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Financial Statements, December 31, 2006

View detailed financial statements as

Summary

| Balance Sheet |

As at December 31, 2006 and 2005

Amounts in SAR'000	2006	2005
ASSETS
Cash and balances with SAMA	861,231	971,733
Due from banks and other financial institutions	6,299,186	6,797,725
Investments, net	11,776,859	11,276,185
Loans and advances, net	20,691,271	19,793,644
Property and equipment, net	340,377	204,610
Other assets	875,699	536,827
Total assets	40,844,623	39,580,724

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions	4,447,019	3,990,691
Customers' deposits	27,930,969	27,858,060
Other liabilities	1,040,318	1,000,262
Term loan	1,425,000	1,425,000
Total liabilities	34,843,306	34,274,013

Shareholders' equity
Share capital	2,406,250	1,718,750
Statutory reserve	1,952,000	1,450,000
General reserve	-	687,500
Other reserves	137,256	1,318,970
Retained earnings	1,505,811	1,553
Proposed dividend	-	129,938
Total shareholders' equity	6,001,317	5,306,711
Total liabilities and shareholders' equity	40,844,623	39,580,724

| Statement of Income |

As at December 31, 2006 and 2005

Amounts in SAR'000	2006	2005
Special commission income	2,505,327	1,745,973
Special commission expense	1,474,844	960,229
Net special commission income	1,030,483	785,744
Fees from banking services, net	783,929	655,714
Exchange income, net	34,822	27,440
Dividend income	34,393	21,763
Gains on non-trading investments, net	672,639	25,353
Total operating income	2,556,266	1,516,014
Salaries and employee-related expenses	259,275	223,985
Rent and premises-related expenses	41,625	33,578
Depreciation and amortization	31,441	23,921
Other general and administrative expenses	121,164	70,310
Provision for credit losses	96,503	100,000
Total operating expenses	550,008	451,794
Net income for the year	2,006,258	1,064,220
Basic and diluted earnings per share(expressed in SAR per share)	8.34	4.42

| Statement of Changes in Shareholders' Equity |

For the years ended December 31, 2006 and 2005

Amounts in SAR'000	Share capital	Statutory reserve	General reserve	Other reserves	Retained earnings	Proposed dividend	Total
2006
Balance at the beginning of the year	1,718,750	1,450,000	687,500	1,318,970	1,553	129,938	5,306,711
Net changes in fair value of available for sale investments	-	-	-	(509,140)	-	-	(509,140)
Transfer to statment of income	-	-	-	(672,574)	-	-	(672,574)
Net loss recognized directly in equity	-	-	-	(1,181,714)	-	-	(1,181,714)
Net income for the year	-	-	-	-	2,006,258	-	2,006,258
Total recognized (expense) and income for the year	-	-	-	(1,181,714)	2,006,258	-	824,544
Bonus share issue	687,500	-	(687,500)	-	-	-	-
Transfer to statutory reserve	-	502,000	-	-	(502,000)	-	-
2005 final dividend paid	-	-	-	-	-	(129,938)	(129,938)
Balance at end of the year	2,406,250	1,952,000	-	137,256	1,505,811	-	6,001,317
2005
Balance at the beginning of the year	1,375,000	1,184,000	362,750	585,026	2,659	97,350	3,606,785
Net changes in fair value of available for sale investments	-	-	-	733,944	-	-	733,944
Transfer to statment of income	-	-	-	-	(888)	-	(888)
Net income (loss) recognized directly in equity	-	-	-	733,944	(888)	-	733,056
Net income for the year	-	-	-	-	1,064,220	-	1,064,220
Total recognized income for the year	-	-	-	733,944	1,063,332	-	1,797,276
Bonus share issue	343,750	-	(343,750)	-	-	-	-
Transfer to statutory reserve	-	266,000	-	-	(266,000)	-	-
Transfer to general reserve	-	-	668,500	-	(668,500)	-	-
2004 final dividend paid	-	-	-	-	-	(97,350)	(97,350)
2005 final proposed dividend	-	-	-	-	(129,938)	(129,938)	-
Balance at end of the year	1,718,750	1,450,000	687,500	1,318,970	1,553	129,938	5,306,711

| Statement of Cash Flow |

For the years ended December 31, 2006 and 2005

Amounts in SAR'000	2006	2005
OPERATING ACTIVITIES
Net income for the year	2,006,258	1,064,220
Adjustments to reconcile net income to net cash (used in) from operating activities:
Accretion of discounts on non-trading investments, net	(131,859)	(160,463)
Gains on non-trading investments, net	(672,639)	(25,353)
Depreciation and amortization	31,441	23,921
Provision for credit losses	96,503	100,000
	1,329,704	1,002,325
Net increase in operating assets:
Statutory deposit with SAMA	(2,344)	(58,274)
Due from banks and other financial institutions maturing after ninety days from date of acquisition	(646,550)	(79,250)
Loans and advances	(994,130)	(6,862,547)
Other assets	(338,872)	(244,725)

Net increase in operating liabilities :
Due to banks and other financial institutions	456,328	19,699
Customers' deposits	72,909	7,573,134
Other liabilities	40,056	319,463
Net cash (used in) from operating activities	(82,899)	1,669,825

