Investor Relations
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Credit Ratings | Stock Activity | Financial
Statements | Board of
Directors | Management
| Compliance
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| Year 2008
| Year 2007
| Year 2006
| Year 2005
| Year 2004
| Year 2003
| Year 2002 |
| Ten Year Financial Highlight |
Financial Statements, December 31, 2004
View detailed financial statements as |
|
| |
View auditors' report as
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|
Summary
| Amounts in SAR'000 |
2004 |
2003 |
| ASSETS |
| Cash and balances with the Saudi
Arabian Monetary Agency (SAMA) |
577,780 |
541,891 |
| Due from banks and other financial institutions |
5,996,062 |
3,313,902 |
| Investments |
8,501,657 |
7,260,617 |
| Loans and advances, net |
13,031,097 |
10,231,585 |
| Fixed assets, net |
144,804 |
97,920 |
| Other assets |
292,102 |
262,404 |
| Total assets |
28,543,502 |
21,708,319 |
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
| Liabilities |
|
|
| Due to banks and other financial
institutions |
3,970,992 |
4,086,138 |
| Customer deposits |
20,284,926 |
14,403,891 |
| Other liabilities |
778,149 |
586,322 |
| Total liabilities |
25,034,067 |
19,076,351 |
| Shareholders' equity |
|
|
| Share capital |
1,375,000 |
1,100,000 |
| Statutory reserve |
1,184,000 | 1,037,000 |
| General reserve |
362,750 |
294,000 |
| Other reserves |
585,026 |
160,575 |
| Retained earning |
2,659 |
40,393 |
| Total shareholders' equity |
3,509,435 |
2,631,968 |
| Total liabilities and shareholders' equity |
28,543,502 |
21,708,319 |
| Amounts in SAR'000 |
2004 |
2003 |
| Special commission income |
980,998 |
867,552 |
| Special commision expense |
393,168 |
359,715 |
| Net special commision income |
587,830 |
507,837 |
| Fees from banking services, net |
335,042 |
163,250 |
| Exchange income |
14,221 |
12,573 |
| Dividend income |
16,384 |
11,391 |
| Gains on investment, net |
59,882 |
87,189 |
| Total operating income |
1,013,359 |
782,240 |
| Salaries and employee related expenses |
167,347 |
124,984 |
| Rent and premises related expenses |
26,806 |
23,087 |
| Depreciation and amortization |
17,468 |
13,590 |
| Other general and administrative expenses |
84,658 |
75,710 |
| Provision for possible credit losses |
130,000 |
81,000 |
| Total operating expenses |
426,279 |
318,371 |
| Net income |
587,080 |
463,869 |
| Earnings per share (in SAR) |
21.35 |
16.87 |
For the year ended December 31, 2004 and 2003
| Amounts
in SAR'000 |
Share
capital |
Statutory
reserve |
General
reserve |
Other
reserve |
Retained
earning |
Total |
| 2004 |
|
|
|
|
|
|
| Balance at
beginning of the year |
1,100,000 |
1,037,000 |
294,000 |
160,575 |
40,393 |
2,631,968 |
| Net income |
- |
- |
- |
- |
587,080 |
587,080 |
| Transfer of
share capital |
275,000 |
- |
(275,000) |
- |
- |
- |
| Transfer of
statutory reserve |
- |
147,000 |
- |
- |
(147,000) |
- |
| Transfer
of general reserve |
- |
- |
343,750 |
- |
(343,750) |
- |
| Proposed
gross dividend |
- |
- |
- |
|
(97,350) |
(97,350) |
| Net changes
in fair value |
- |
- |
- |
424,451 |
