On the turn of the year 2010, major advances were made by the bank towards achievement of its primary objectives of raising customer services provision and increase the level of satisfaction. They were ranked as the number one ATM services provision network with an exemplary level of machine distribution (Riyadh Bank Annual Report 2010). The strategic objectives include are inclusive of but not restricted to bank assets while preserving the asset quality and capital base while ensuring maximum returns to its shareholders. Performance improvement has seen the bank continue with its Performance Transformation Program that has helped the company exceed consumer expectations. The strategies have been achieved through use of databases and Information program to help increase customer satisfaction. Community services have also been extensively developed through societal activities that include charitable activities. The importance of organ donation has been raised through an awareness campaign with community service departments that support women campaigns. Care and special needs through equipment that meets the needs of the consumer is also a core social responsibility measure that has been undertaken. The financial performance of the bank indicates that the Bank net income decreased by a total of 6.8%. Assets fell by a total of 1.6% (Riyadh Bank Annual Report 2010). Loans and advances decreased by a total of 0.5%. Investments grew by a total of 4.7% while customer deposits continued to increase by a total of 1.3% (Riyadh Bank Annual Report 2010).
In the year 2011, Riyadh Bank had core strategies which were intended to improve increase the assets as well as ensuring high quality of assets is maintained. More so, the objectives were oriented at making the market share improved and incorporation of retail banking. Being high ranked in the economy, the major struggle would be remaining powerful. On that basis, the bank intended to retain its position and hence its leadership in the economy. Social responsibility is also among the key aims of the bank. Attaining of this objectives has been aided by the use of various programs that have been completed and association in charitable events. Education and cultural aspects have been managed through activities that support Careers in the Riyadh capital that honor top students. Retail services in the year 2011 were improved as its core activities were delivered and executed in relation to consumer needs. Corporate banking services have been met by the improvement in IT governance through the use of an IT governance program that improves the management aspects of banks (Riyadh Bank Annual Report 2011). Credit ratings for the bank were maintained despite the turbulence in banking sector. Financial performance of the bank in the year 2011 indicated an increase of 11.5%. Operating incomes were also on the surge improving by 5.7%. Total assets of the bank grew by 4.2% in the year 2011 from the previous year. Market Share has grown with customer deposits increasing by 6.5% (Riyadh Bank Annual Report 2011).
As the years progressed, the objectives of the bank were noted to change too. By the year 2013, the primary objectives entailed usage of customer satisfaction programs. More focus was addressed at diversifying business operations well as expanding its areas of operation. SAMA issued a license for recognizable work of the bank in the provision of lending and financial services (Riyadh Bank Annual Report 2013). The mortgage and leasing arms of the firm were outstanding for the products and services offered by the company. The mortgage portfolio also recorded high growth rates. Safe and easy transfer of money remittances were also a notable achievement through the ‘EZTRANSFER’ that is by international company standards. Auto leasing products were also launched in the year with automated services that allow for consumers to get quick access to services where approvals are obtained within minutes of application (Riyadh Bank Annual Report 2013). Personal finance was provided at critical terms with the recording of the biggest financial services in the country. There was considerable growth for the bank with deposits increasing by over 4.8%. Assets are increased by a total of 7.9% while loan advancements to the private sector rose by 11.7% that resulted in a profit growth of 13.9% (Riyadh Bank Annual Report 2013).
References.
Riyadh Bank Annual Report 2011. (2011). Retrieved 27 April 2016, from http://Riyadh Bank Annual Report.
Riyadh Bank Annual Report 2010. (2010). Retrieved 27 April 2016, from http://Riyadh Bank Annual Report 2010
Riyadh Bank Annual Report 2013. (2013). Retrieved 27 April 2016, from http://Riyadh Bank Annual Report
