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Consolidated Statement of Cash Flows

For the years ended December 31, 2018 and 2017

Notes 2018
SAR ’000
2017
SAR ’000
Operating Activities
Net income 1,458,718 1,410,798
Adjustments to reconcile net income to net cash from (used in) operating activities
Net accretion of discounts and net amortization of premiums on investments not held as FVTPL 46,095 56,903
Net change in accrued special commission income (24,243) (84,713)
Net change in accrued special commission expense 85,364 (85,487)
Net change in deferred loan fees (10,300) 11,038
Losses on FVOCI debt securities 23 59
Gains on investments, net 23 (49,130)
Loss (gain) on sales of property, equipment, and intangibles 30 (15)
FVTPL unrealized losses 20,464
FVTPL realized gains (4,528)
Depreciation and amortization 9 103,239 92,559
Provisions for credit losses 246,972 213,000
Impairment charge for equity investments 6 108,622
Share in earnings of associates 8 (126,145) (131,851)
Share based provisions 38 5,400 9,948
1,801,125 1,551,672
 
Net (increase) decrease in operating assets:
Statutory deposit with SAMA 114,975 243,558
Due from banks and other financial institutions maturing after ninety days from acquisition date (53,578) 25,663
Loans and advances, net (88,742) 545,068
Positive fair values of derivatives (545,360) 6,357
Other assets 114,278 (357,024)
 
Net increase (decrease) in operating liabilities:
Due to banks and other financial institutions 4,971,376 (1,425,465)
Customer deposits (3,251,040) 1,381,361
Negative fair values of derivatives 354,885 (29,708)
Other liabilities (723,251) (60,178)
Net cash provided from operating activities 2,694,668 1,881,304
Investing Activities
Proceeds from sales and maturities of investments 1,820,969 3,894,435
Purchases of investments (5,072,207) (4,561,311)
Dividends received from associates 8 108,273 98,815
Investments in associates 8 (1,876)
Acquisitions of property, equipment, and intangibles 9 (161,556) (107,880)
Proceeds from sales of property, equipment, and intangibles 6 15
Net cash used in investing activities (3,306,391) (675,926)
 
Financing Activities
Zakat and Income Tax payments, net (49,840) (35,144)
Treasury shares purchased 40 (787,536)
Sales (purchases) of shares for employee options 38 16,651 (17,574)
Vesting of employee share options, net 38 36,218 12,241
Dividends paid 26 (450,000) (350,000)
Repayment of term loans 14 (1,000,000)
Proceeds from term loans 14 1,000,000
Proceeds from Tier 1 Sukuk 39 1,000,000 285,000
Tier 1 Sukuk costs (94,904) (38,247)
Net cash used in financing activities (329,411) (143,724)
Net (decrease) increase in cash and cash equivalents (941,134) 1,061,654
 
Cash and cash equivalents
Cash and cash equivalents at the beginning of the year 5,444,306 4,382,652
Net (decrease) increase in cash and cash equivalents (941,134) 1,061,654
Cash and cash equivalents at the end of the year 28 4,503,172 5,444,306
 
Supplemental special commission information
Special commission received 3,609,173 3,448,376
Special commission paid 1,263,479 1,573,746
Supplemental non-cash information
Total other comprehensive loss (373,735) (305,173)
Other real estate 300,000
Bonus shares issued 26 500,000
Adoption of IFRS 9 on January 1, 2018 822,556
Zakat settlement from 2006 to 2017, net of fair value adjustment 27 711,807

The accompanying Notes 1 to 43 form an integral part of these Consolidated Financial Statements.

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