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BANQUE SAUDI FRANSI

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2018

BANQUE SAUDI FRANSI Page 1

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at December 31, 2018 and 2017

SAR '000 Notes 2018 2017

ASSETS

Cash and balances with SAMA 4 20,925,860 22,393,237 Due from banks and other financial institutions 5 15,938,529 18,758,295

Investments, net 6 28,371,980 25,324,895

Positive fair value derivative 11 1,932,464 2,032,823

Loans and advances, net 7 120,631,634 121,940,394

Investment in associates 8 9,695 76,049

Property and equipment, net 9 690,369 736,927

Other real estate 463,509 504,830

Other assets 10 1,236,666 1,161,431

Total assets

190,200,706 192,928,881

LIABILITIES AND EQUITY

Liabilities

Due to banks and other financial institutions 12 2,145,481 2,963,273 Customers' deposits 13 148,368,004 150,954,187

Negative fair value derivative 11 1,414,128 1,197,475

Debt securities and sukuks 14 2,003,340 2,002,565

Other liabilities 15 5,457,374 4,150,000 Total liabilities 159,388,327 161,267,500

Equity

Share capital 16 12,053,572 12,053,572

Statutory reserve 17 12,053,572 12,053,572 General reserve 17 982,857 982,857

Other reserves 18 (318,304) (285,172)

Retained earnings 5,200,042 6,628,963

Proposed dividend 28 958,081 355,237

Treasury shares 38 (117,441) (127,648)

Total equity 30,812,379 31,661,381

Total liabilities and equity 190,200,706 192,928,881 The accompanying notes 1 to 43 form an integral part of these consolidated financial statements.

BANQUE SAUDI FRANSI Page 2

CONSOLIDATED STATEMENT OF INCOME

For the years ended December 31, 2018 and 2017

SAR '000 Notes 2018 2017

Special commission income 20 6,947,576 6,604,506

Special commission expense 20 1,930,704 1,904,836 Net special commission income 5,016,872 4,699,670

Fee and commission income 21 1,402,549 1,422,163

Fee and commission expense 21 307,046 302,845

Net fee and commission income 1,095,503 1,119,318

Exchange income, net 347,173 356,131

Trading income, net 22 194,257 270,837

Dividend income 23 896 8,078

(Losses) / gains on FVOCI / non-trading investments, net 24 (23,481) 27,684 Gains on sale of investment in associate 8 97,310 -

Other operating income 25 70,114 94,489

Total operating income

6,798,644 6,576,207

Salaries and employee related expenses 30 1,364,274 1,384,543 Rent and premises related expenses 167,784 178,819

Depreciation and amortization 9 154,166 151,123

Other general and administrative expenses 503,046 560,688 Impairment charge for credit losses, net 7 910,499 497,960

Impairment charge for associate 8 32,500 -

Impairment charge for investments and other financial assets, net 7 259,795 166,653

Other operating expenses 26 102,055 112,105

Total operating expenses

3,494,119 3,051,891

Net operating income 3,304,525 3,524,316

Share in earnings of associates, net 8 2,529 7,568

Net income for the year

27 3,307,054 3,531,884

Basic and diluted earnings per share (SAR) 2.76 2.94 The accompanying notes 1 to 43 form an integral part of these consolidated financial statements.

BANQUE SAUDI FRANSI Page 3

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

As at December 31, 2018 and 2017

SAR '000 Notes 2018 2017

Net income for the year 3,307,054 3,531,884

Other comprehensive income / (loss):

Items that cannot be recycled back to consolidated statement of income in subsequent periods Fair value through other comprehensive income ( FVOCI) equity investments

Net change in the fair value 18 (9,330) -

Items that can be reclassified to consolidated statement of income in subsequent periods

Available for sale investments

Net change in the fair value 18 - 6,459

Net amount transferred to consolidated statement of income 18 - (27,684) Debt instruments at fair value through other comprehensive income ( FVOCI)

Net change in the fair value 18 (34,055) -

Net amount transferred to consolidated statement of income 18 23,481 -

Cash flow hedge

Effective portion of net change in the fair value 18 58,420 813,761 Net amount transferred to consolidated statement of income 18 (71,648) (214,124) Total comprehensive income for the year 3,273,922 4,110,296 The accompanying notes 1 to 43 form an integral part of these consolidated financial statements.

