about the
report

alrajhi bank is pleased to present its Integrated Annual Report for the financial year ended 31 December 2024, in accordance with the International Integrated Reporting <IR> Framework, now part of the International Financial Reporting Standards (IFRS) Foundation. The Report acts as the primary publication and balanced overview presented to the bank’s shareholders, investors and other stakeholders of alrajhi bank’s performance, operations and strategy – as far as it is prudent to disclose such information – for the year in review. This comprehensive integrated annual report is available online in HTML as well as in print and PDF versions.

Report boundary

The boundary for financial reporting in this document extends to cover alrajhi 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 report reflects on:

Reporting period

This Report covers the 12-month period from 1 January to 31 December 2024, and is consistent with the bank’s conventional annual reporting cycle for integrated financial and sustainability reporting. The bank’s most recent integrated report covered the 12-month period that ended 31 December 2023. There are no restatements of information from previous reports and no major changes from previous reporting periods in the scope and aspect boundaries.

Data collection approach

The bank has adopted a comprehensive data collection methodology to ensure the accuracy and reliability of the information presented in this report. This methodology includes internal systems for collecting environmental, social and governance metrics, including but not limited to indicators such as greenhouse gas emissions, energy consumption, employee demographics, employee engagement and data breaches.

Compliance

alrajhi bank Integrated Annual Report 2024 complies with all applicable laws, regulations and standards, and guidelines for voluntary disclosures. Additional details can be found in the chapter on Governance ( pages board of directors  to policies related to the corporate governance manual ) and in the Financial Statements and the Notes therein ( pages independent auditors’ report  to notes to the consolidated financial statements ).

The consolidated Environmental, Social and Governance (ESG) data has been prepared in alignment with the Saudi Exchange ESG Disclosure Guidelines (www.sseinitiative.org), and in reference
to the GRI Sustainability Reporting Standards (www.globalreporting.org).

As organisations preparing an integrated report are not required to adopt the International <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 distinctively 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.

The Consolidated Financial Statements presented in this report 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

alrajhi bank is conscious of the wider impact of its operations, and always takes into consideration the financial, economic, social and environmental consequences of its actions when launching new ventures and initiatives. One particular area of interest to the bank is the indirect results of the actions of businesses to whom the bank lends. The bank is guided by its ‘Sustainable Finance Framework’ regarding the allocation of proceeds of sustainable financing instruments, with an annual ‘Allocation and Impact Report’ issued by the bank providing details of the impact of projects benefitting from these allocations.

Although the bank’s business model and nature of 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 renewable energy usage, prudent energy and water consumption, the utilisation of building management systems, waste management, and the elimination of paper usage across its operations.