Ladies and Gentlemen, esteemed shareholders of Bank Albilad,
Peace be upon you,
With great pride, I present the 2024 Annual Report for Bank Albilad, a brief success story that reflects our financial performance over the past year and embodies our overarching theme, “Advancing with Purpose.” This theme is a clear manifestation of our relentless drive to innovate and excel, ensuring that we remain committed to realizing the Kingdom’s goals and aspirations outlined in Vision 2030.
The year 2024 was marked by growth and achievements, as the Bank recorded robust financial performance. Our net income after Zakat rose by 18.5% to 2,807 million. Total assets increased by 8% to 154,965 million, while Customers’ Deposits grew by 8% to 121,776 million. Equity also witnessed a remarkable 9% increase, reaching16,693 million, and our financing portfolio grew by 7% to 109,304 million. While operating expenses decreased by 4%, the Bank maintained operational efficiency and enhanced returns for our shareholders.
Bank Albilad has long been at the forefront of technological innovation, always placing the customer first. We have built a strong organizational culture founded on collaboration and the adoption of modern technologies, digitizing operations and boosting productivity, which has given us a competitive edge in delivering a unique customer experience. Over the course of this year, we continued our steadfast quest to achieve operational excellence and innovation. This encompassed investing in and adopting the latest technologies in infrastructure and digital transformation projects, in addition to establishing a series of standalone model branches for the Bank
and developing a data center with advanced international specifications, which comply Level 4 standards to maintain the highest levels of security and reliability, ensuring operational robustness and business continuity.
Our net income after Zakat rose by
18.5%
to
2.807
Million
Total assets increased by
8%
to
154.965
Million
Throughout 2024, the Bank also concentrated on sustainable development initiatives by introducing new and innovative financial programs and products, in line with the support programs provided to small, medium, and micro enterprises. The Bank also exerted efforts to support real estate financing, reflecting its vital role in promoting national growth and increasing homeownership in alignment with Vision 2030.
In parallel with this drive for growth and development, the Bank has never lost sight of its societal role and corporate social responsibility. We have supported numerous initiatives in the health and environmental sectors, alongside empowering those with special needs. In recognition of these activities, the Bank received the Gold Award for Corporate Social Responsibility from the Ministry of Human Resources and Social Development and was named among the top 10 CSR brands in the Kingdom by Forbes. We also adopted various environmental initiatives, most notably securing LEED certification from the U.S. Green Building Council. Projects such as the Saving Hackathon have reinforced a culture of saving. Our social inclusion efforts were evident in the “Our Summer Together” initiative in ‘Asir, which provided public spaces adapted for people 28 with disabilities, reflecting our dedication to empowering all members of society.
It represents a long-term investment in building a society aware of financial transactions and instilling savings and investment skills from an early age, as well as raising awareness of financial fraud and how to protect themselves and their families from it.
As we move into 2025, “Advancing with Purpose” remains the guiding principle of our journey. We will work to update our strategy, enhance our digital capabilities, diversify our funding sources, and deliver exceptional customer experiences, seeking to achieve further progress and sustainable growth, ensuring the Bank continues its leadership in shaping the future of banking in the Kingdom.
Finally, I extend my sincere gratitude to the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince—may Allah protect them—for their wise leadership and constant support in developing our financial sector.
I also thank the Ministry of Finance, the Ministry of Commerce, the Capital Market Authority, and the Saudi Central Bank for their tireless efforts to sustain the stability of the financial system.
My deepest appreciationgoes to our customers, partners, and shareholders for their ongoing trust and support in our mission. I also wish to thank the Board of Directors for their strategic guidance, which has been pivotal in driving our progress and innovation, and to the management team and all Bank Albilad’s ambassadors, whose dedication and efforts have been essential to our success.
Together, we look forward to sustainable growth and continuing to deliver exceptional value to all our partners, committed to our duty to “Advance with Purpose.”
Abdulaziz M. Al-Onaizan
Chief Executive Officer
Abdulaziz M. Al-Onaizan
Chief Executive Officer