(36,714) |
387,737 |
| Balance
at end of the year |
1,375,000 |
1,184,000 |
362,750 |
585,026 |
2,659 |
3,509,435 |
|
|
|
|
|
|
|
| 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 |
For the years ended December 31, 2004 and
2003
| Amounts in SAR'000 |
2003 |
2004 |
| CASH FLOWS FROM OPERATING
ACTIVITIES : |
| Net income |
587,080 |
463,869 |
| Adjustments to reconcile net
income : |
| (Accretion of discounts) and amortization of premium
on investments, net |
(97,975) |
(62,235) |
| Gains on investments ,net |
(59,882) |
(87,189) |
| Depreciation and amortization |
17,468 |
13,590 |
| Provision for possible credit losses |
130,000 |
81,000 |
| |
576,691 |
409,035 |
| Net (increase) decrease in
operating assets : |
| Statutory deposits with SAMA |
(143,517) |
(12,206) |
| Due from banks and other financial institutions
after ninety days |
355,994 |
651,136 |
| Loans and advances |
(2,929,512) |
(1,421,802) |
| Other assets |
(29,698) |
41,592 |
|
| Net increase in operating
liabilities : |
| Due to banks and other financial institutions |
(115,146) |
1,161,774 |
| Customer deposits |
5,881,035 |
338,902 |
| Other liabilities |
170,817 |
(23,672) |
| Net cash from operating activities |
3,766,664 |
1,144,759 |
|
| CASH FLOW FROM INVESTING
ACTIVITIES : |
| Proceeds from mutured/sale of investments |
4,773,964 |
3,006,875 |
| Purchase of investments |
(5,469,410) |
(3,579,947) |
| Purchase of fixed assets |
(64,352) |
(35,476) |
| Net cash used in investing activities |
(759,798) |
(608,548) |
|
| CASH FLOW FROM FINANCING
ACTIVITIES : |
| Dividends paid |
(76,340) |
(273,680) |
| Net cash used in financing activities |
(76,340) |
(273,680) |
| Increase (decrease) in cash and cash
equivalents |
2,930,526 |
262,531 |
| Cash and cash equivalents at the
begining of the year |
3,182,683 |
2,920,152 |
| Cash and cash equivalents at the end of the
year |
6,113,209 |
3,182,683 |
| Supplemental non
cash information : |
| Transfer from general reserve to share capital |
275,000 |
- |
| Net changes in fair value |
387,737 |
84,452 |
Quarterly Financial Statements
BALANCE SHEET
| Amounts in SAR'000 |
At
Mar 31
2004
(Unaudited) |
At Dec 31
2003
(Audited) |
At Mar 31
2003
(Unaudited) |
| Assets |
| Cash and balances with the
Saudi Arabian Monetary Agency (SAMA) |
467,198 |
541,891 |
473,978 |
| Due form banks and other financial
institutions |
4,595,785 | 3,313,902 |
4,763,302 |
| Investments, net |
6,543,680 |
7,260,617 |
5,415,581 |
| Loans and advances, net |
11,621,179 |
10,231,585 |
9,404,763 |
| Fixed assets, net |
97,263 |
97,920 |
79,899 |
| Other assets |
235,714 |
262,404 |
243,240 |
| Total assets |
23,560,819 |
21,708,319 |
20,380,763 |
|
| LIABILITIES AND SHAREHOLDERS'
EQUITY |
| Liabilities |
| Due to banks and other
financial institutions |
3,731,581 |
4,086,138 |
2,510,074 |
| Customer deposits |
16,449,616 |
14,403,891 |
15,222,975 |
| Other liabilities |
509,021 |
586,322 |
426,782 |
| Total
Liabilities |
20,690,218 |
19,076,351 |
18,159,831 |
|
| Shareholders'
Equity |
| Share capital |
1,375,000 |
1,100,000 |
1,100,000 |
| Statutory reserve |
