Report structure

GRI 2-3

This is an integrated annual report that offers an exhaustive but concise account of Al Rajhi Bank’s performance, operations and strategy — as far as it is prudent to disclose such information — over the course of the year that ended 31 December 2022. The report paints a clear, complete picture of the Bank’s journey over the year as it created value against trends that shaped its operating environment. This comprehensive integrated annual report is available online in HTML as well as in print and PDF versions.

Report boundary

GRI 2-2

GRI 2-4

The boundary for financial reporting in this document extends to cover Al Rajhi Bank, referred to as “the Bank“, and its subsidiaries, which, together with the Bank, are collectively referred to as the “Group“. Where applicable, other Group entities are referred to as “Group” or “Consolidated”. The reporting focuses on aspects that may substantially affect the Bank’s ability to create value over the short, medium and long term, and may have a significant probability of occurrence.

Reporting period

GRI 2-6

This Report covers the 12-month period from 1 January to 31 December 2022 and is consistent with the Bank’s conventional annual reporting cycle for financial and sustainability reporting. The Bank’s most recent integrated report covered the 12-month period that ended 31 December 2021. There are no restatements of information from previous reports and no significant changes from previous reporting periods in the scope and aspect boundaries.


GRI 2-23

Al Rajhi Bank Annual Report 2022 complies with all applicable laws, regulations and standards, and guidelines for voluntary disclosures. Additional details can be found in the chapter on Governance and in the Financial Statements and the Notes.

The consolidated environmental, social and governance (ESG) data has been prepared in accordance with the following standards, principles, concepts and guidelines:

The Saudi Exchange ESG Disclosure Guidelines (www.sseinitiative.org)

The International Integrated Reporting Framework (www.integratedreporting.org)

GRI Sustainability Reporting Standards – GRI Standards (www.globalreporting.org)

As organisations preparing an integrated report are not necessarily required to adopt the International Integrated Reporting <IR> Framework categorisation of capitals (as provided in the paragraphs 2.10 and 2.17-2.19 in the <IR> Framework), the Bank has categorised the capitals differently in its value creation model diagram to aptly describe its value creation process. The process of preparing this Report continues to strengthen and reinforce integrated thinking across the Bank.

Al Rajhi Bank prides itself on its cognisance of the wider impact of its operations. The Group always takes into consideration the financial, economic, social and environmental consequences of its actions when launching new ventures and initiatives. With its best in class systems and risk management processes, the Bank is in complete compliance with all local regulatory requirements.

The Consolidated Financial Statements as of and for the year that ended 31 December 2022 are in line with International Financial Reporting Standards (IFRS) as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by the Saudi Organisation for Certified Public Accountants (SOCPA). The Statements comply with the provisions of the Banking Control Law, the Regulations for Companies in the KSA, and the Bank’s Articles of Association.

Precautionary principle

The Bank takes great pains to study the direct and indirect impact its actions have on the environment and on society at large. One particular area of interest to the Bank is the indirect consequences of the actions of businesses to whom the Bank lends. The Bank avoids or reduces any such negative impacts through its credit policies, screening for ESG criteria, post-disbursement supervision and risk management processes.

Although the Bank’s business model and operations do not directly create a significant negative impact on the environment, every effort is made to reduce its own carbon footprint through initiatives such as solar energy usage, prudent energy, water and waste management, and the elimination of paper usage across its operations.


Your comments on this Report are most welcome. Please email: IR@alrajhibank.com.sa to send in your feedback on the Bank’s Integrated Annual Report 2022.