The Social Development Bank holds its first Board of Directors meeting for the year 2021

Under the chairmanship of His Excellency the Minister of Human Resources and Social Development, Chairman of the Board of Directors of the Social Development Bank, Eng. Ahmed bin Sulaiman Al-Rajhi, and in the presence of Their Excellency members of the Board, the meeting of the Board of Directors of the Social Development Bank was held in its first session for the fiscal year 2021 AD, and at the beginning of the meeting, the Board welcomed the joining of His Excellency Professor Stephen Grove, representing the Fund. National development.

The meeting discussed a number of topics related to the bank’s strategic plans and transformation programs:
1- Human Capital Transformation Program
2- Accounting transformation program
3- Branch transformation program
4- Digital transformation program
The Council has taken a number of decisions and directives regarding this matter.

The Council reviewed the financing activity for the first quarter of this year, which witnessed exceptional growth in all its products for individuals and establishments compared to the same quarter of last year 2020, where the growth rate exceeded more than 100%, as the bank provided financing of approximately 1.8 billion riyals, from which more than 1.8 billion riyals benefited. 34,000 individual and corporate customers. The bank also provided non-financial services such as various consultations, guidance and training courses from which more than (7,000) beneficiaries benefited. With regard to savings, the total savings of participants in the Zod Savings Program exceeded 210 million riyals, with a growth rate of 120% compared to the same time. Quarter of 2020 AD,

This growth in all of the bank’s financial and non-financial products is attributed to the bank’s expansion of financial inclusion for segments of society, innovation and development of new products, improvement of the bank’s technical structure and development of internal procedures.

The Council also reviewed the bank’s goals until the end of 2021 AD, which are considered ambitious goals to serve all the segments it serves, including individuals and establishments. It discussed a number of topics related to the various financing sectors and their products, which will contribute, God willing, to expanding the areas of financing and accommodating new segments of society.

At the conclusion of the meeting, the Board thanked the bank for the efforts and work undertaken during the first quarter of 2021, which culminated in achieving significant growth across all products.