BANQUE SAUDI FRANSI
(A SAUDI JOINT STOCK COMPANY)
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
To the Shareholders of Banque Saudi Fransi (A Saudi Joint Stock Company) (continued)
Report on the audit of the consolidated financial statements (continued)
Other Information
Other information consists of the information included in the Group 2024 annual report, other
than the consolidated . Management is is
Our opinion on the consolidated financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
therein, we are required to communicate the matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS accounting standards that are endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements that are endorsed by the Saudi Organization for Chartered and Professional Accountants and the applicable provisions of the Regulations for Companies, the Banking Control Law in the Kingdom of Saudi Arabia, and the -Laws, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the
concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance, i.e., the Audit Committee is responsible for overseeing the
BANQUE SAUDI FRANSI (A Saudi Joint Stock Company) | Page 1 | ||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||
As at December 31, 2024 and 2023 | |||||
2023 | |||||
SAR '000 | Notes | 2024 | (Restated - | ||
note 45) | |||||
ASSETS | |||||
Cash and balances with Saudi Central Bank | 4 | 10,920,606 | 10,558,759 | ||
Due from banks and other financial institutions, net | 5 | 5,015,810 | 4,113,165 | ||
Investments, net | 6 | 60,288,858 | 48,750,066 | ||
Positive fair value of derivatives | 11 | 5,691,581 | 5,658,824 | ||
Loans and advances, net | 7 | 204,168,275 | 179,391,223 | ||
Investment in associate, net | 8 | 9,695 | 9,695 | ||
Property, equipment and right of use assets, net | 9 | 2,318,805 | 2,038,231 | ||
Other real estate, net | 343,500 | 343,359 | |||
Other assets, net | 10 | 4,018,532 | 2,802,304 | ||
Total assets | 292,775,662 | 253,665,626 | |||
LIABILITIES AND EQUITY | |||||
Liabilities | |||||
Due to Saudi Central Bank | 12 | 12,492,716 | 5,065,895 | ||
Due to banks and other financial institutions | 13 | 19,814,143 | 13,879,375 | ||
Customers' deposits | 14 | 185,118,179 | 172,208,983 | ||
Negative fair value of derivatives | 11 | 6,218,422 | 5,985,332 | ||
Debt securities and term loans | 15 | 15,518,054 | 8,634,026 | ||
Other liabilities | 16 | 7,007,146 | 6,488,017 | ||
Total liabilities | 246,168,660 | 212,261,628 | |||
Equity | |||||
Share capital | 17 | 25,000,000 | 12,053,572 | ||
Statutory reserve | 18 | 8,189,590 | 12,053,572 | ||
General reserve | 18 | 982,857 | 982,857 | ||
Other reserves | 19 | (1,132,836) | (1,423,083) | ||
Retained earnings | 4,509,836 | 11,710,958 | |||
Proposed dividend | 28 | 1,245,666 | 1,197,738 | ||
Treasury shares | 38 | (188,111) | (171,616) | ||
Equity attributable to the shareholders of the Bank | 38,607,002 | 36,403,998 | |||
Tier 1 Sukuk | 20 | 8,000,000 | 5,000,000 | ||
Total equity | 46,607,002 | 41,403,998 | |||
Total liabilities and equity | 292,775,662 | 253,665,626 | |||
The accompanying notes 1 to 46 form an integral part of these consolidated financial statements.