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A Nn U Al R E Port 20 18 Annual Report 2018 Annual Report 2018 A nn u al R e por t 20 1 8 Scan to view the mobile version of this Annual Integrated Report The web and mobile HTML versions are published on-line on the same date as the date of issue of this publication at http://AlRajhiBankIAR2018.SmartAnnualReport.com In The Name of Allah The Most Merciful, The Most Gracious 1 The Custodian of the Two Holy Mosques His Royal Highness Crown Prince King Salman Bin Abdulaziz Al Saud Mohammad Bin Salman Bin Abdulaziz Al Saud 3 As “the blue-chip Islamic Bank,” our strong foundation continues to produce robust returns. A few years ago, we developed a strategic path that began with going back to basics, that formed a solid foundation for successful progress. Today, as we welcome the emerging new technologies and continue to attract new digital customers, we are excited about the bright future ahead. The Blue-chip Islamic Bank Annual Report 2018 © 2018 Al Rajhi Bank Scan to view the online version of this Annual Report Contents 5 About the Bank 06 Value Drivers 08 Leadership 11 Message from the Chairman 12 Chief Executive Officer’s Review 14 Board of Directors 18 Executive Management 22 Strategy 25 Strategic Direction 26 Operating Environment 31 Our Value Creation Model 34 Stakeholders and Materiality 36 Risk Management 38 Performance 41 Financial Review 42 Investor Relations 52 Digital Footprint 54 Sharia Group 57 Review of Business Portfolio 59 Review of Other Operations 69 Review of Subsidiaries and International Branches 83 Corporate Governance 85 Financial Reports 113 Independent Auditors’ Report 114 Consolidated Statement of Financial Position 120 Consolidated Statement of Income 121 Consolidated Statement of Comprehensive Income 122 Consolidated Statement of Changes in Shareholders’ Equity 123 Consolidated Statement of Cash Flows 124 Notes to the Consolidated Financial Statements 125 Basel 3 Qualitative and Quantitative Disclosures 205 Supplementary Information 209 About this Report 210 Consolidated Statement of Financial Position in USD 211 Consolidated Statement of Income in USD 212 Five Year Summary in USD 213 GRI Content Index 214 Glossary of Key Islamic Finance Terms 216 Corporate Information 218 About the Bank 6 The Bank History Vision, Mission, and Values Referred to as the “Bank” in this document, Al Rajhi Bank (ARB) received its current name Our Vision in 2006 but was originally established in 1957 as an exchange house and converted to a bank To be a trusted leader delivering innovative under the name Al Rajhi Banking Corporation in financial solutions to enhance the quality of life 1987. The Bank is a Saudi joint stock company of people everywhere. that was formed and licensed in accordance with Royal Decree No. M/59 and Article 6 of the Our Mission Council of Ministers’ Resolution No. 245, both of June 1987. With its headquarters in Riyadh, To be the most successful bank admired for Kingdom of Saudi Arabia, the Bank operates its innovative service, people, technology, and under Commercial Registration No. 1010000096 Sharia compliant products, both locally and and is listed on the Saudi Stock Exchange internationally. (Tadawul) with the Ticker No. RJHI. Our Values Objectives Everything the Bank does is built around its core values, which puts the customer at the heart of The Bank’s objectives are to carry out banking all its activities. and investment activities within the Kingdom of Saudi Arabia, and beyond, pursuant to the Integrity and transparency Bank’s Articles of Association and Bylaws, Being open and honest while maintaining the Banking Control Law and the Council of the highest standards of corporate and Ministers’ Resolution (mentioned previously personal ethics under History), and in compliance with Islamic A passion to serve Sharia legislations. Anticipating and addressing customer needs to deliver results that go beyond Operations and reach expectations The second largest Bank in the Kingdom in Solution oriented terms of assets and the largest Islamic bank Helping the customers achieve their in the world, Al Rajhi Bank (ARB) accounted objectives through effective and efficient for 16.1% of total assets and 17.3% of total solutions deposits among banks in the Kingdom as of end 2018. The Bank’s market capitalisation as Modesty and humility of 31 December 2018 was SAR 142.2 Bn. Total Being humble in thought, word, and deed Group assets amounted to SAR 365 Bn. during Innovativeness the year under review. Nurturing imagination and fostering The Bank delivers its services through diverse creativity for better results channels for the convenience of its customers. Meritocracy These consist of both traditional and modern Defining, differentiating, and reinforcing channels, including an extensive network of excellence in people 551 branches including 157 ladies branches and sections, 5,006 ATMs and 83,958 POS Care for society terminals that span the Kingdom, in addition Contributing towards a better tomorrow to online banking and