We have worked at Al Rajhi Bank to enhance our leading role in serving the national economy and keeping pace with these increasing positive indicators, while maintaining our full commitment to providing banking services and achieving the broader goal of sustainable financing, by continuing to implement the “Bank of the Future” strategy.

We are pleased to present to our esteemed customers, partners and shareholders, the Annual Report of Al Rajhi Bank for the year 2022,

which details information on the Bank’s performance and achievements. My message will briefly touch upon some of the main milestones in our journey to continue to serve the national economy of our dear country.

After the end of the difficult repercussions of a global pandemic, the world entered a new turn shaped by blurry horizons, uncertainties, stagnation and increasing inflation rates, with a direct negative impact on food production, trade and supply chains around the world, as a result of the Russian-Ukrainian war.

In contrast to that gloomy picture, and with God’s help and success, coupled with the vision of our rational leadership, the Saudi economy recorded a positive transformation in 2022, which was resulted mainly by achieving the highest growth rate among the Group of Twenty at 8.7%, according to the World Bank report, with a moderate inflation rate, as a direct result. This was due to the rise in oil prices, the launch of many mega projects in various fields, and the increase in government spending to develop various local industries and activities, in addition to the diversification and continuous growth of non-oil sectors, within the framework of implementing the initiatives and objectives of the Kingdom’s Vision 2030, as outlined in the Saudi budget statement for 2023. The Kingdom’s gross domestic product in 2022 reached SAR 3.927 Bn.

We have worked at Al Rajhi Bank to enhance our leading role in serving the national economy and keeping pace with these increasing positive indicators, while maintaining our full commitment to providing banking services and achieving the broader goal of sustainable financing, by continuing to implement the “Bank of the Future” strategy that aims to protect and to enhance the Bank’s core excellence in the field of retail Banking services, and to achieve digital leadership in the market, while continuing to shift from traditional transactions to digital transactions and enhancing customer experience.

Within the framework of this strategy, the Bank continued during 2022 to enhance its business and services, diversify investment products and open new savings channels, by issuing Sukuk in Saudi riyals fixed at 3.5% per annum. The second offering was completed as a public offering being the first of its kind in the Saudi market, where the Tier 1 Sukuk was offered for public subscription to individuals, financial institutions and companies, with a total value of SAR 10 Bn., with a fixed profit rate of 5.5%. This was covered by 300% of the size of the original issue of SAR 4 Bn. in record time. With an unprecedented turnout of 125,000 investors, through the successful management of Al Rajhi Capital, which reflects – praise be to God – confidence in the Bank’s performance, services and initiatives.

An overview of the performance of the Bank and its subsidiaries during 2022 is detailed in this report. The positive indicators continue in various fields, which confirms Al Rajhi Bank’s position among the major banks in the world, as the net income after zakat reached 17.2 billion Saudi riyals. Compared to 14.7 Saudi riyals in the previous year, the Bank’s assets increased by 22% compared to 2021, reaching 762.4 billion riyals. In the same context, shareholders’ equity increased by 24% to reach 83.7 billion Saudi riyals by the end of 2022.

The Bank has continued its support for the Kingdom’s Vision 2030 programs by providing the best financial and digital solutions to individual and corporate clients, within the framework of its growing role to support the private sector and support the growth of small and medium enterprises, in line with the direction of our wise government to achieve structural transformations that support long-term growth.

In this context, growth was achieved in the corporate financing portfolio by 57%, the financing portfolio for medium and small companies by 61%, and a growth rate of 30% in the real estate financing portfolio, in a practical application of the Bank’s keenness to support efforts to increase citizens’ home ownership. In order to encourage the Saudi family to save as one of the goals of the vision, the Bank provides all savings services to customers of the “Zood” savings program and the “Zood Al-Ajyal” savings program, in cooperation with the Social Development Bank.

Fulfilling our social responsibility remains at the top of our priorities. In this report, we provide a detailed presentation of the pioneering role of Al Rajhi Bank in community service under the slogan “Right and Duty” through participation in campaigns to support charitable work through the “Ihsan” platform, in addition to cooperation with the Ministry of Human Resources and Development. Social services continued in the fields of training, rehabilitation and social care for male and female students. The Bank also sponsors the tuition fees for the bachelor’s degree in private universities for all orphans with special conditions in all regions of the Kingdom, through the “Al-Rajhi Bank Educational Orphan Care Program”, which aims to implement a qualitative initiative with a sustainable impact on society. This is in addition to supporting the Health Endowment Fund and providing many initiatives to care for children with disabilities, financing kidney transplants, establishing a medical center for diabetes, and other areas of health care, while supporting charitable housing initiatives throughout the Kingdom.

Additionally as it is the investment that exceeds every investment, we at Al Rajhi Bank continue to invest without borders in our wealth of human cadre to qualify our employees for excellence in various banking services, and to act as financial advisors who provide innovative financial solutions to clients and companies, as well as to prepare future Saudi leaders. This preparation and qualification takes place through the Al Rajhi Academy Talent Nurturing Center and specialized training programmes, as well as through partnership with a number of international universities. The Bank is also keen to provide opportunities for Saudi women for excellence and career advancement and to confirm their worthiness for work and achievement in all departments, sectors and job levels.

In direct appreciation of its performance, distinction and leadership, Al Rajhi Bank won more awards, including two awards from the “sakani” forum as the best bank and best financing entity in the real estate sector, with the aim of contributing to achieving the aspirations of citizens to obtain housing. In addition to the Best Investor Relations Program award for the second year in a row, along with many awards for the Bank’s distinguished digital services, and other awards that are included in detail throughout the pages of this report.

Al Rajhi Bank is aware of the repercussions of climate change, and keeping pace with the Kingdom’s drive to develop the “green economy”, and although the Bank’s business model and operations do not cause a direct negative impact on the environment, every effort is being made to reduce carbon emissions, through initiatives that include expansion in the use of solar energy, the prudent management of energy and water consumption, and the reduction of use of paper in the various fields of the Bank.

In conclusion, we at Al Rahji Bank are honored to express our gratitude and loyalty to The Custodian of the Two Holy Mosques, and His Royal Highness, The Crown Prince, may God support them, for the progress and prosperity that our dear country is achieving in all fields. And because every success is the result of teamwork, we extend our thanks and appreciation to the Ministry of Finance, the Ministry of Commerce the Ministry of Human Resources and Social Development, the Central Bank of Saudi Arabia, the Capital Market Authority, and all government agencies, with abundant thanks and appreciation to our shareholders, our valued customers, and our honorable partners. Our thanks are also extended to the distinguished president and members of the Sharia Board. I also thank my esteemed colleagues, members of the Board of Directors, expressing my utmost pride in our distinguished human cadre, who contribute with dedication and giving, to strengthening Al Rajhi Bank’s launch towards new horizons of success, in the service of this benevolent country.


Abdullah bin Sulaiman Al Rajhi