Saudi Awwal Bank

Consolidated Statement of Financial Position

As at 31 December 2024

All amounts in thousands of Saudi Riyals unless otherwise stated

Notes 2024
$'000 		2023*
$'000
ASSETS
Cash and balances with Saudi Central Bank ('SAMA') 3 17,362,692 16,741,235
Due from banks and other financial institutions, net 4 3,429,772 7,407,481
Positive fair value of derivatives, net 11 2,631,208 2,368,382
Investments, net 5 98,412,224 96,566,836
Loans and advances, net 6 259,345,516 215,935,845
Investment in an associate 7 463,350 462,046
Property, equipment and right of use assets, net 8 4,087,561 3,844,926
Goodwill and other intangibles, net 9 10,660,468 10,556,367
Other assets 10 3,050,018 2,758,518
TOTAL ASSETS 399,442,809 356,641,636
LIABILITIES AND EQUITY
LIABILITIES
Due to banks and other financial institutions 12, 41 40,996,981 19,678,918
Customers' deposits 13, 41 267,010,659 253,457,490
Negative fair value of derivatives, net 11 2,546,204 2,231,470
Debt securities in issue 14 5,178,059 5,177,862
Other liabilities 15 15,424,723 14,196,333
TOTAL LIABILITIES 331,156,626 294,742,073
EQUITY
Equity attributable to equity holders of the Bank
Share capital 16 20,547,945 20,547,945
Share premium 8,524,882 8,524,882
Statutory reserve 17 20,547,945 20,547,945
Other reserves 18 (2,818,768) (1,414,343)
Retained earnings 11,464,384 9,708,134
Proposed dividends 42 2,054,795 -
Total equity attributable to equity holders of the Bank 60,321,183 57,914,563
Additional Tier 1 Sukuk 19 7,965,000 3,985,000
TOTAL EQUITY 68,286,183 61,899,563
TOTAL LIABILITIES AND EQUITY 399,442,809 356,641,636

The accompanying notes [1 to 43] form an integral part of these consolidated financial statements.
*Refer note 41

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Saudi Awwal Bank

Consolidated Statement of Income

For the year ended 31 December 2024

All amounts in thousands of Saudi Riyals unless otherwise stated

Notes 2024
$'000 		2023
$'000
Special commission income 21 20,501,416 17,088,441
Special commission expense 21,41 (9,477,916) (6,746,972)
Net special commission income 11,023,500 10,341,469
Fee and commission income 22 3,997,013 3,255,403
Fee and commission expense 22 (2,547,451) (2,110,865)
Net fee and commission income 1,449,562 1,144,538
Exchange income, net 1,132,874 915,124
Gain from FVSI financial instruments, net 23 554,929 345,598
Dividend income 7,323 4,747
Losses on FVOCI debt instruments, net 18 (60,924) (4,892)
Losses on amortised cost investments, net (41,808) (14,929)
Other operating income 69,549 87,143
Other operating expense (117,333) (108,338)
Net other operating income (47,784) (21,195)
Total operating income 14,017,672 12,710,460
Provision for expected credit losses, net 30(i)(a) (566,063) (562,442)
Operating expenses
Salaries and employee related expenses 24 (2,271,876) (2,087,799)
Rent and premises related expenses (77,818) (73,646)
Depreciation and amortization 8,9 (546,646) (565,603)
General and administrative expenses (1,394,556) (1,386,042)
Total operating expenses (4,290,896) (4,113,090)
Income from operating activities 9,160,713 8,034,928
Share in earnings of an associate 7 205,369 188,214
Net income for the year before Zakat and income tax 9,366,082 8,223,142
Provision for income tax 26 (629,817) (518,854)
Provision for Zakat 26 (665,804) (701,915)
Net income for the year after Zakat and income tax 8,070,461 7,002,373
Basic and diluted earnings per share (in $) 25 3.78 3.41

The accompanying notes [1 to 43] form an integral part of these consolidated financial statements.

