Shareholders' Equity
Share capital	1,100,000	1,100,000	1,100,000
Statutory reserve	921,000	921,000	825,000
General reserve	19,000	19,000	19,000
Retained earnings	152,721	54,140	149,915
Other reserve	28,211	65,847	53,042
Total shareholders' equity	2,220,932	2,159,987	2,146,957
Total liabilities and shareholders' equity	20,380,763	19,956,674	17,231,543

STATEMENT OF INCOME (Unaudited) For the three months ended March 31
Amounts in SAR'000		2003	2002
Special commision income		222,209	199,852
Special commision expense		116,191	86,976
Net special commision income		106,018	112,876
Fees from banking services		26,280	21,896
Exchange income		5,347	2,149
Dividend income		2,281	3,651
Gains on investments, net		18,662	7,954
Total operating income		158,588	148,526
Salaries and employee related expenses		27,429	24,840
Rent and premises related expenses		4,159	4,733
Depreciation and amortization		3,550	3,079
Other general and administrative expenses		9,690	7,432
Provision for possible credit losses		13,000	12,700
Total operating expenses		57,828	52,784
Net Income for the period		100,760	95,742
Earnings per share for the period (in SAR)		4.58	4.35

| 2nd Quarter |

BALANCE SHEET

Amounts in SAR'000		At June 30 2003 (Unaudited)	At Dec 31 2002 (Audited)	At June 30 2002 (Unaudited)
Assets
Cash and balances with SAMA		420,106	408,117	386,981
Due form banks and other financial institutions		2,729,953	3,824,015	2,539,766
Investments, net		5,912,888	6,453,669	7,368,908
Loans and advances, net		10,244,438	8,890,783	9,371,984
Fixed assets, net		80,679	76,034	57,368
Other assets		247,263	303,996	296,970
Total assets		19,635,327	19,956,674	20,021,977

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions		2,446,055	2,924,364	5,393,701
Customer deposits		14,340,979	14,064,989	11,880,729
Other Liabilities		439,856	807,334	492,122
Total Liabilities		17,226,890	17,796,687	17,766,552

Shareholders' Equity
Share Capital		1,100,000	1,100,000	1,100,000
Statutory reserve		921,000	921,000	825,000
General reserve		19,000	19,000	19,000
Retained earnings		270,217	54,140	250,989
Other reserve		98,220	65,847	60,436
Total shareholders' equity		2,255,425	2,040,785	2,122,158
Total liabilities and shareholders' equity		19,635,327	19,956,674	20,021,977

STATEMENT OF INCOME (Unaudited) For the three months ended June 30
Amounts in SAR' 000	Three-month period ended		Six-month period ended
	Jun 30, 2003	Jun 30, 2002	Jun 30, 2003	Jun 30, 2002

Special commision income	198,220	215,575	420,429	410,779
Special commision expense	78,650	87,776	194,841	170,104
Net special commision income	119,570	127,799	225,588	240,675
Fees form banking servies	41,236	29,596	67,516	51,492
Exhange income	1,890	646	7,237	2,795
Dividend income	3,212	7,019	5,493	10,670
Gains on investments, net	34,159	578	52,821	8,532
Total operating income	200,067	165,638	358,655	314,064
Salaries and employee related expenses	31,179	26,590	58,608	51,492
Rent and premises related expenses	5,773	5,060	9,932	9,793
Depreciation and amortization	3,215	3,545	6,765	6,624
Other general and administrative expenses	14,909	15,641	24,599	25,773
Provision for possible crdit losses	24,000	10,000	37,000	20,000
Total operating expenses	79,076	60,836	136,904	113,620
Net Income for the period	120,991	104,802	221,751	200,544
Earnings per share for the period (in SAR)	5.50	4.76	10.08	9.12

| 3rd Quarter |

BALANCE SHEET

Amounts in SAR'000		At Sep 30 2003 (Unaudited)	At Dec 31 2002 (Audited)	At Sep 31 2002 (Unaudited)
Assets
Cash and balances with SAMA		489,376	408,177	389,618
Due form banks and other financial institutions		2,701,143	3,824,015	2,761,685
Investments, net		7,062,793	6,453,669	5,991,874
Loans and advances, net		10,857,272	8,890,783	9,371,445
Fixed assets, net		94,269	76,034	57,175
Other assets		251,853	303,996	281,052
Total assets		21,456,706	19,956,674	18,852,849

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions		3,562,158	2,924,364	3,514,825
Customer deposits		14,788,957	14,064,989	12,491,426
Other liabilities		523,975	807,334	499,245
Total Liabilities		18,875,090	17,796,687	16,505,496

Shareholders' Equity
Share Capital		1,100,000	1,100,000	1,100,000
Statutory reserve		921,000	921,000	825,000
General reserve		19,000	19,000	19,000
Retained earnings		392,234	54,140	346,351
Other reserve		149,382	65,847	57,002
Total shareholders' equity		2,581,616	2,159,987	2,347,353
Total liabilities and shareholders' equity		21,456,706	19,956,674	18,852,849

STATEMENT OF INCOME (Unaudited) For the period ended September 30
Amounts in SAR'000	Three-month period ended		Nine-month period ended
	Sep 30, 2003	Sep 30, 2002	Sep 30, 2003	Sep 30, 2002

Special commision income	216,257	239,728	636,686	668,521
Special commision expense	78,759	135,249	273,600	323,367
Net special commision income	137,498	104,479	363,086	345,154
Fees form banking servies	52,571	24,449	120,087	75,941
Exhange income	3,747	2,113	10,984	4,908
Dividend income	1,667	12,832	7,160	23,502
Gains on investments, net	33,783	12,923	86,604	21,455
Total operating income	229,266	156,796	587,921	470,960
Salaries and employee related expenses	33,945	26,603	92,553	78,033
Rent and premises related expenses	6,300	6,061	16,232	15,854
Depreciation and amortization	3,099	3,502	9,864	10,126
Other general and administrative expenses	28,503	8,727	53,102	23,900
Provision for possible crdit losses	32,000	11,666	69,000	42,266
Total operating expenses	103,847	56,559	240,751	170,179
Net Income for the period	125,419	100,237	347,170	300,781
Earnings per share for the period (in SAR)	5.70	4.56	15.78	13.67