Financial Statements
consolidated statement
of cash flows
| For the year ended 31 December | Notes | 2022 (SAR ’000) |
2021 (SAR ’000) |
| Cash Flows from operating activities | |||
| Income before Zakat | 19,122,690 | 16,444,790 | |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Loss on investments held at fair value through statement of income (FVSI) | 21 | 208,766 | 37,897 |
| Depreciation on property, equipment and right of use assets | 9 | 1,132,137 | 1,064,276 |
| Depreciation on investment properties | 11 | 47,669 | 25,652 |
| Impairment/amortisation of Goodwill and other intangibles | 10 | 150,313 | 52,004 |
| Gain on sale of property and equipment, net | 21 | (1,275) | (47,511) |
| Impairment charge for financing and other financial assets, net | 7 | 2,001,259 | 2,345,086 |
| Share in profit of associates | 21 | (13,812) | (32,030) |
| Dividend income | 21 | (128,097) | (169,602) |
| Accretion/amortisation relating to debt investments, Net | 37,146 | 71,457 | |
| Profit charge against lease obligations | 40,118 | 37,357 | |
| Fair value adjustment to derivatives | 15,054 | (32,382) | |
| (Increase)/decrease in operating assets | |||
| Statutory deposit with SAMA and other central banks | (4,115,705) | (5,343,990) | |
| Due from banks and other financial institutions | 5,789,046 | 4,345,399 | |
| Financing | (117,508,716) | (139,463,642) | |
| FVIS investments | (4,527) | 3,127,037 | |
| Other assets, net | (1,067,465) | (2,569,607) | |
| Decrease in operating liabilities | |||
| Due to banks and other financial institutions | 52,886,977 | 7,188,079 | |
| Customers’ deposits | 52,852,475 | 129,441,210 | |
| Other liabilities | (240,487) | 9,457,562 | |
| Profit payment against lease obligations | (40,118) | (37,357) | |
| Net cash from operating activities before Zakat | 11,163,448 | 25,941,685 | |
| Zakat paid | 41 | (2,560,423) | (2,086,251) |
| Net cash generated from operating activities | 8,603,025 | 23,855,434 | |
| Cash flows from investing activities | |||
| Purchase of property and equipment | 9 | (2,445,713) | (1,904,297) |
| Proceeds from disposal of property and equipment | 123,757 | 886,701 | |
| Goodwill and other intangibles | (425,867) | (482,188) | |
| Purchase of FVOCI investments | (154,524) | (1,828,494) | |
| Proceeds from disposal of FVOCI investments | 4,670,175 | 178,363 | |
| Proceeds from maturities of investments held at amortised cost |
10,112,274 | 7,852,423 | |
| Purchase of investments held at amortised cost | (32,668,305) | (33,076,112) | |
| Investment in associates | (487,000) | – | |
| Subsidiary acquisition net of cash | 42 | (539,265) | – |
| Dividend income | 21 | 128,097 | 169,602 |
| Net cash used in investing activities | (21,686,371) | (28,204,002) | |
| Cash flows from financing activities | |||
| Dividends paid | 25 | – | (6,000,000) |
| Tier I Sukuk costs | (196,564) | – | |
| Tier I Sukuk issuance | 16,500,000 | – | |
| Payment against lease obligation | (267,165) | (238,546) | |
| Net cash generated from/(used in) financing activities | 16,036,271 | (6,238,546) | |
| Net increase/(decrease) in cash and cash equivalents | 2,952,925 | (10,587,114) | |
| Cash and cash equivalents at the beginning of the period | 28 | 22,240,247 | 32,827,361 |
| Cash and cash equivalents at end of the period | 28 | 25,193,172 | 22,240,247 |
The accompanying Notes from 1 to 43 form an integral part of these consolidated financial statements.
Chairman
Chief Executive Officer
Chief Financial Officer