1,037,000 |
1,037,000 |
921,000 |
| General reserve |
19,000 |
294,000 |
19,000 |
| Retained earnings |
166,532 |
40,393 |
152,721 |
| Other reserve |
273,069 |
160,575 |
28,211 |
| Total shareholders'
equity |
2,870,601 |
2,631,968 |
2,220,932 |
| Total liabilities and
shareholders' equity |
23,560,819 |
21,708,319 |
20,380,763 |
|
STATEMENT OF INCOME
(Unaudited)
For the three months ended March 31
|
| Amounts in SAR'000 |
2004 |
2003 |
| Special commision income |
218,953 |
222,209 |
| Special commision expense |
85,023 |
116,191 |
| Net special commision income |
133,930 |
106,018
|
| Fees from banking services |
60,771 |
26,280 |
| Exchange income |
3,128 |
5,347 |
| Dividend income |
646 |
2,281 |
| Gains on investments, net |
440 |
18,662 |
| Total operating income |
198,915 |
158,588 |
| Salaries and employee
related expenses |
31,273 |
27,429 |
| Rent and premises related
expenses |
6,537 |
4,159 |
| Depreciation and amortization |
4,005 |
3,550 |
| Other general and administrative
expenses |
11,475 |
9,690 |
| Provision for possible credit losses |
20,000 |
13,000 |
| Total operating expenses |
73,290 |
57,828 |
| Net Income for the period |
125,625 |
100,760 |
| Earnings per share for the period (in SAR) |
4.57 |
3.66 |
BALANCE SHEET
| Amounts in SAR'000 |
AtJun
30
2004
(Unaudited) |
At Dec 31
2003
(Audited) |
At
Jun 30
2003
(Unaudited) |
| Assets |
| Cash and balances with the
Saudi Arabian Monetary Agency (SAMA) |
557,709 |
541,891 |
420,106 |
| Due form banks and other financial
institutions |
3,426,265 |
3,313,902 |
2,729,953 |
| Investments, net |
7,016,748 |
7,260,617 |
5,912,888 |
| Loans and advances, net |
10,834,548 |
10,231,585 |
10,244,438 |
| Fixed assets, net |
104,729 |
97,920 |
80,679 |
| Other assets |
260,919 |
262,404 |
247,263 |
| Total assets |
22,200,918 |
21,708,319 |
19,635,327 |
|
| LIABILITIES AND SHAREHOLDERS'
EQUITY |
| Liabilities |
| Due to banks and other
financial institutions |
4,243,831 |
4,086,138 |
2,446,055 |
| Customer deposits |
14,441,844 |
14,403,891 |
14,340,979 |
| Other liabilities |
529,653 |
586,322 |
439,856 |
| Total
Liabilities |
19,215,328 |
19,076,351 |
17,226,890 |
|
| Shareholders'
Equity |
| Share capital |
1,375,000 |
1,100,000 |
1,100,000 |
| Statutory reserve |
1,037,000 |
1,037,000 |
921,000 |
| General reserve |
19,000 |
294,000 |
19,000 |
| Retained earnings |
320,785 |
40,393 |
270,217 |
| Other reserve |
233,805 |
160,575 |
98,220 |
| Total shareholders'
equity |
2,985,590 |
2,631,968 |
2,408,437 |
| Total liabilities and
shareholders' equity |
22,200,918 |
21,708,319 |
19,635,327 |
|
STATEMENT OF INCOME
(Unaudited)
For the three months ended June 30
|
| Amounts in SAR'000 |
2004 |
2003 |
| Special commision income |
223,199 |
198,220 |
| Special commision expense |
65,459 |
78,650 |
| Net special commision income |
157,740 |
119,570
|
| Fees from banking services |
88,855 |
41,236 |
| Exchange income |
1,467 |
1,890 |
| Dividend income |
10,226 |
3,212 |
| Gains on investments, net |
60,558 |
34,159 |
| Total operating income |
318,846 |
200,067 |
| Salaries and employee
related expenses |
