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Financial Statements, December 31, 2005

View detailed financial statements as

Summary

| Balance Sheet |

As at December 31, 2005 and 2004

Amounts in SAR'000	2005	2004
ASSETS
Cash and balances with SAMA	971,733	577,780
Due from banks and other financial institutions	6,797,725	5,996,062
Investments, net	11,276,185	8,501,657
Loans and advances, net	19,793,644	13,031,097
Fixed assets, net	204,610	144,804
Other assets	536,827	292,102
Total assets	39,580,724	28,543,502

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions	3,990,691	3,970,992
Customers' deposits	27,858,060	20,284,926
Other liabilities	1,000,262	680,799
Term loan	1,425,000	-
Total liabilities	34,274,013	24,936,717

Shareholders' equity
Share capital	1,718,750	1,375,000
Statutory reserve	1,450,000	1,184,000
General reserve	687,500	362,750
Other reserves	1,318,970	585,026
Retained earnings	1,553	2,659
Proposed gross dividend	129,938	97,350
Total shareholders' equity	5,306,711	3,606,785
Total liabilities and shareholders' equity	39,580,724	28,543,502

| Statement of Income |

As at December 31, 2005 and 2004

Amounts in SAR'000	2005	2004
Special commission income	1,745,973	980,998
Special commission expense	960,229	393,168
Net special commission income	785,744	587,830
Fees from banking services, net	655,714	335,042
Exchange income	27,440	14,221
Dividend income	21,763	16,384
Gains on non-trading investments, net	25,353	59,882
Total operating income	1,516,014	1,013,359
Salaries and employee-related expenses	223,985	167,347
Rent and premises-related expenses	33,578	26,806
Depreciation and amortization	23,921	17,468
Other general and administrative expenses	70,310	84,658
Provision for credit losses	100,000	130,000
Total operating expenses	451,794	426,279
Net income for the year	1,064,220	587,080
Earnings per share (in SAR)	30.96	17.08

| Statement of Changes in Shareholders Equity |

For the year ended December 31, 2005 and 2004

Amounts in SAR'000	Share capital	Statutory reserve	General reserve	Other reserves	Retained earnings	Proposed gross dividend	Total
2005
Balance at beginning of the year, as adjusted	1,375,000	1,184,000	362,750	585,026	2,659	97,350	3,606,785
Final dividend paid for the previous year	-	-	-	-	-	(97,350)	(97,350)
Bonus share issue	343,750	-	(343,750)	-	-	-	-
Net income for the year	-	-	-	-	1,064,220	-	1,064,220
Transfer to statutory reserve	-	266,000	-	-	(266,000)	-	-
Transfer to general reserve	-	-	668,500	-	(668,500)	-	-
Proposed gross dividend	-	-	-	-	(129,938)	129,938	-
Net changes in fair value	-	-	-	733,944	(888)	-	733,056
Balance at end of the year	1,718,750	1,450,000	687,500	1,318,970	1,553	129,938	5,306,711
2004
Balance at beginning of the year, as previously reported	1,100,000	1,037,000	294,000	160,575	40,393	-	2,631,968
Change in reporting for proposed gross dividend	-	-	-	-	-	76,340	76,340
Balance at beginning of the year, as adjusted	1,100,000	1,037,000	294,000	160,575	40,393	76,340	2,708,308
Final dividend paid for the previous year	-	-	-	-	-	(76,340)	(76,340)
Bonus share issue	275,000	-	(275,000)	-	-	-	-
Net income for the year	-	-	-	-	587,080	-	587,080
Transfer to statutory reserve	-	147,000	-	-	(147,000)	-	-
Transfer to general reserve	-	-	343,750	-	(343,750)	-	-
Proposed gross dividend	-	-	-	-	(97,350)	97,350	-
Net changes in fair value	-	-	-	424,451	(36,714)	-	387,737
Balance at end of the year, as adjusted	1,375,000	1,184,000	362,750	585,026	2,659	97,350	3,606,785

| Statement of Cash Flow |

For the years ended December 31, 2005 and 2004

Amounts in SAR'000	2005	2004
CASH FLOWS FROM OPERATING ACTIVITIES :
Net income for the year	1,064,220	587,080
Adjustments to reconcile net income to net cash from operating activies:
Accretion of discounts on investments, net	(160,463)	(97,975)
Gains on non-trading investments, net	(25,353)	(59,882)
Depreciation and amortization	23,921	17,468
Provision for credit losses	100,000	130,000
	1,002,325	576,691
Net (increase) decrease in operating assets :
Statutory deposits with SAMA	(58,274)	(143,517)
Due from banks and other financial institutions maturing after ninety days	(79,250)	355,994
Loans and advances	(6,862,547)	(2,929,512)
Other assets	(244,725)	(29,698)

Net increase (decrease) in operating liabilities :
Due to banks and other financial institutions	19,699	(115,146)
Customers' deposits	7,573,134	5,881,035
Other liabilities	319,463	170,817
Net cash from operating activities	1,669,825	3,766,664

INVESTING ACTIVITIES :
Proceeds from sale of and matured non-trading investments	3,603,221	4,773,964
Purchase of non-trading investments	(5,458,877)	(5,469,410)
Purchase of fixed assets, net	(83,727)	(64,352)
Net cash used in investing activities	(1,939,383)	(759,798)