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Saudi Awwal Bank

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2024

All amounts in thousands of Saudi Riyals unless otherwise stated

Notes 2024
$'000 		2023
$'000
Net income for the year after Zakat and income tax 8,070,461 7,002,373
Other comprehensive income / (loss) for the year
Items that will not be reclassified to consolidated statement of income in subsequent years
Net changes in fair value of FVOCI equity instruments 18 113,805 207,197
Re-measurement of defined benefit liability 18, 28 62,470 (23,467)
Items that will be reclassified to consolidated statement of income in subsequent years
Debt instrument at FVOCI:

Net changes in fair value, net

 18 (1,261,373) (420,181)

Transfer to consolidated statement of income, net

 18 60,924 4,892
Cash flow hedges:

Net changes in fair value

 18 (249,308) 149,222

Transfer to consolidated statement of income, net

 18 1,171 (144,717)
Total other comprehensive loss (1,272,311) (227,054)
Total comprehensive income for the year 6,798,150 6,775,319

The accompanying notes [1 to 43] form an integral part of these consolidated financial statements.

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Saudi Awwal Bank

Consolidated Statement of Changes in Equity

For the year ended 31 December 2024

All amounts in thousands of Saudi Riyals unless otherwise stated

Attributable to equity holders of the Bank
2024 Notes Share
Capital
($'000)		 Share
Premium
($'000)		 Statutory
Reserve
($'000)		 Other
Reserves
($'000)		 Retained
Earnings
($'000)		 Proposed
Dividends
($'000)		 Total
($'000)		 Additional
Tier 1
Sukuk
($'000)		 Total
Equity
($'000)
Balance at the beginning of the year 20,547,945 8,524,882 20,547,945 (1,414,343) 9,708,134 - 57,914,563 3,985,000 61,899,563
Total comprehensive income / (loss) for the year
Net income for the year after Zakat and income tax - - - - 8,070,461 - 8,070,461 - 8,070,461
Net changes in fair value of cash flow hedges 18 - - - (249,308) - - (249,308) - (249,308)
Net changes in fair value of FVOCI equity instruments 18 - - - 113,805 - - 113,805 - 113,805
Net changes in fair value of FVOCI debt instruments 18 - - - (1,261,373) - - (1,261,373) - (1,261,373)
Re-measurement of defined benefit liability 18, 28 - - - 62,470 - - 62,470 - 62,470
Transfer to consolidated statement of income, net 18 - - - 62,095 - - 62,095 - 62,095
- - - (1,272,311) 8,070,461 - 6,798,150 - 6,798,150
Purchase of treasury shares - - - (176,804) - - (176,804) - (176,804)
Employee share plan reserve net charge and shares vested - - - 44,690 - - 44,690 - 44,690
Additional Tier 1 Sukuk Payments - - - - (304,617) - (304,617) - (304,617)
Additional Tier 1 Sukuk issued 19 - - - - - - - 3,980,000 3,980,000
Additional Tier 1 Sukuk issuance cost 19 - - - - (16,587) - (16,587) - (16,587)
2024 final dividend proposed, net of Zakat and income tax 42 - - - - (2,054,795) 2,054,795 - - -
2024 interim dividend, net of Zakat and income tax 16 - - - - (2,090,828) - (2,090,828) - (2,090,828)
2023 final dividend, net of Zakat and income tax 16 - - - - (1,847,384) - (1,847,384) - (1,847,384)
Balance at the end of the year 20,547,945 8,524,882 20,547,945 (2,818,768) 11,464,384 2,054,795 60,321,183 7,965,000 68,286,183
Attributable to equity holders of the Bank
2023 Notes Share
Capital
($'000)		 Share
Premium
($'000)		 Statutory
Reserve
($'000)		 Other
Reserves
($'000)		 Retained
Earnings
($'000)		 Proposed
Dividends
($'000)		 Total
($'000)		 Additional
Tier 1
Sukuk
($'000)		 Total
Equity
($'000)
Balance at the beginning of the year 20,547,945 8,524,882 20,547,945 (1,182,348) 6,198,227 - 54,636,651 - 54,636,651
Total comprehensive income / (loss) for the year
Net income for the year after Zakat and income tax - - - - 7,002,373 - 7,002,373 - 7,002,373
Net changes in fair value of cash flow hedges 18 - - - 149,222 - - 149,222 - 149,222
Net changes in fair value of FVOCI equity instruments 18 - - - 207,197 - - 207,197 - 207,197
Net changes in fair value of FVOCI debt instruments 18 - - - (420,181) - - (420,181) - (420,181)
Re-measurement of defined benefit liability 18, 28 - - - (23,467) - - (23,467) - (23,467)
Transfer to consolidated statement of income, net 18 - - - (139,825) - - (139,825) - (139,825)
- - - (227,054) 7,002,373 - 6,775,319 - 6,775,319
Purchase of treasury shares - - - (37,414) - - (37,414) - (37,414)
Employee share plan reserve net charge and shares vested - - - 32,473 - - 32,473 - 32,473
Additional Tier 1 Sukuk issued 19 - - - - - - - 3,985,000 3,985,000
Additional Tier 1 Sukuk issuance cost 19 - - - - (16,956) - (16,956) - (16,956)
2023 interim dividend, net of Zakat and income tax 16 - - - - (1,992,689) - (1,992,689) - (1,992,689)
2022 final dividend, net of Zakat and income tax 16 - - - - (1,482,821) - (1,482,821) - (1,482,821)
Balance at the end of the year 20,547,945 8,524,882 20,547,945 (1,414,343) 9,708,134 - 57,914,563 3,985,000 61,899,563

