While there have been tremendous achievements made by Riyadh Bank over the past few years, this paper focuses on the main accomplishments and the primary strategic plans which facilitated accomplishments. In the year 2012 there were plans to grow incomes and this was achieved. More importantly, the income grew by 10.26% from 2013 to 2014. Statistics further show Riyadh Bank has maintained its leadership in the kingdom with many customers approving its services in personal finance, private investments funding, and corporate financing (Riyadh Bank 2012). The government has also benefited via loans to finance infrastructures and massive development initiatives. Other strategic initiative by the bank includes social welfares, foreign expansions, and technological advances in the year 2012. The main achievements are the increase in income and reputation growth in its market. Among the most notable strategic plan changes includes but are not limited to; strengthening its resources and increasing its capital base. Growth in the technological sector was also amongst the fundamental goals that the bank wanted to attain. Continuity in customer service satisfaction and improvement of competitive capabilities were the core strategic functions of the bank in the same period
In the year 2014, the bank strengthened its capital from SAR 15 billion to SAR 30 billion via share issuance (Riyadh Bank 2014). The move assisted the bank, have a right level of capital, leverage off chances in the Kingdom, improved its solvency and sharpened its competitive edges to cement its leadership in the KSA banking sector. More so, they have established digital platforms for services delivery including the use of iPhone and Android application utility by its customers.
Further changes in long-term planning have overseen the restructuring of the organization and change of management. The move has led to reported strengthening of operational performance. To enhance its national presence, the bank has saudialized its labor with 100% of its female workers as at 2014 being locally based. This is concerning the bank's plan to promote and foster national talent via training and employment creation as 93% of its workers are local citizens. 23% of its workers are women, an initiative aimed at establishing gender equality in its employment policies.
The bank has over the past few years increased its assets in a move to increase his assets as the bank embarked on its risk-averse approach. Customers’ deposits were increased by 7.1% while its investments have increased by 7.87 over the past three years. More loans were borrowed, and that was eminent via 1.75% increase over the past one year (Riyadh 2014).
References
Riyadh Bank Annual Report. (2014). Retrieved from https://www.riyadbank.com/en/Images/1Annual%20Report%202014-En_tcm8-6367.pdf
Riyadh Bank Annual Report. (2012). Retrieved from https://www.riyadbank.com/en/Images/Annual%20Report%202012%20En_tcm8-3298.pdf
