Please explain the financial statement with any relevant notes.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Please explain the financial statement with any relevant notes. 

CONSOLIDATED STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 202|
2020
SR '000
2019
SR '000
Notes
Special commission income
20
3,180,041
3,227,547
Special commission expense
20
(789,705)
(1,175,383)
Net special commission income
2,390,336
2,052,164
Fees and commission income
21
1,025,207
932,633
Fees and commission expense
21
(417,699)
(327,403)
Fees and commission income, net
607,508
605,230
Exchange income, net
240,164
229,910
Net gain on FVIS financial instruments
22
9,816
5,792
Dividend income
80
343
Net gains on derecognition of financial assets measured at FVOCI- debt
4,703
1,886
Net gains on derecognition of financial assets measured at amortised cost
2,102
69,654
Other operating income, net
23
32,410
12,180
Total operating income
3,287,119
2,977,159
Salaries and employee-related expenses
36
982,608
968,529
Rent and premises-related expenses
52,944
52,431
Depreciation and amortisation
214,446
201,026
Other general and administrative expenses
429,891
443,908
Other operating expenses, net
16,571
45,170
Total operating expenses before impairment charge
1,696,460
1,711,064
Impairment charge for expected credit losses ("ECL"), net
1,575,743
156,953
Total operating expenses
3,272,203
1,868,017
Net operating income
14,916
1,109,142
Share in net income of an associate
16,279
12,888
Net income for the year before Zakat and income tax
31,195
1,122,030
Zakat and income tax:
Zakat
25
(286)
(130,950)
Income tax reversal /(charge)
25
2,845
(57)
Net income for the year
33,754
991,023
Basic and diluted earnings per share (expressed in SR per share)
24
0.04
1.21
Transcribed Image Text:CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 202| 2020 SR '000 2019 SR '000 Notes Special commission income 20 3,180,041 3,227,547 Special commission expense 20 (789,705) (1,175,383) Net special commission income 2,390,336 2,052,164 Fees and commission income 21 1,025,207 932,633 Fees and commission expense 21 (417,699) (327,403) Fees and commission income, net 607,508 605,230 Exchange income, net 240,164 229,910 Net gain on FVIS financial instruments 22 9,816 5,792 Dividend income 80 343 Net gains on derecognition of financial assets measured at FVOCI- debt 4,703 1,886 Net gains on derecognition of financial assets measured at amortised cost 2,102 69,654 Other operating income, net 23 32,410 12,180 Total operating income 3,287,119 2,977,159 Salaries and employee-related expenses 36 982,608 968,529 Rent and premises-related expenses 52,944 52,431 Depreciation and amortisation 214,446 201,026 Other general and administrative expenses 429,891 443,908 Other operating expenses, net 16,571 45,170 Total operating expenses before impairment charge 1,696,460 1,711,064 Impairment charge for expected credit losses ("ECL"), net 1,575,743 156,953 Total operating expenses 3,272,203 1,868,017 Net operating income 14,916 1,109,142 Share in net income of an associate 16,279 12,888 Net income for the year before Zakat and income tax 31,195 1,122,030 Zakat and income tax: Zakat 25 (286) (130,950) Income tax reversal /(charge) 25 2,845 (57) Net income for the year 33,754 991,023 Basic and diluted earnings per share (expressed in SR per share) 24 0.04 1.21
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Stakeholders
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education