In 2022, Al Rajhi Bank was able, with the continuous support of the Board of Directors, to continue its outstanding performance in various sectors,

to strengthen its leading position at the local, regional and international levels, and to face all the challenges and difficulties posed by the global economic crises and fluctuations amidst local and regional repercussions.

The Bank was also able to continue the successful implementation of the “Bank of the Future” strategy, which consolidated the Bank’s leading position in providing innovative financial solutions, and the optimal use of modern technologies to sustain growth, increase operational efficiency, and achieve increasing value for shareholders. During the year 2022, the Bank worked to develop and enhance its digital capabilities and invest in technological infrastructure, and this resulted in achieving the main objectives of the strategy, the most important of which is maintaining leadership in the retail banking sector in the Kingdom. Further, the shift from traditional transactions to digital transactions widened, as well the number of digital banking customers increased to reach 11.4 million customers. A number of digital services were improved and new features and capabilities were added to provide a unique user experience to retail and corporate customers. As a culmination of these efforts, Al Rajhi Bank’s digital banking services were ranked first in the market, according to its Net Promoter Score (NPS) indicators throughout the year.

Additionally, the Bank moved to take advantage of various growth opportunities and to develop its market shares in some sectors that are still in the development stages, including corporate banking services, which witnessed a growth rate of 57%, and the small and medium-sized enterprise sector achieved a growth rate of 61%. The microfinance company Emkan has more than doubled its financing portfolio since its launch. These positive developments have contributed to building and strengthening the Bank’s capabilities in these sectors, and increasing its share and profitability to a level that inspires pride and admiration.

The year 2022 witnessed the achievement of more positive results, represented by an increase in net income after zakat, an increase in customer deposits, an overall growth in the assets and liabilities portfolio, a growth in the real estate financing portfolio by 30%, a growth in the market share in retail financing to 43.6%, and an increase in the number of POS terminals by 64%.

Moreover, the impressive results of the Bank’s subsidiaries also reflected the Bank’s strong performance during 2022. Al Rajhi Capital was ranked by Bloomberg as the number one trader in the global Sukuk market for 2022. ARC was also awarded the “Best Broker” and “Best Financial Research House” awards for the Saudi Market last year.

The company Neoleap seeks to lead and map the future of digital payments in the Kingdom, achieving significant growth represented in increasing numbers of users of the “urpay” smart wallet surpassing more than 3 million users.

Amidst the rapid developments and successful achievements witnessed, and based on Al Rajhi Bank’s deep awareness of the importance of fulfilling our social responsibility, we have launched many projects and initiatives in charitable work, health, social, educational and housing fields, which are detailed in this report. These initiatives serve our society and our environment throughout our dear country, as this patriotic duty represents a source of pride for all employees of Al Rajhi Bank, as it is the optimal way to give back to a benevolent country that has provided us so much.

In light of the distinguished position and leadership position enjoyed by Al Rajhi Bank, with its large employee, customer and shareholder base, we understand the necessity of a strong commitment to promoting sustainability and applying the highest standards of environmental, social and institutional governance, as well as applying internationally approved best practices in risk management, all in line with the goals of the Kingdom’s Vision 2030, the Saudi Green Initiative and the United Nations Sustainable Development Goals.

In appreciation of the Bank’s role in serving the national economy and supporting investment and development throughout the Kingdom, the Bank has won many awards from various international and local institutions, including the best digital bank award in the Kingdom, and the best mobile banking application from Global Business magazine. Best Bank in the Kingdom of Saudi Arabia from Euromoney Magazine, Best Digital Bank from Global Banking & Finance Magazine, Best Foreign Exchange Bank from Global Finance Magazine, and other awards are mentioned in this report.

Keeping in line with the principle of “customer centricity”, we are always keen to focus on meeting our customers’ needs and increasing our points of contact, while strengthening our competitive position, by growing our presence and participation on social media, applying data-based insights and targeted marketing, while introducing new products and solutions. To meet the growing and evolving needs of customers, and to expand the range of services and solutions through subsidiaries to complete the banking business system, the following initiatives were carried out:

• Review the “Voice of the Customer” indicators and focus on areas that could be a source of complaint in order to maintain our #1 ranking and improving our digital product offering and customer experience.
• Establishing an integrated financial system in which Al Rajhi Bank, Emkan, Neoleap and other subsidiaries cooperate to increase our product offerings and meet the needs of our customers.
• Leverage our large customer base across digital channels, and employ data management technology and artificial intelligence to increase cross-selling opportunities and increase revenue and profits.

Our new slogan “unbank the bank” gains its standing from Al Rajhi Bank’s position as a global Saudi brand, amongst the largest in the region, achieving value for its shareholders through advanced digital capabilities. The Bank’s acquisition of Ejada Systems Limited had a positive impact on developing our technical capabilities and supporting digital transformation by adopting the latest technologies, to meet the needs and aspirations of customers to obtain innovative financial products and services, thus enhancing our leadership in providing unique banking services and products to individuals and companies.

Every achievement, owing to God’s grace, is also built on those minds and arms that accomplish triumphs and provide outstanding performance and innovation. We continue, at Al Rajhi Bank, to invest heavily in the care and development of our employees. We are constantly keen to enhance the experience of employees in this national economic society, and make it an attractive, unique and inspiring workplace, through specialized training and development programs and employee benefits. The Bank provides the necessary infrastructure and technical solutions for employees to work with the highest levels of efficiency and proficiency, and we strive to attract and retain talents in all disciplines. At the same time, we are constantly working on modernizing the infrastructure of the Al Rajhi Bank Academy to provide more digital programs, while emphasizing the importance of the Graduate Development Program in providing a sustainable pool of talent with the aim of preparing future leaders.

In conclusion, we extend our thanks and appreciation to the shareholders, customers and partners of success. With utmost gratitude for the support and guidance of the Central Bank of Saudi Arabia and the Capital Market Authority, and to their Excellencies the Chairman and members of the Board of Directors. Greetings, appreciation and pride, to female colleagues and colleagues, in various departments, sectors and subsidiaries, who continue to participate with their outstanding performance, dedication and commitment, in enhancing the growth of our global national economic edifice, Al Rajhi Bank, towards new horizons of prosperity and success.

Waleed Abdullah Almogbel
Managing Director and Chief Executive Officer