2022-financial-statment-wc

Financial
Statements

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Consolidated Statement of Financial Position

As at December 31, 2022 and 2021
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Note

2022

SAR'000

2021

SAR'000

ASSETS

Cash and balances with Saudi Central Bank (SAMA), net

4

33,366,652

25,587,478

Due from banks and other financial institutions, net

5

20,613,232

17,644,832

Positive fair value of derivatives

6

3,790,841

1,414,515

Investments, net

7

52,196,120

58,637,186

Loans and advances, net

8

242,364,947

217,290,235

Other assets

11

3,175,946

1,492,186

Investment in associates

9

371,215

649,720

Other real estate

465,249

313,564

Property, equipment and right of use assets, net

10

3,308,655

2,706,102

Total assets

359,652,857

325,735,818

LIABILITIES AND EQUITY

Liabilities

Due to banks and other financial institutions

12

38,760,068

43,134,140

Negative fair value of derivatives

6

2,854,285

1,460,144

Customer deposits

13

240,007,085

211,678,297

Debt securities in issue

14

8,758,419

8,716,577

Other liabilities

15

13,099,651

13,446,889

Total liabilities

303,479,508

278,436,047

Shareholders' equity

Share capital

16

30,000,000

30,000,000

Statutory reserve

17

10,942,054

9,187,224

Other reserves

18

(790,260)

1,637,436

Retained earnings

7,500,430

4,855,111

Proposed dividends

26

1,950,000

1,620,000

Equity attributable to the shareholders of the Bank

49,602,224

47,299,771

Tier 1 Sukuk

14

6,571,125

-

Total equity

56,173,349

47,299,771

Total liabilities and equity

359,652,857

325,735,818

Consolidated Statement of Income

For the years ended December 31, 2022 and 2021
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Note

2022

SAR'000

2021

SAR'000

Special commission income

20

12,907,561

9,108,106

Special commission expense

20

2,855,116

814,933

Net special commission income

10,052,445

8,293,173

Fee and commission income

21

3,559,071

3,154,791

Fee and commission expense

21

1,130,404

1,037,144

Fee and commission income, net

2,428,667

2,117,647

Exchange income, net

633,379

380,691

Trading income, net

219,029

196,683

Dividend income

79,861

126,969

Gains on disposal of non-trading investments, net

22

121,775

407,521

Other operating income

23

64,210

45,157

Total operating income, net

13,599,366

11,567,841

Salaries and employee-related expenses

24

2,257,505

2,092,284

Rent and premises-related expenses

195,409

194,072

Depreciation of property, equipment and right of use assets

10

540,532

493,193

Other general and administrative expenses

1,336,308

1,132,413

Other operating expenses

80,423

52,637

Total operating expenses before impairment charge

4,410,177

3,964,599

Impairment charge for credit losses and other financial assets, net

8 e)

1,027,400

850,757

Impairment charge for investments, net

253,115

1,927

Total operating expenses, net

5,690,692

4,817,283

Net operating income

7,908,674

6,750,558

Share in losses of associates, net

(80,238)

(32,498)

Income before zakat

7,828,436

6,718,060

Zakat

27

809,114

692,681

Net income

7,019,322

6,025,379

Basic and diluted earnings per share (in SAR)

25

2.32

2.01

Consolidated Statement of Comprehensive income

for the year ended 31 December 2022
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2022

SAR'000

2021

SAR'000

Net income

7,019,322

6,025,379

Other comprehensive income (OCI):

a) Items that will be reclassified to consolidated statement of income in subsequent periods

- Fair value through other comprehensive income (FVOCI- debt instruments)

- Net change in fair value

(1,988,932)

(386,843)

- Net amounts transferred to consolidated statement of income

(86,145)

(311,311)

- Net changes in allowance for expected credit losses (ECL) of debt instruments

261,430

12,389

- Effective portion of net change in fair value of cash flow hedge

149,612

(25,036)

b) Items that will not be reclassified to consolidated statement of income in subsequent periods