INVESTING ACTIVITIES
Proceeds from sale of and matured non-trading investments	5,972,781	3,603,221
Purchase of non-trading investments	(6,850,671)	(5,458,877)
Purchase of property and equipment	(191,913)	(83,727)
Proceeds from sale of property and equipment	24,705	-
Net cash used in investing activities	(1,045,098)	(1,939,383)

FINANCING ACTIVITIES
Term loan	-	1,425,000
Dividends paid	(129,938)	(97,350)
Net cash (used in) from financing activities	(129,938)	1,327,650
(Decrease) increase in cash and cash equivalents	(1,257,935)	1,058,092
Cash and cash equivalents at beginning of the year	7,171,301	6,113,209
Cash and cash equivalents at the end of the year	5,913,366	7,171,301
Special commission received during the year	2,290,743	1,603,946
Special commission paid during the year	1,368,402	825,328

Supplemental non-cash information
Net changes in fair value and transfers to statement of income	(1,181,714)	733,056
Bonus shares issued from general reserve	687,500	343,750
Final proposed dividend	-	129,938

Quarterly Financial Statements

| 1st Quarter | View detailed statements as

BALANCE SHEET

Amounts in SAR'000	Mar 31 2006 (Unaudited)	Dec 31 2005 (Audited)	Mar 31 2005 (Unaudited)
Assets
Cash and balances with (SAMA)	838,321	971,733	757,000
Due from banks and other financial institutions	9,195,225	6,797,725	7,829,699
Investments, net	11,119,366	11,276,185	8,147,409
Loans and advances, net	19,752,376	19,793,644	15,179,670
Fixed assets, net	173,047	204,610	153,814
Other assets	702,469	536,827	331,376
Total assets	41,780,804	39,580,724	32,398,968

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions	4,396,701	3,990,691	3,752,990
Customer deposits	29,332,084	27,858,060	23,985,728
Other liabilities	1,005,524	1,000,262	668,941
Term load	1,425,000	1,425,000	-
Total Liabilities	36,159,309	34,274,013	28,407,659

Shareholders' Equity
Share capital	2,406,250	1,718,750	1,718,750
Statutory reserve	1,450,000	1,450,000	1,184,000
General reserve	-	687,500	19,000
Other reserve	1,223,414	1,318,970	856,739
Retained earnings	541,831	1,553	212,820
Proposed dividends	-	129,938	-
Total shareholders' equity	5,621,495	5,306,711	3,991,309
Total liabilities and shareholders' equity	41,780,804	39,580,724	32,398,968

STATEMENT OF INCOME (Unaudited) For the three months ended March 31
Amounts in SAR'000		2006	2005
Special commission income		634,605	337,779
Special commission expense		409,806	166,449
Net special commission income		224,799	171,330
Fees from banking services, net		265,938	97,741
Exchange income		10,360	3,381
Dividend income		1,617	7,295
Gains on investments, net		166,956	23,146
Total operating income		669,670	302,893
Salaries and employee related expenses		53,609	39,481
Rent and premises related expenses		8,130	7,540
Depreciation and amortization		6,690	5,283
Other general and administrative expenses		20,963	19,540
Provision for credit losses		40,000	20,000
Total operating expenses		129,392	91,844
Net Income for the period		540,278	211,049
Basic and diluted earnings per share (Expressed in SAR per share)		2.25	0.88

| 2nd Quarter | View detailed statements as

BALANCE SHEET

As at Amounts in SAR'000		June 30, 2006 (Unaudited)	Dec. 31, 2005 (Audited)	June 30, 2005 (Unaudited)
ASSETS
Cash and balances with SAMA		749,048	971,733	729,063
Due from banks and other financial institutions		8,133,218	6,797,725	5,682,528
Investments, net		9,941,420	11,276,185	9,890,064
Loans and advances, net		19,318,820	19,793,644	17,194,015
Fixed assets, net		229,137	204,610	158,891
Other assets		800,492	536,827	398,402

Total assets		39,172,135	39,580,724	34,052,963

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities

Due to banks and other financial institutions		4,136,536	3,990,691	4,352,154
Customers' deposits		26,948,062	27,858,060	24,465,327
Other liabilities		1,012,188	1,000,262	735,046
Term loan		1,425,000	1,425,000	-

Total liabilities		33,521,786	34,274,013	29,552,527

Shareholders' equity

Share capital		2,406,250	1,718,750	1,718,750
Statutory reserve		1,450,000	1,450,000	1,184,000
General reserve		-	687,500	19,000
Other reserves		413,976	1,318,970	1,086,479
Retained earnings		1,380,123	1,553	492,207
Proposed dividends		-	129,938	-

Total shareholders' equity		5,650,349	5,306,711	4,500,436

Total liabilities and shareholders' equity		39,172,135	39,580,724	34,052,963

STATEMENT OF INCOME Unaudited
Amounts in SAR' 000	Three months period ended		Six months period ended
	June 30, 2006	June 30, 2005	June 30, 2006	June 30, 2005

Special commission income	618,521	398,566	1,253,126	736,345
Special commission expense	370,668	201,053	780,474	367,502
Net special commission income	247,853	197,513	472,652	368,843

Fees from banking servies, net	226,954	176,639	492,892	274,380
Exhange income, net	9,940	7,147	20,300	10,528
Dividend income	22,791	5,140	24,408	12,435
Gains on non-trading investments, net	500,259	448