2022-strategic-wc

Strategy
and KPIs

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Accelerating growth and innovation

Riyad Bank is committed to creating Shareholder and Stakeholder value by accelerating growth and innovation. Our customercentric, 5-year corporate strategy launched in 2021 enables every individual across the Bank to work in unison to overcome challenges, capture opportunities and pursue our vision towards a better future together. Fully aligned with the goals of Saudi Vision 2030 and our commitments to corporate sustainability, our strategy allows the Bank to pursue our business ambitions while contributing to the greater good and the success of the Kingdom.

Our Strategic Drivers

Our strategy will accelerate the Bank’s growth and innovation, unlocking value in new and existing segments through innovative products and services while driving continuous improvement in customer experience and service.

Value through innovation

Creating new markets through digital ecosystems, disrupting me-too propositions, integrating Advanced Analytics into BAU

Efficiency through digitization

Improve organization productivity including front to back digitization

Enablement through next gen operating model

Transforming core technology infrastructure and operating model through agility

Our Strategic Pillars

By 2025, our new corporate strategy identified several targets to be achieved to make Riyad Bank the best bank in the Kingdom through 4 key pillars:

Strategic
Pillar

Most Profitable

Most Efficient

Most Innovative and Digitally Enabled

Bank of Choice

Description

We aim to be the most profitable bank in the Kingdom vs. our peers.

We aim to be the most efficient and effective bank in the Kingdom vs. our peers.

We aim to be the most developed, innovative and digitally enabled bank in the Kingdom.

We aim to be the Kingdom’s Bank of Choice for customers and the best working environment for our employees.

Success
Measurement Criteria

Return on Equity

Different Operational Efficiency and Productivity Ratio

Different Digitally Enabled Ratio

Customers and Employees Satisfaction indexes, and OHI.

2022
Achievements

  • RoE: 14.5% (third in the KSA)

  • ROA: 2.05% (second in the KSA)

  • Cost saving of SAR c.190 Mn. in 2022 through cost saving initiatives

  • Cost to Income Ratio: 32.4%

  • More than 72% of new customers were attracted through digital channels

  • More than 82% of our customers have registered on the digital services

  • OHI: 76

  • The human capital sector won 3 awards presented by CIPD: Best Coaching and Mentoring initiative, Second Place for Best Recruitment and Talent Management strategy, Second Place for Most Impactful Diversity and Inclusion Initiative

  • 84% in customer satisfaction index from Saudi Central Bank