- Actuarial gains on defined benefit plans (note 28 d)

201,103

73,715

- Net change in fair value of equity instruments at fair value through other comprehensive income (FVOCI- equity instruments)

(69,264)

556,380

Other comprehensive loss

(1,532,196)

(80,706)

Total comprehensive income

5,487,126

5,944,673

Consolidated Statement of Changes in Equity

For the years ended December 31, 2022 and 2021
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SAR'000

Share

capital

Statutory

reserve

Other

reserves

Retained

earnings

Proposed

dividends

Equity

attributable

to the

shareholders

of the Bank

Tier 1

sukuk

Total equity

31 December 2022

Balance at the beginning of the period

30,000,000

9,187,224

1,637,436

4,855,111

1,620,000

47,299,771

-

47,299,771

Total comprehensive income

Net changes in fair values of

- FVOCI -equity instruments

-

-

(69,264)

-

-

(69,264)

-

(69,264)

- FVOCI -debt instruments

-

-

(1,988,932)

-

-

(1,988,932)

-

(1,988,932)

Net amount reclassified to the consolidated statement of income for FVOCI -debt instruments

-

-

(86,145)

-

-

(86,145)

-

(86,145)

Net changes in allowance for expected credit losses on FVOCI -debt instruments

-

-

261,430

-

-

261,430

-

261,430

Actuarial gains (Note 28 d)

-

-

201,103

-

-

201,103

-

201,103

Net change in fair value of cash flow hedge

-

-

149,612

-

-

149,612

-

149,612

Net income

-

-

-

7,019,322

-

7,019,322

-

7,019,322

Total comprehensive (loss) income

-

-

(1,532,196)

7,019,322

-

5,487,126

-

5,487,126

Disposal of FVOCI-equity instruments

-

-

(895,500)

895,500

-

-

-

-

Final dividends paid - 2021(note 26)

-

-

-

-

(1,620,000)

(1,620,000)

-

(1,620,000)

Tier 1 sukuk issued

-

-

-

-

-

-

6,571,125

6,571,125

Tier 1 sukuk costs

-

-

-

(64,673)

-

(64,673)

-

(64,673)

Interim dividend - 2022 (note 26)

-

-

-

(1,500,000)

-

(1,500,000)

-

(1,500,000)

Transfer to statutory reserve (note 17)

-

1,754,830

-

(1,754,830)

-

-

-

-

Final proposed dividend - 2022 (note 26)

-

-

-

(1,950,000)

1,950,000

-

-

-

Balance at the end of the year

30,000,000

10,942,054

(790,260)

7,500,430

1,950,000

49,602,224

6,571,125

56,173,349

31 December 2021

Balance at the beginning of the period

30,000,000

7,680,879

1,745,649

4,928,570

-

44,355,098

-

44,355,098

Total comprehensive income

Net changes in fair values of

- FVOCI -equity instruments

-

-

556,380

-

-

556,380

-

556,380

- FVOCI -debt instruments

-

-

(386,843)

-

-

(386,843)

-

(386,843)

Net amount reclassified to the consolidated statement of income for FVOCI -debt instruments

-

-

(311,311)

-

-

(311,311)

-

(311,311)

Net changes in allowance for expected credit losses on FVOCI -debt instruments

-

-

12,389

-

-

12,389

-

12,389

Actuarial gains( note28 d)

-

-

73,715

-

-

73,715

-

73,715

Net change in fair value of cash flow hedge

-

-

(25,036)

-

-

(25,036)

-

(25,036)

Net income for the period

-

-

-

6,025,379

-

6,025,379

-

6,025,379

Total comprehensive income

-

-

(80,706)

6,025,379

-

5,944,673

-

5,944,673

Disposal of FVOCI-equity instruments

-

-

(27,507)

27,507

-

-

-

-

Final proposed dividends - 2020

-

-

-

(1,500,000)

