Investor Relations
|
Credit Ratings | Stock Activity | Financial
Statements | Board of
Directors | Management
| Compliance
|
| Year 2008
| Year 2007
| Year 2006
| Year 2005
| Year 2004
| Year 2003
| Year 2002 |
| Ten Year Financial Highlight |
Financial Statements, December 31, 2007
View detailed financial statements as |
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| |
View auditors' report as
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|
Summary
As at December 31, 2007 and
2006
| Amounts
in SAR'000 |
2007 |
2006 |
| ASSETS |
| Cash and balances
with SAMA |
1,212,355 |
861,231 |
| Due from banks and other financial
institutions |
4,311,421 |
6,299,186 |
| Investments |
16,373,407 |
11,776,859 |
| Loans and advances, net |
23,128,701 |
20,691,271 |
| Property and equipment, net |
424,705 |
340,377 |
| Other
assets |
1,091,204 |
875,699 |
| Total
assets |
46,541,793 |
40,844,623 |
| LIABILITIES
AND SHAREHOLDERS' EQUITY |
| Liabilities |
|
|
| Due
to banks and other financial institutions |
4,512,101 |
4,447,019 |
| Customers' deposits |
32,768,271 |
27,930,969 |
| Other liabilities |
1,066,795 |
1,040,318 |
| Term
loan |
1,425,000 |
1,425,000 |
| Total
liabilities |
39,772,167 |
34,843,306 |
| Shareholders'
equity |
|
|
| Share capital |
3,910,160 |
2,406,250 |
| Statutory reserve |
2,158,000 |
1,952,000 |
| Other reserves |
83,380 |
137,256 |
| Retained earnings |
618,086 |
1,505,811 |
|
Total shareholders' equity |
6,769,626 |
6,001,317 |
|
Total liabilities and shareholders' equity |
46,541,793 |
40,844,623 |
As at December 31, 2007 and
2006
| Amounts in
SAR'000 |
2007 |
2006 |
| Special commission
income |
2,605,103 |
2,505,327 |
| Special commission expense |
1,549,113 |
1,474,844 |
| Net special
commission income |
1,055,990 |
1,030,483 |
| Fee income from banking services, net |
398,330 |
783,929 |
| Exchange income, net |
44,439 |
34,822 |
| Dividend income |
35,387 |
34,393 |
| (Losses)gains on non-trading investments, net |
(131,048) |
672,639 |
| Total operating income |
1,403,098 |
2,556,266 |
| Salaries and employee-related
expenses |
286,937 |
259,275 |
| Rent and premises-related expenses |
41,548 |
41,625 |
| Depreciation |
43,612 |
31,441 |
| Other general and administrative
expenses |
112,116 |
121,164 |
| Allowance for credit losses, net |
96,700 |
96,503 |
| Total operating expenses |
580,913 |
550,008 |
| Net income for
the year |
822,185 |
2,006,258 |
| Basic and diluted earnings per share(expressed in SAR per share) |
2.10 |
5.13 |
For the years ended December 31, 2007 and 2006
| Amounts
in SAR'000 |
Share
capital |
Statutory
reserve |
General
reserve |
Other
reserves |
Retained
earnings |
Proposed
dividend |
Total |
| 2007 |
|
|
|
|
|
|
|
| Balance at the beginning
of the year |
2,406,250 |
1,952,000 |
- |
137,256 |
1,505,811 |
- |
6,001,317 |
| Net changes in fair value of available for sale investments |
- |
- |
- |
77,172 |
- |
- |
77,172 |
| Transfer to statment of income |
- |
- |
- |
(131,048) |
- |
- |
(131,048) |
| Net loss recognized directly in equity |
- |
- |
- |
(53,876) |
- |
- |
(53,876) |
| Net income for the year |
|
|
|
- |
822,185 |
- |
822,185 |
| Total recognized (expense) and income for the year |
- |
- |
- |
(53,876) |
822,185 |
- |
768,309 |
| Bonus share issue |
1,503,910 |
- |
- |
- |
(1,503,910) |
- |
- |
| Transfer to statutory reserve |
- |
206,000 |
- |
- |
(206,000) |
- |
- |