BANQUE SAUDI FRANSI Page 4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the years ended December 31, 2018 and 2017 SAR '000

Notes

Share capital

Statutory

reserve

General reserve

Retained earnings

Other reserves

Proposed

dividend

Treasury

shares Total FVOCI /AFS reserve

Cash flow

hedge 2018

Balance at the beginning of the year

12,053,572

12,053,572

982,857

6,628,963

10,118

(295,290)

355,237

(127,648)

31,661,381

Impact of adopting IFRS 9 as at 01 January 2018

(862,875) (862,875)

Restated balance as at 1 January 2018

12,053,572

12,053,572

982,857

5,766,088

10,118

(295,290)

355,237

(127,648)

30,798,506

Net income for the year

3,307,054

3,307,054

Net change in the fair value

18 (43,385)

58,420

15,035

Net amount transferred to consolidated

statement of income 18

23,481

(71,648) (48,167)

Zakat for the prior years

28
(1,510,669) (1,510,669)

Zakat for the current year

28
(276,804) (276,804)

Tax for the current year

28
(99,342) (99,342)

Interim net dividend for 2018

28
(1,028,204) (1,028,204)

Final dividend paid for 2017

28
(355,237) (355,237)

Final proposed dividend for 2018

28
(958,081)

958,081

Net change in treasury shares

38

10,207

10,207

Balance at the end of the year

12,053,572

12,053,572

982,857

5,200,042

(9,786) (308,518)

958,081

(117,441)

30,812,379

2017

Balance at the beginning of the year

12,053,572

11,805,933

982,857

5,139,428

31,343

(894,927)

647,995

(67,198)

29,699,003

Net income for the year

3,531,884

3,531,884

Net change in the fair value

18 6,459

813,761

820,220

Net amount transferred to consolidated

statement of income 18 (27,684) (214,124) (241,808)

Transferred to statutory reserves

17

247,639

(247,639)

Zakat for the current year

28
(91,047) (32,791) (123,838)

Tax for the current year

28
(207,795) (84,838) (292,633)

Interim net dividend for 2017

28
(1,140,631) (1,140,631)

Final dividend paid for 2016

28
(530,366) (530,366)

Final proposed dividend for 2017

28
(355,237)

355,237

Net change in treasury shares

38
(60,450) (60,450)

Balance at the end of the year

12,053,572

12,053,572

982,857

6,628,963

10,118

(295,290)

355,237

(127,648)

31,661,381

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

BANQUE SAUDI FRANSI Page 5

CONSOLIDATED STATEMENT OF CASH FLOWS

For the years ended December 31, 2018 and 2017

SAR '000 Note 2018 2017

OPERATING ACTIVITIES

Net income for the year 3,307,054 3,531,884

Adjustments to reconcile net income to net cash from operating activities: Accretion of (premium) / discounts on investments not held as FVTPL, net (19,967) 2,189 Gains on sale of investment in associate (97,310) - Losses / (gains) on FVOCI / non-trading investments, net 23,481 (27,684)

Depreciation and amortization 9 154,166 151,123

Gains disposal of property and equipment, net (222) (247) Impairment charge for credit losses, net 7 910,499 497,960 Impairment charge for investments and other financial assets, net 259,795 166,653

Impairment charge for associate 8

32,500

Share in earnings of associates, net 8

(2,529) (7,568) Long term incentive scheme provision ,net 14,893 10,925

Provision on other real estate 26 40,804 -

Change in fair value of financial instruments (1,677) 604 Operating income before changes in operating assets and liabilities 4,621,487 4,325,839

Net (increase) / decrease in operating assets:

Statutory deposit with SAMA 4 485,250 (89,662)

Due from banks and other financial institutions maturing after ninety days from the date of acquisition

73,000 7,662,000

Investments held as FVTPL/ trading investments (226,058) 46,866

Loans and advances (331,319) 7,016,133

Other assets 53,973 286,986

Net increase / (decrease) in operating liabilities: Due to banks and other financial institutions (817,792) (1,325,259)