40,334 |
31,179 |
| Rent and premises related
expenses |
5,959 |
5,773 |
| Deoriciation and amortization |
4,260 |
3,215 |
| Other general and administrative
expenses |
40,044 |
14,909 |
| Provision for possible credit losses |
60,000 |
24,000 |
| Total operating expenses |
150,597 |
79,076 |
| Net Income for the period |
168,249 |
120,991 |
| Earnings per share for the period (in SAR) |
6.12 |
4.40 |
BALANCE SHEET
| Amounts
in SAR'000 |
At Sep 30
2004
(Unaudited) |
At
Dec 31
2003
(Audited) |
At
Sep 30
2003
(Unaudited) |
| Assets |
| Cash
and balances with SAMA |
482,563 |
541,891 |
489,376 |
| Due
form banks and other financial institutions |
4,641,934 |
3,313,902 |
2,701,143 |
| Investments,
net |
8,781,055 |
7,260,617 |
7,062,793 |
| Loans
and advances, net |
11,541,196 |
10,231,585 |
10,857,272 |
| Fixed
assets, net |
114,669 |
97,920 |
94,269 |
| Other
assets |
271,092 |
262,404 |
251,853 |
| Total
assets |
25,832,509 |
21,708,319 |
21,456,706 |
|
| LIABILITIES
AND SHAREHOLDERS' EQUITY |
| Liabilities |
|
|
|
| Due
to banks and other financial institutions |
4,055,202 |
4,086,138 |
3,562,158 |
| Customer
deposits |
17,897,351 |
14,403,891 |
14,788,957 |
| Other
liabilities |
622,258 |
586,322 |
523,975 |
| Total
Liabilities |
22,574,811 |
19,076,351 |
18,875,090 |
|
| Shareholders'
Equity |
| Share
Capital |
1,375,000 |
1,100,000 |
1,100,000 |
| Statutory
reserve |
1,037,000 |
1,037,000 |
921,000 |
| General
reserve |
19,000 |
294,000 |
19,000 |
| Retained
earnings |
439,600 |
40,393 |
392,234 |
| Other
reserve |
387,098 |
160,575 |
149,382 |
| Total
shareholders' equity |
3,257,698 |
2,631,968 |
2,581,616 |
| Total
liabilities and shareholders' equity |
25,832,509 |
21,708,319 |
21,456,706 |
|
STATEMENT
OF INCOME
(Unaudited)
For the period ended September 30 |
| Amounts in SAR'000 |
Three-month
period ended |
Nine-month
period ended |
|
Sep
30, 2004 |
Sep 30,
2003 |
Sep
30, 2004 |
Sep 30,
2003 |
| |
| Special commision income |
242,945 |
216,257 |
685,097 |
636,686 |
| Special commision expense |
103,173 |
78,759 |
253,655 |
273,600 |
| Net special commision income |
139,772 |
137,498 |
431,442 |
363,086 |
| Fees form banking servies |
90,864 |
52,571 |
240,490 |
120,087 |
| Exhange income |
5,761 |
3,747 |
10,356 |
10,984 |
| Dividend income |
5,572 |
1,667 |
16,444 |
7,160 |
| Gains on investments, net |
361 |
33,783 |
61,359 |
86,604 |
| Total operating income |
242,330 |
229,266 |
760,091 |
587,921 |
| Salaries and employee related
expenses |
41,630 |
33,945 |
113,237 |
92,553 |
| Rent and premises related expenses |
7,205 |
6,300 |
19,701 |
16,232 |
| Depreciation and amortization |
4,310 |
3,099 |
12,575 |
9,864 |
| Other general and administrative
expenses |
22,138 |
28,503 |
73,657 |
53,102 |
| Provision for possible crdit losses |
25,000 |
32,000 |
105,000 |
69,000 |
| Total operating expenses |
100,283 |
103,847 |
324,170 |
240,751 |
| Net Income for the period |
142,047 |
125,419 |
435,921 |
347,170 |
| Earnings per
share for the period (in SAR) |
5.17 |
4.56 |
15.85 |
12.62 |
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