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financial statements
consolidated
statement of
cash flows
| For the year ended 31 December | Notes | 2023 (SAR ’000) |
2022 (SAR ’000) |
| Cash Flows from operating activities | |||
| Income before Zakat | 18,529,285 | 19,122,690 | |
| Adjustments to reconcile net income before zakat to net cash from operating activities: |
|||
| (Gain)/loss on investments held at fair value through statement of income (FVIS) | 21 | (32,051) | 208,766 |
| Depreciation on property, equipment and right of use assets,net |
9 | 1,380,865 | 1,132,137 |
| Depreciation on investment properties | 11 | 25,460 | 47,669 |
| Amortisation/impairment of goodwill and other intangibles | 10 | 171,684 | 150,313 |
| Gain on sale of property and equipment, net | 21 | (9,851) | (1,275) |
| Impairment charge for financing and other financial assets, net |
7 | 1,504,178 | 2,001,259 |
| Share in profit of associates | 21 | (87,866) | (20,237) |
| Dividend income | 21 | (136,884) | (128,097) |
| Accretion/amortisation relating to debt investments, net | (94,767) | 37,146 | |
| Profit charge against lease obligations | 32,232 | 40,118 | |
| Fair value adjustment for Shariah compliant derivatives | (49,397) | 6,209 | |
| Rental income from investment properties | 21 | (98,077) | (106,720) |
| (Increase)/decrease in operating assets | |||
| Statutory deposit with SAMA and other central banks | (2,088,863) | (4,115,705) | |
| Due from banks and other financial institutions | 4,759,466 | 4,738,483 | |
| Financing, net | (27,370,870) | (117,508,716) | |
| FVIS investments | (252,238) | (4,527) | |
| Other assets, net | (3,247,700) | (1,027,724) | |
| Increase/(decrease) in operating liabilities | |||
| Due to banks and other financial institutions | 26,407,772 | 52,886,977 | |
| Customers’ deposits | 8,175,919 | 52,852,475 | |
| Other liabilities | 1,908,356 | (333,906) | |
| Profit payment against lease obligations | (32,232) | (40,118) | |
| Net cash generated from operating activities before Zakat | 29,394,421 | 9,937,217 | |
| Zakat paid | 43 | (1,971,690) | (2,560,423) |
| Net cash generated from operating activities | 27,422,731 | 7,376,794 | |
| Cash flows from investing activities | |||
| Purchase of property and equipment | 9 | (3,193,209) | (2,380,777) |
| Proceeds from disposal of property and equipment | 441,278 | 98,404 | |
| Goodwill and other intangible assets | (467,705) | (425,867) | |
| Purchase of FVOCI investments | (14,874,031) | (154,524) | |
| Proceeds from disposal of FVOCI investments | 11,550 | 4,670,175 | |
| Proceeds from maturities of investments held at amortised cost |
3,961,479 | 10,112,274 | |
| Purchase of investments held at amortised cost | (20,390,840) | (32,637,882) | |
| Investment in associates | – | (487,000) | |
| Purchase of Investment properties | (23,260) | (1,058) | |
| Subsidiary acquisition net of cash | – | (539,265) | |
| Dividend income received | 21 | 136,884 | 128,097 |
| Rental income from investment properties | 21 | 98,077 | 106,720 |
| Net cash used in investing activities | (34,299,777) | (21,510,703) | |
| Cash flows from financing activities | |||
| Dividends paid | 25 | (9,600,000) | – |
| Tier I Sukuk costs | (820,678) | (196,564) | |
| Tier I Sukuk issuance | 27 | – | 16,500,000 |
| Payment against lease obligation | (254,901) | (267,165) | |
| Sukuk issued | 28 | 3,789,117 | – |
| Net cash (used in)/generated from financing activities | (6,886,462) | 16,036,271 | |
| Net (decrease)/increase in cash and cash equivalents | (13,763,508) | 1,902,362 | |
| Cash and cash equivalents at the beginning of the year | 26,199,150 | 24,296,788 | |
| Cash and cash equivalents at end of the period | 29 | 12,435,642 | 26,199,150 |
| Financing and investment income received during the year | 37,849,749 | 26,952,831 | |
| Financing and investment return paid during the year | 16,308,742 | 4,516,261 | |
| Supplemental Non–cash transactions: | |||
| ROU assets | 133,075 | 39,583 | |
| Lease Liability | 166,677 | 62,523 | |
| Net change in fair value of FVOCI investments | 297,685 | (705,701) | |
| Remeasurement gain on EOSB | 2,821 | 231,824 | |
| Investment in associate from subsidiary acquisition | – | 19,863 |
The accompanying Notes from 1 to 44 form an integral part of these consolidated financial statements.
Chairman
Chief Executive Officer
Chief Financial Officer