FINANCING ACTIVITIES :
Term loan	1,425,000	-
Dividends paid	(97,350)	(76,340)
Net cash from (used in) financing activities	1,327,650	(76,340)
Increase in cash and cash equivalents	1,058,092	2,930,526
Cash and cash equivalents at the begining of the year	6,113,209	3,182,683
Cash and cash equivalents at the end of the year	7,171,301	6,113,209
Supplemental non cash information
Transfer from general reserve to share capital	343,750	275,000
Net changes in fair value	733,056	387,737
Proposed gross dividend	129,938	97,350

Quarterly Financial Statements

| 1st Quarter | View detailed statements as

BALANCE SHEET

Amounts in SAR'000	At Mar 31 2005 (Unaudited)	At Dec 31 2004 (Audited)	At Mar 31 2004 (Unaudited)
Assets
Cash and balances with the Saudi Arabian Monetary Agency (SAMA)	757,000	577,780	467,198
Due form banks and other financial institutions	7,829,699	5,996,062	4,595,785
Investments, net	8,147,409	8,501,657	6,543,680
Loans and advances, net	15,179,670	13,031,097	11,621,179
Fixed assets, net	153,814	144,804	97,263
Other assets	331,376	292,102	235,714
Total assets	32,398,968	28,543,502	23,560,819

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions	3,752,990	3,970,992	3,731,581
Customer deposits	23,985,728	20,284,926	16,449,616
Other liabilities	668,941	778,149	509,021
Total Liabilities	28,407,659	25,034,067	20,690,218

Shareholders' Equity
Share capital	1,718,750	1,375,000	1,375,000
Statutory reserve	1,184,000	1,184,000	1,037,000
General reserve	19,000	362,750	19,000
Retained earnings	212,820	2,659	273,069
Other reserve	856,739	585,026	166,532
Total shareholders' equity	3,991,309	3,509,435	2,870,601
Total liabilities and shareholders' equity	32,398,968	28,543,502	23,560,819

STATEMENT OF INCOME (Unaudited) For the three months ended March 31
Amounts in SAR'000		2005	2004
Special commission income		337,779	218,953
Special commission expense		166,449	85,023
Net special commission income		171,330	133,930
Fees from banking services		97,741	60,771
Exchange income		3,381	3,128
Dividend income		7,295	646
Gains on investments, net		23,146	440
Total operating income		302,893	198,915
Salaries and employee related expenses		39,481	31,273
Rent and premises related expenses		7,540	6,537
Depreciation and amortization		5,283	4,005
Other general and administrative expenses		19,540	11,475
Provision for possible credit losses		20,000	20,000
Total operating expenses		91,844	73,290
Net Income for the period		211,049	125,625
Earnings per share for the period (in SAR)		6.14	3.65

| 2nd Quarter | View detailed statements as

BALANCE SHEET

Amounts in SAR'000		June 30, 2005 (Unaudited)	Dec 31, 2004 (Audited)	June 30, 2004 (Unaudited)
ASSETS
Cash and balances with SAMA		729,063	577,780	557,709
Due form banks and other financial institutions		5,682,528	5,996,062	3,426,265
Investments, net		9,890,064	8,501,657	7,016,748
Loans and advances, net		17,194,015	13,031,097	10,834,548
Fixed assets, net		158,891	144,804	104,729
Other assets		398,402	292,102	260,919

Total assets		34,052,963	28,543,502	22,200,918

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Due to banks and other financial institutions		4,352,154	3,970,992	4,243,831
Customers' deposits		24,465,327	20,284,926	14,441,844
Other liabilities		735,046	778,149	529,653

Total liabilities		29,552,527	25,034,067	19,215,328

Shareholders' equity
Share capital		1,718,750	1,375,000	1,375,000
Statutory reserve		1,184,000	1,184,000	1,037,000
General reserve		19,000	362,750	19,000
Other reserves		1,086,479	585,026	233,805
Retained earnings		492,207	2,659	320,785

Total shareholders' equity		4,500,436	3,509,435	2,985,590

Total liabilities and shareholders' equity		34,052,963	28,543,502	22,200,918

STATEMENT OF INCOME Unaudited
Amounts in SAR' 000	Three months period ended		Six months period ended
	June 30, 2005	June 30, 2004	June 30, 2005	June 30, 2004

Special commission income	398,566	223,199	736,345	442,152
Special commission expense	201,053	65,459	367,502	150,482
Net special commission income	197,513	157,740	368,843	291,670

Fees form banking servies, net	176,639	88,855	274,380	149,626
Exhange income	7,147	1,467	10,528	4,595
Dividend income	5,140	10,226	12,435	10,872
Gains on non-trading investments, net	448	60,558	23,594	60,998
Total operating income	386,887	318,846	689,780	517,761

Salaries and employee-related expenses	45,215	40,334	84,696	71,607
Rent and premises-related expenses	7,639	5,959	15,179	12,496
Depreciation and amortization	5,842	4,260	11,125	8,265
Other general and administrative expenses	18,804	40,044	38,344	51,519
Provision for possible credit losses	30,000	60,000	50,000	80,000
Total operating expenses	107,500	150,597	199,344	223,887

Net income	279,387