GRI 102-14

2020 was an unprecedented year. With every corner of the world gripped by the COVID-19 pandemic, SAIB had to be cognizant of the micro and macroeconomic challenges that the pandemic brought on. The effects will surely resonate for quite a while across the industry, the Kingdom, and the world.

The Government took swift actions and successfully contained the outbreak of the virus. SAMA have extended the required support to Micro, Small, and Medium Enterprises (MSMEs) through the Private Sector Financing Support Programme (PSFSP), under which the Bank deferred the payments of eligible MSME borrowing customers. Furthermore, SAMA boosted the financial sector with SAR 50 billion to enhance liquidity in the banking sector, restructure current credit facilities, maintain employment levels in the private sector, and provide relief for the banking fees that have been waived for customers.

Despite such challenging environment in 2020, the Bank was able to record a growth in its results. The Bank achieved a total operating income of SAR 2,846 million in 2020, an increase of SAR 28 million from 2019. Net income increased 310% from 2019 to SAR 980 million. Operating expenses before provisions for credit and other losses totalled SAR 1,214 million, a decrease of SAR 20 million from 2019.

We continued to work on the implementation of the Three-year Strategy (2020 – 2022). Our ongoing efforts in digitisation bore fruit this past year when lockdowns were imposed and our e-channels became the primary means through which our customers interacted with the Bank. With the other elements of our strategy focused on agility, innovation, speed, and focus, the past year has clearly indicated that we are on the right path.

We continue to be mindful of our environment and our communities. COVID-19 affected every person in the Kingdom and as a responsible corporate citizen, we continued to contribute to efforts to support our society. SAIB has contributed to the Ministry of Health’s Endowment Fund and the Community Fund initiative of the Ministry of Human Resources and Social Development and the General Authority for Endowments. These funds helped to mitigate the negative impacts on the economy and society.

Despite the limitations that the pandemic imposed on us, we continued our corporate social responsibility efforts. 128 SAIB employees volunteered their time to support our communities and help the disadvantaged. We stepped up our efforts to support those with special needs by modifying three of our branches to serve them better. Our website has also been enhanced to be accessible by the visually impaired.

I also want to convey my gratitude to our Government, under the stewardship of The Custodian of the Two Holy Mosques and His Royal Highness The Crown Prince, for their leadership and foresight in responding rapidly to the situation as it evolved and implemented bold initiatives that successfully warded off the threats to our sector and the national economy, while guiding us forward. I wish to express my thanks to my colleagues on the Board of Directors, our Executive Management, and our employees for their commendable efforts during a tremendously challenging year. Also, I would like to express my gratitude to Saudi Central Bank (SAMA) for their continued support and guidance during these challenging times. With our hopes that the worst is behind us, I look forward to a new dawn for all of us and hope for your continued support on our journey ahead.

Abdallah Saleh Jum’ah
Chairman