| Balance at end of the year |
3,910,160 |
2,158,000 |
- |
83,380 |
618,086 |
- |
6,769,626 |
| 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 |
For the years ended December 31, 2007 and
2006
| Amounts in
SAR'000 |
2007 |
2006 |
| OPERATING ACTIVITIES |
| Net income for the year |
822,185 |
2,006,258 |
| Adjustments
to reconcile net income to net cash from (used in) operating activities: |
| Accretion of discounts on non-trading investments, net |
(276,088) |
(131,859) |
| Losses (gains) on non-trading
investments, net |
131,048 |
(672,639) |
| Depreciation |
43,612 |
31,441 |
| Allowance for credit losses, net |
96,700 |
96,503 |
| |
817,457 |
1,329,704 |
| Net
(increase) in operating assets: |
| Statutory deposit with SAMA |
(134,090) |
(2,344) |
| Due from banks
and other financial institutions maturing
after ninety days from date of acquisition |
598,279 |
(646,550) |
| Loans and advances |
(2,534,130) |
(994,130) |
| Other assets |
(215,505) |
(338,872) |
|
| Net
increase in operating liabilities
: |
| Due to banks and other financial
institutions |
65,082 |
456,328 |
| Customers' deposits |
4,837,302 |
72,909 |
| Other liabilities |
26,477 |
40,056 |
| Net cash from (used in) operating activities |
3,460,872 |
(82,899) |
|
| INVESTING
ACTIVITIES |
| Proceeds from sale of and matured
non-trading investments |
4,603,459 |
5,972,781 |
| Purchase of non-trading
investments |
(8,898,643) |
(6,695,771) |
| Investments in associates |
(210,200) |
(154,900) |
| Purchase of property and equipment |
(127,965) |
(191,913) |
| Proceeds from sale of property and equipment |
25 |
24,705 |
| Net cash used in investing
activities |
(4,633,324) |
(1,045,098) |
|
| FINANCING
ACTIVITIES |
| Dividends paid |
- |
(129,938) |
| Net cash (used in) financing
activities |
- |
(129,938) |
| Decrease in cash and cash
equivalents |
(1,172,452) |
(1,257,935) |
| Cash and cash
equivalents at beginning of the year |
5,913,366 |
7,171,301 |
| Cash and cash equivalents
at the end of the year |
4,740,914 |
5,913,366 |
| Special commission received during the year |
2,566,675 |
2,290,743 |
| Special commission paid during the year |
1,576,313 |
1,368,402 |
|
| Supplemental
non-cash information |
| Net changes in fair value and transfers to statement of income |
53,876 |
1,181,714 |
| Bonus shares issued |
1,503,910 |
687,500 |
BALANCE SHEET
| Amounts
in SAR'000 |
Mar 31
2007
(Unaudited) |
Dec 31
2006
(Audited) |
Mar 31
2006
(Unaudited) |
| Assets |
| Cash
and balances with SAMA |
1,018,599 |
861,231 |
838,321 |
| Due
from banks and other financial institutions |
5,086,861 |
6,299,186 |
9,195,225 |
| Investments,
net |
14,940,030 |
11,776,859 |
11,119,366 |
| Loans
and advances, net |
17,815,494 |
20,691,271 |
19,752,376 |
| Property and equipment,
net |
368,123 |
340,377 |
173,047 |
| Other
assets |
656,339 |
875,699 |
702,469 |
| Total
assets |
39,885,446 |
40,844,623 |
41,780,804 |
|
| LIABILITIES
AND SHAREHOLDERS' EQUITY |
| Liabilities |
| Due
to banks and other financial institutions |
3,739,009 |
4,447,019 |
4,396,701 |
| Customers'
deposits |
27,600,521 |
27,930,969 |
29,332,084 |
| Other
liabilities |
819,178 |
1,040,318 |
1,005,524 |
| Term
load |
1,425,000 |
1,425,000 |
1,425,000 |
| Total
Liabilities |
33,583,708 |
34,843,306 |
36,159,309 |
|
| Shareholders'
Equity |
| Share
capital |
3,910,160 |
2,406,250 |
2,406,250 |
| Statutory
reserve |
1,952,000 |