1,500,000

-

-

-

Final dividends declared - 2020

-

-

-

-

(1,500,000)

(1,500,000)

-

(1,500,000)

Interim dividend - 2021 (note 26)

-

-

-

(1,500,000)

-

(1,500,000)

-

(1,500,000)

Transfer to statutory reserve (note 17)

-

1,506,345

-

(1,506,345)

-

-

-

-

Final proposed dividend - 2021 (note 26)

-

-

-

(1,620,000)

1,620,000

-

-

-

Balance at the end of the year

30,000,000

9,187,224

1,637,436

4,855,111

1,620,000

47,299,771

-

47,299,771

Consolidated Statement of Cash Flows

for the year ended 31 December 2022 (ALL AMOUNTS IN SAUDI RIYALS THOUSANDS UNLESS OTHERWISE STATED)
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Note

2022

SAR'000

2021

SAR'000

OPERATING ACTIVITIES

Income before zakat

7,828,436

6,718,060

Adjustments to reconcile net income for the period to net cash from operating activities:

Accretion of discounts and amortisation of premium on non-FVIS instruments, net

(89,042)

(23,575)

Gains on disposal of non-trading investments, net

(121,775)

(407,521)

Gains on trading investments, net

(37,288)

(8,378)

Gains on sale of property and equipment, net

(20,833)

(359)

Dividend income

(79,861)

(126,969)

Depreciation of property, equipment and right of use assets

540,532

493,193

Share in losses of associates, net

80,238

32,498

Impairment charge for credit losses and other financial assets, net

8 e)

1,027,400

850,757

Impairment charge for investments, net

253,115

1,927

9,380,922

7,529,633

Net (increase) decrease in operating assets:

Statutory deposit with SAMA

(2,165,728)

81,619

Due from banks and other financial institutions maturing after three months from date of acquisition

500,000

(291,000)

Positive fair value of derivatives

(2,376,326)

144,442

Investments at FVIS

(149,518)

90,085

Loans and advances, net

(26,105,305)

(26,804,454)

Other real estate

(151,685)

10,490

Other assets

(1,405,255)

210,707

Net increase (decrease) in operating liabilities:

Due to banks and other financial institutions

(4,374,072)

1,345,237

Negative fair value of derivatives

1,394,141

(180,790)

Customer deposits

28,328,788

8,638,961

Principal and interest on lease liabilities

(223,723)

(212,618)

Other liabilities

514,094

571,965

3,166,333

(8,865,723)

Zakat paid

(1,168,028)

(1,160,444)

Net cash used in operating activities

1,998,305

(10,026,167)

INVESTING ACTIVITIES

Proceeds from sales and maturities of investments not held as FVIS instruments

137,722,310

97,500,947

Purchase of investments not held as FVIS instrument

(132,916,940)

(99,351,383)

Purchase of property and equipment

(1,297,439)

(607,495)

Proceeds from sale of property and equipment

175,187

6,965

Advance against purchase of property and equipment

-

(125,000)

Net cash from (used in) investing activities

3,683,118

(2,575,966)

FINANCING ACTIVITIES

Debt securities in issue, net

-

3,032,569

Tier 1 sukuk issuance

14

6,571,125

-

Dividend paid

(3,108,480)

(2,988,871)

Tier 1 sukuk related costs

(64,673)

-

Net cash from financing activities

3,397,972

43,698

Increase (decrease) in cash and cash equivalents

9,079,395

(12,558,435)

Cash and cash equivalents at beginning of the period

32,406,686

44,965,121

Cash and cash equivalents at end of the period

29

41,486,081

32,406,686

Special commission received during the period

12,269,203

8,915,549

Special commission paid during the period

2,200,844

928,543

Supplemental non-cash information

Net changes in fair value and transfers to consolidated statement of income

(1,994,729)

(166,810)

Right of use (ROU) assets

(30,124)

(110,328)

Lease liabilities

11,164

(5,517)
The accompanying notes 1 to 41 form an integral part of these consolidated financial statements.