tax transparency and financial reporting

For the year 2024, alrajhi bank continued to comply with globally accepted regulations on tax transparency and the disclosure of its financial statements, publishing its interim condensed and expanded consolidated financial statements both quarterly and annually. The statements are prepared in compliance with endorsed International Financial Reporting Standards (IFRS) as issued by the Saudi Organisation for Chartered and Professional Accountants (SOCPA), the provisions of Banking Control Law, the Regulations for Companies in the Kingdom of Saudi Arabia and the bank’s by-laws. All standards, rules and regulations are consistently applied under the supervisory monitoring of the Saudi Central Bank (SAMA), to ensure proper disclosure and full financial reporting integrity has been met.

The bank’s financial reporting function is also regulated by the Capital Market Authority (CMA), which ensures required levels of transparency are met, and investor information sessions are conducted. Among such regulated best practices is the appointment of two external auditors, approved solely by the shareholders’ general assembly, and selected from the four big global audit firms established in the Kingdom.

alrajhi bank has a robust reporting platform for investors as well as the public, specifically designed to ensure financial information and public interest reports are generated through strongly validated financial data processing engines, financial standards compliance, and quality assurance policies and procedures.

The bank also has many internal governance committees and monitoring departments engaging and working together towards producing accurate, transparent financial information for all of investors and public users, which is in-line with the SAMA requirements.

All generated financial reports and other additional information is readily available for viewing and downloading on alrajhi bank dedicated online Investor Relations page. The bank also has a dedicated Investor Relations App with direct access to financial reports as well as alrajhi bank stock information, dividend history, investment calculator and the latest announcements for an enriched investor experience.

The revenue recognition policy and procedures of alrajhi bank are fully compliant with the international financial standards, and use the effective profit yield in driving the bank’s income and fees. The bank also provides several services to customers where the relevant fee and income are recognised as soon as those services are rendered.

alrajhi bank makes a varied range of Zakat and tax payments to the Zakat, Tax and Customs Authority (ZATCA) of Saudi Arabia. The bank employs qualified internal and external experts to ensure perfect compliance with all Zakat and tax rules and regulations applied in the Kingdom of Saudi Arabia. The Zakat paid for the year 2024 Increased by 17% YoY.

Equity ownership structure

Al Rajhi Bank follows the Capital Market Authority (CMA) regulations of one vote per share and disclosure of 5% or more ownership.