CEO’s Message


Despite the outbreak of the Coronavirus pandemic and the severity of its repercussions, there are always positive elements that represent momentum and balance that will propel us towards greater success.

Despite the outbreak of the Coronavirus pandemic and the severity of its repercussions, there are always positive elements that represent momentum and balance that will propel us towards greater success. At Al Rajhi Bank, amid the uncertainty and unprecedented nature of the pandemic, we leveraged our accumulated experience and skills to adapt to the new normal, while ensuring that these challenges do not affect the quality of the services we provide to our valued customers in any way.

In this context, with the continued support of the Board of Directors, and with full adherence to preventive and precautionary measures, our team continued to implement our ABCDE – Back to Basics strategic plan and achieve our operational targets. Furthermore, we continued to strengthen the infrastructure and centralised operations, despite the challenges and difficulties resulting from the pandemic, whose negative impacts did not stop with the banking services in the Kingdom and the world but went beyond them to the global economy in all its forms.

As the most important source of capital for Al Rajhi Bank, our valued customers were the focus of our attention and the goal of each development in performance and service levels. We have worked to translate this commitment in a practical manner through an integrated system of programmes, initiatives, and products and solutions which aim to retain the trust and confidence of our customers.

In parallel with our efforts to develop our financial capital, we continue to work tirelessly to improve our stakeholder capital – in particular by exceeding customer expectations – and our intellectual capital- such as our brand and employee skills and know-how. It is these multiple aspects of the Bank’s capital that enhance its competitive advantage, market value and continued drive towards a bright future, with the help of God.

Despite the repercussions of circumstances beyond our control, we have ensured that we continue to enhance the way we communicate with our customers by employing innovative and practical ideas to serve our strategic objectives. To this end, we expanded our services through mobile applications as well as virtual events. Through such innovations, customers and shareholders were informed of our progress amidst the challenges we faced, with the absolute transparency adopted by
the Bank since its inception more than sixty years ago.

A brief look at Al Rajhi Bank’s performance and achievements during the year 2020, which we are pleased to present in detail to our clients, shareholders, and partners through this report, show a mostly positive picture despite the repercussions of the pandemic. It is a picture that reinforces the Bank’s leading role in serving the national economy and implementing the directives of the Saudi Central Bank while contributing towards Vision 2030. The vision of a more optimistic future was strengthened at year’s end, driven by the positive news of the availability of vaccines during the New Year, a feat achieved with the grace of God and his guidance.

The Bank’s achievements in 2020 featured several positive indicators, including a 4.3% increase in net income after Zakat and an increase in customer deposits of 22.5% compared to the previous year, with total asset growth of over 22.1% year-on-year. Total liabilities grew by 23.4% compared to the previous year, as well as 83% of transactions done through the Bank's digital channels, confirming the Bank’s digital leadership.

In parallel with these results, we have also keenly encouraged our customers to experience a wider range of products and services. As a result, the Bank’s market share has improved.Through constant evaluation the Corporate Banking Group has transformed its products and services to improve the customer experience. In the long run, the Bank will be able to provide its customers with the banking and financial services they need whenever and wherever they require it. Despite the repercussions of the pandemic, the Bank has continued its development plans for its overseas branches in Kuwait, Jordan, and Malaysia, while strengthening its relationships with its growing customer base around the world. Such activities have contributed strongly towards the Saudi economy, attracting more international investments to the Kingdom.

For all our efforts towards overcoming the risks posed by the pandemic and our contribution to financial inclusion, the Bank has received acclaim and appreciation through local and international awards. These awards include the International Business Magazine Award for Best Omni-Channel Remittance Provider in KSA, the Finnovex Award for Excellence in Digital Banking, and the Paytech Award for Best Cross Border Payments Solution for Tahweel Al Rajhi. Tahweel also earned the Global Business Outlook Award for the fastest growing money transfer solutions provider in the Kingdom. More awards are detailed in this report.

Besides Al Rajhi Bank’s dealings in capital and wealth, it possesses a strong asset base and the potential to contribute towards the Saudi economy and overcome present and future challenges. This is why we are working on implementing an integrated strategy to train and prepare our people, whether through specialised programmes and training courses or through field training on the job.

Through the pages of this report and through achievements that speak for themselves, we extend our sincere thanks and appreciation to our shareholders, customers, and partners of success. We express our great gratitude for the support and guidance of the Saudi Central Bank and the Capital Market Authority, and to their Excellencies, the Chairman, and members of the Board of Directors. I also wish to express my appreciation to my colleagues in departments, branches, and in the field. Wishing you all health, safety, and continued success.

Waleed Abdullah Almogbel

Chief Executive Officer