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Chairman’s statements

Ladies and Gentlemen, Bank Albilad Shareholders

PEACE BE UPON YOU

Welcome to Driving Progress Through Innovation, Bank Albilad’s Annual Report for 2023. It provides insights to our activities and achievements of the past 12 months, and of our ongoing strategic priorities as we step into 2024.

Bank Albilad is a values-driven organization, dedicated to operating as full Islamic compliant bank with initiative, innovation, care, partnership, trust, and accountability. These values serve the foundation of all our work, to achieve our vision and mission to contribute and sustain the long-term economic ambitions envisioned in Vision 2030.

#Albilad_Mubadarah more than

0

programs & initiatives

The bank’s net income Increasing by

14%

compared to last year

Bank Albilad

is a values-driven organization, dedicated to operating as full Islamic compliant bank with initiative, innovation, care, partnership, trust, and accountability.

These values serve the foundation of all our work, to achieve our vision and mission

to contribute and sustain the long-term economic ambitions envisioned in Vision 2030.

I am pleased with the progress that we have achieved in 2023. Bank Albilad grew its Total Operating Income that led to a 14% increase in Net Income before Zakat to SAR 2,641 million compared to last year. This was the result of our on-going investments in innovation and strategic decisions to diversify our revenue streams. This was achieved despite the challenges the industry faced such as high inflation and cost of credit that impacted some sectors of the economy.

Our robust risk frameworks

policies, and controls enabled the bank to uphold high governance standards in its business and operations.

Our ability to respond to changing environments with agility and inherent determination to seize opportunities is a core attribute of the way that Bank Albilad operates.

The Bank has adopted innovation and services as a pillar in line with our digital transformation strategy.

Our strategy has always revolved around innovation, digital transformation, customer base expansion, partnerships, and human capital development and ESG goals.Moving forward to 2024, we will carry on with our financial innovation across our businesses as we respond to the evolving customer needs.

Over the past year,

we have continuously and firmly supported the key initiatives to facilitate the access to financial products and services for all sectors of society,

the engine that can drive the wider transformation. Supporting our citizens to build savings, buy homes, or channeling to small businesses the funding and knowledge they need to grow, can help shape a prosperous and economically diverse future for Saudi Arabia.

I am clear that

it is only by acting as a responsible and trusted partner of government and wider society, that Bank Albilad will continue to grow and deliver value to our shareholders, customers, and the Kingdom in general.

We are increasingly becoming a partner of emerging Fintech businesses that provide new opportunities for Bank Albilad to identify and access new market segments. Testament to this is the Bank organizing a hackathon for Islamic banking at the Al-Bilad Innovation Center (HORIZON) where we received than 3,000 applications to participate.

It reflects Bank Albilad’s pioneering role in supporting Islamic financial technology and contributing to the development of the Islamic financial services sector.

We are proud of Bank Albilad of being the first Saudi Bank to enable the Open Banking Services in accordance with the regulatory framework issued by SAMA. The Open Banking Program is one of the initiatives of the Fintech Strategy, one of the pillars of the Financial Sector Development Program (FSDP) under Saudi Vision 2030.

Al Bilad Volunteer Team collectively
contributed more than

0HOURS

of service.

To make a positive impact beyond business, is reflected in all our work. In 2023, we have gone further in strengthening our approach to ESG.

Bank Albilad’s initiatives and programs in social responsibility exceeded more than 80 programs and initiatives through our Corporate Social Responsibility Program #Albilad_Mubadarah.

The Albilad Volunteer Team collectively contributed more than 830 hours of service. This remarkable volunteer work exemplifies the spirit of kindness and solidarity with our communities.

We have signed an agreement to sponsor Mowaamah application aimed at assisting people with disabilities. The bank also made a significant contribution to the “Jood Housing” campaign, to provide homes to individuals and families in need.

The Bank has also funded an underwater cleaning campaign in the Eastern province seafront. Bank Albilad remains committed to and will continue to intensify its efforts in promoting climate change resilient communities and raising environmental awareness.

In closing, I extend on behalf of the members of the Board of Directors and the ambassadors of Bank Albilad, my sincerest gratitude to the Custodian of the Two Holy Mosques and the Crown Prince – may Allah protect them – for their support, guidance, and leadership to the financial and banking sector, and to all sectors for the growth and prosperity of the Kingdom and its citizens and residents.

I also express my appreciation and gratitude to the Ministry of Finance, the Ministry of Commerce, the Saudi Central Bank, and the Capital Market Authority, for ensuring the stability of the financial and banking sectors of the Kingdom through their sound and timely plans, programs, and regulations.

Finally, I extend my utmost appreciation to our customers, investors, partners and shareholders for their trust and confidence throughout these years and to the executive management and ambassadors of Bank Albilad. I would like to take this opportunity to formally thank them all for their contributions to another successful year.

With your help,I look forward to our continued progress towards achieving and ensuring long-term value for the Bank.

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Nasser Bin Muhammad AlSubaie

Chairman of the Board of Directors