The accompanying notes [1 to 43] form an integral part of these consolidated financial statements.

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Saudi Awwal Bank

Consolidated Statement of Cash Flows

For the year ended 31 December 2024

All amounts in thousands of Saudi Riyals unless otherwise stated

Notes 2024
$'000 		2023*
$'000
OPERATING ACTIVITIES
Net income for the year before Zakat and income tax 9,366,082 8,223,142
Adjustments to reconcile net income before Zakat and income tax to net cash generated from operating activities:
Amortisation of premium on investments not held as FVSI investments, net (358,971) (361,786)
Depreciation and amortization 8,9 546,646 565,603
Special commission expense on debt securities in issue 402,538 387,029
Special commission expense on lease liabilities 13,149 16,049
Losses on amortised cost financial instruments 41,808 14,929
Losses / (income) transferred to consolidated statement of income 18 62,095 (139,825)
Share in earnings of an associate 7 (205,369) (188,214)
Provision for expected credit losses, net

30 (i) (a)

 566,063 562,442
Employee share plan reserve 44,690 32,473
10,478,731 9,111,842
Change in operating assets:
Statutory deposit with SAMA (1,417,215) (422,881)
Due from banks and other financial institutions 66,411 (203,851)
Investments held as FVSI 14,011 (53,788)
Loans and advances (43,864,853) (33,290,214)
Positive fair value derivatives (512,134) 318,914
Other assets (58,840) (350,911)
Change in operating liabilities:
Due to banks and other financial institutions 41 21,318,063 2,294,366
Customers' deposits 41 13,553,169 31,045,888
Negative fair value derivatives 314,734 324,034
Other liabilities 916,552 1,086,689
808,629 9,860,088
Special commission paid on debt securities in issue (402,341) (324,003)
Zakat and income tax paid 26 (1,155,222) (1,241,856)
Net cash (used in) / generated from operating activities (748,934) 8,294,229
INVESTING ACTIVITIES
Proceeds from sale and maturity of investments not held as FVSI 22,802,264 12,812,581
Purchase of investments not held as FVSI (25,490,935) (22,833,309)
Dividend received from an associate 7 204,065 325,457
Purchase of property, equipment and intangibles, net (893,382) (554,770)
Net cash used in investing activities (3,377,988) (10,250,041)
FINANCING ACTIVITIES
Payment of lease liabilities (118,321) (118,281)
Dividends paid (3,946,034) (3,465,931)
Purchase of treasury shares (176,804) (37,414)
Tier 1 Sukuk payment (304,617) -
Additional Tier 1 Sukuk 3,980,000 3,985,000
Additional Tier 1 Sukuk issuance cost (14,289) (16,956)
Net cash (used in) / generated from financing activities (580,065) 346,418
Net change in cash and cash equivalents (4,706,987) (1,609,394)
Cash and cash equivalents at beginning of the year 27 10,198,684 11,808,078
Cash and cash equivalents at end of the year 27 5,491,697 10,198,684
Supplemental non-cash information
Special commission income received 20,147,607 16,542,810
Special commission expenses paid (9,502,684) 6,299,657
Net changes in fair value and transfers to consolidated statement of income (1,272,311) (227,054)

The accompanying notes [1 to 43] form an integral part of these consolidated financial statements.
*Refer note 41

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