1,952,000 |
1,450,000 |
| Other
reserve |
131,539 |
137,256 |
1,223,414 |
| Retained
earnings |
308,039 |
1,505,811 |
541,831 |
| Total
shareholders' equity |
6,301,738 |
6,001,317 |
5,621,495 |
| Total
liabilities and shareholders' equity |
39,885,446 |
40,844,623 |
41,780,804 |
|
STATEMENT
OF INCOME
(Unaudited)
For the three months ended March 31 |
| Amounts
in SAR'000 |
2007 |
2006 |
| Special
commission income |
646,740 |
634,605 |
| Special
commission expense |
362,460 |
409,806 |
| Net
special commission income |
284,280 |
224,799 |
| Fees
from banking services, net |
120,123 |
265,938 |
| Exchange
income |
6,505 |
10,360 |
| Dividend
income |
14,373 |
1,617 |
| Gains on non-trading
investments, net |
215 |
166,956 |
| Total
operating income |
425,496 |
669,670 |
| Salaries
and employee-related expenses |
69,175 |
53,609 |
| Rent
and premises-related expenses |
10,266 |
8,130 |
| Depreciation
and amortization |
10,152 |
6,690 |
| Other
general and administrative expenses |
14,765 |
20,963 |
| Provision
for credit losses |
15,000 |
40,000 |
| Total
operating expenses |
119,358 |
129,392 |
| Net
Income for the period |
306,138 |
540,278 |
| Basic
and diluted earnings per share (Expressed
in SAR per share) |
0.78 |
1.38 |
BALANCE SHEET
As
at
Amounts in SAR'000 |
June 30,
2007
(Unaudited) |
Dec. 31,
2006
(Audited) |
June 30,
2006
(Unaudited) |
| ASSETS |
| Cash
and balances with SAMA |
815,192 |
861,231 |
749,048 |
| Due
from banks and other financial institutions |
3,460,934 |
6,299,186 |
8,133,218 |
| Investments,
net |
15,167,372 |
11,776,859 |
9,941,420 |
| Loans
and advances, net |
19,727,757 |
20,691271 |
19,318,820 |
| Property and equipment, net |
366,478 |
340,377 |
229,137 |
| Other
assets |
902,997 |
875,699 |
800,492 |
| |
| Total
assets |
40,440,730 |
40,844,623 |
39,172,135 |
| |
| LIABILITIES
AND SHAREHOLDERS' EQUITY |
| Liabilities |
| |
| Due
to banks and other financial institutions |
3,874,485 |
4,447,019 |
4,136,536 |
| Customers'
deposits |
27,694,568 |
27,930,969 |
26,948,062 |
| Other
liabilities |
998,837 |
1,040,318 |
1,012,188 |
| Term
loan |
1,425,000 |
1,425,000 |
1,425,000 |
|
| Total
liabilities |
33,992,890 |
34,843,306 |
33,521,786 |
| |
| Shareholders'
equity |
| |
|
|
|
| Share
capital |
3,910,160 |
2,406,250 |
2,406,250 |
| Statutory
reserve |
1,952,000 |
1,952,000 |
1,450,000 |
| Other
reserves |
52,286 |
137,256 |
413,976 |
| Retained
earnings |
533,394 |
1,505,811 |
1,380,123 |
| Total
shareholders' equity |
6,447,840 |
6,001,317 |
5,650,349 |
| |
| Total
liabilities and shareholders' equity |
40,440,730 |
40,844,623 |
39,172,135 |
| |
STATEMENT
OF INCOME
Unaudited
|
| Amounts in SAR'
000 |
Three
months period ended |
Six
months period ended |
|
June
30, 2007 |
June
30, 2006 |
June 30, 2007 |
June
30, 2006 |
| |
| Special commission income |
598,478 |
618,521 |
1,245,218 |
1,253,126 |
| Special commission expense |
349,772 |
370,668 |
712,232 |
780,474 |
| Net special commission income |
248,706 |
247,853 |
532,986 |
472,652 |
| |
| Fees from banking servies, net |
82,999 |
226,954 |
203,122 |
492,892 |
| Exchange income, net |
7,439 |
9,940 |
13,944 |
20,300 |
| Dividend income |
3,825 |
22,791 |
18,198 |
24,408 |
| Gains on non-trading investments,
net |
4,524 |
500,259 |
4,739 |
667,215 |
| Total operating income |
347,493 |
1,007,797 |
772,989 |
1,677,467 |
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