mobile banking services. Managing the largest branch network in the Middle East, the Bank also operates 10 branches in Jordan and two branches in Kuwait while its subsidiary in Malaysia operates 18 branches. About the Bank 7 With over nine million customers, the Bank Al Rajhi Bank Group serves the largest customer base in the Kingdom, processing the payrolls of over 50% Meticulous adherents of Islamic Banking of government employees. Handling an average principles, the members of the Al Rajhi Bank of 172 million transactions per month and over Group consist of seven subsidiaries in addition a million remittances, the Bank now partners to the Bank. Four of these subsidiaries are with over 200 correspondent banks in around situated within the Kingdom (refer Review of 50 countries. Its employee cadre numbered Subsidiaries on page 83) while three are located 12,732 at end 2018 making the Bank among overseas. Together the Group provides clients the top 10 employers in the Kingdom and the with innovative financial and other products largest employer in the financial sector. and services that combine Islamic values with modern commercial requirements. Refer Review of Subsidiaries on page 83. Products and services In line with the rapidly changing international banking landscape Corporate banking the Bank provides a range of products and services to meet the needs of its Retail banking varied customer groups. SME banking BANK Refer Review of Business Portfolio on page 59. Treasury International business Together the Group provides additional services including: Securities Real estate GROUP Brokerage Professional services Insurance Value Drivers Customer deposits 8 (SAR Mn.) 2018 – 293,909 2017 – 273,056 Increase: 7.6% Female customers Growth of 30% Over the last three years Earnings per share (SAR) 2018 – 6.34 2017 – 5.61 Increase: 13% Total assets Net income Cost to income ratio (SAR Bn.) (SAR Bn.) (%) 2018 – 365 2018 – 10.30 2017 – 343 2017 – 9.1 2018 – 31.7 2017 – 32.9 Increase: 6.40% Increase: 12.90% Improved: 120 bps Market capitalisation SAR Bn. Total capital 150 adequacy ratio 120 (%) 90 2018 – 20.20 60 2017 – 23.30 30 0 2014 2015 2016 2017 2018 Value Drivers Digital: manual ratio 2018 – 56:44 9 2017 – 49:51 Largest Islamic Bank 3.7 Mn. worldwide by assets and market capitalisation Active digital users Customer Deposits SAR Bn. 300 No. 1 retail bank in Middle East 240 in retail deposits and income 180 120 60 0 2014 2015 2016 2017 2018 No. 1 Distribution network in Middle East by number of branches, POS, ATMs and remittance centers Staff strength 2018 – 12,732 No. 1 in banking transactions in KSA 4 of 10 transactions in KSA Saudisation rate (%) 2018 – 96 No. 1 Bank brand in KSA Brand power score 11 Leadership Message from the Chairman 12 Chief Executive Officer’s Review 14 Board of Directors 18 Executive Management 22 Message from the Chairman 12 Recording another record year, Traversing closer to Vision 2030 The Corporate Governance Manual and the Bank continued to grow and Regulations for Board Committees and fortify its position as the world’s As Saudi Arabia pushes ahead with plans to Management Committees, published in 2014, largest Islamic Bank. Group net reduce dependence on oil and diversify the are reviewed annually to ensure that they income for the current year economy, the Bank continued to align its own remain relevant to the changing times. We increased to SAR 10,297 Mn. strategies with KSA’s Vision 2030. The Kingdom’s also apply the key principles of the Saudi from SAR 9,121 Mn. in 2017. focus on further revitalising the financial sector Arabian Monetary Agency’s (SAMA) Corporate This achievement is all the more by fostering private sector growth, creating Governance Code for Banks in all our operations significant given the complex an advanced capital market, and nurturing within the Kingdom of Saudi Arabia and dynamics at work in the wider financial responsibility among its people will Corporate Governance Regulations issued by operating environment. contribute greatly towards its goal of being CMA. a global investment powerhouse. During the year under review, the Kingdom continued to Such stringent adherence to corporate make good progress in its mission to achieve governance is vitally important in an its Vision 2030 goals. With GDP continuing environment that is continuously in motion. to grow, private sector contribution to GDP Every day new players alight on the global which was 48.2% 2017 is projected to be well arena, disrupting the banking industry as we on its way to reach the target of 65% by 2030. know it with advanced technology that had not Public debt to GDP is projected to be 21% by even been dreamed of a few years ago. end 2018. Saudi owned dwellings (occupied If we do not move nimbly to capitalise on the with Saudi households) increased from 49.1% opportunities while mitigating the risks, we and in 2017 to 51.7% in 2018, while foreign direct our stakeholders risk being marooned investment edged up to USD 2,388 Mn.
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