Customers' deposits (2,586,183) (7,504,285)

Other liabilities (817,393) 618,033

Net cash generated from operating activities 454,965 11,036,651

INVESTING ACTIVITIES

Proceeds from sales and maturities of investment not held as FVTPL 5,127,690 4,347,322 Purchase of investments not held as FVTPL (7,894,452) (5,599,195) Proceeds from sale of investment in associate 81,269 - Acquisition of property and equipment (107,707) (171,537) Proceeds from sale of property and equipments 321 390 Net cash used in investing activities (2,792,879) (1,423,020)

FINANCING ACTIVITIES

Dividends paid 28 (1,383,441) (1,788,626)

Purchase of treasury shares (4,686) (71,375)

Repayment of debt securities and sukuks - (4,712,500) Net cash used in financing activities (1,388,127) (6,572,501) (Decrease) / increase in cash and cash equivalents (3,726,041) 3,041,130 Cash and cash equivalents at the beginning of the year 27,715,920 24,674,790 Cash and cash equivalents at the end of the year 29 23,989,879 27,715,920 Special commission received during the year 6,830,865 6,632,361 Special commission paid during the year 1,784,031 1,991,129

Supplemental non-cash information

Net changes in fair value and transfers to consolidated statement of income (33,132) 578,412 The accompanying notes 1 to 43 form an integral part of these consolidated financial statements. BANQUE SAUDI FRANSI Page 6

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the year ended December 31, 2018 and 2017

1. General

Banque Saudi Fransi (the Bank) is a Saudi Joint Stock Company established by Royal Decree No. M/23 dated

Jumada Al Thani 17, 1397H (corresponding to June 4, 1977). The Bank formally commenced its activities on

Muharram 1, 1398H (corresponding to December 11, 1977), by taking over the branches of the Banque de

l'Indochine et de Suez in the Kingdom of Saudi Arabia. The Bank operates under Commercial Registration Number

1010073368 dated Safar 4, 1410H (corresponding to September 5, 1989), through its 86 branches (2017: 86

branches) in the Kingdom of Saudi Arabia, employing 3,027people (2017: 3,072 people).

The objective of the Bank is to provide a full range of banking services, including Islamic products, which are

approved and supervised by an independent Shariah Board. The Bank's Head Office is located at King Saud Road,

P.O. Box 56006, Riyadh 11554, Kingdom of Saudi Arabia.

The Bank owns a subsidiary, Saudi Fransi Capital (100% share in equity) engaged in brokerage, asset management

and corporate finance business. The Bank also owns Saudi Fransi Insurance Agency (SAFIA), Saudi Fransi for

Finance Leasing and Sofinco Saudi Fransi having 100% share in equity. The Bank owns 100% (95% direct

ownership and 5% indirect ownership through its subsidiary) share in Sakan Real Estate Financing. These

subsidiaries are incorporated in the Kingdom of Saudi Arabia.

The Bank also formed a subsidiary, BSF Markets Limited registered in Cayman Islands having 100% share in equity.

The objective of this company is derivative trading and Repo activities.

The Bank has investment in associate and owns 27% shareholding in Banque BEMO Saudi Fransi, incorporated in

Syria.

2. Basis of preparation

a) Statement of compliance The consolidated financial statements of the Bank have been prepared;

i) in accordance with 'International Financial Reporting Standards (IFRS) as modified by SAMA for the accounting of

zakat and income tax' (relating to the application of International Accounting Standard (IAS) 12 "Income Taxes" and

IFRIC 21 - "Levies" in so far as these relate to accounting for Saudi Arabian zakat and income tax); and

ii) in compliance with the provisions of Banking Control Law, the applicable provisions of Regulations for Companies

in the Kingdom of Saudi Arabia and By-Laws of the Bank. b) Basis of measurement and presentation

These consolidated financial statements are prepared under the cost /amortized cost convention except for the

measurement at fair value of derivatives, financial instruments held as Fair Value through Income Statement (FVIS)

and financials instruments held as Fair Value through Other Comprehensive Income (FVOCI). In addition, as

explained fully in the related notes, financial assets and liabilities that are hedged in a fair value hedging relationship

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