The Social Development Bank holds its fourth board of directors meeting for the year 2019

Under the chairmanship of His Excellency the Minister of Labor and Social Development, Chairman of the Board of Directors of the Social Development Bank, Eng. Ahmed bin Sulaiman Al Rajhi, the Board of Directors of the Development Bank concluded its meetings for the year 2019.

During the meeting, the Board discussed a number of topics related to the bank’s financing activities, its non-financial services and programmes, its strategic plans, the wide spread of the bank’s brand, and its effective presence in events and forums. High-impact, and immediate interaction with consultations and financing, to achieve the set goals.

During its meeting, the Board reviewed the bank’s performance for the fiscal year (2019), starting with the financing activity, which witnessed exceptional growth in all its products for individuals and establishments compared to the previous year (2018), where The growth rate in financing enterprises reached (84%), and in the field of financing productive families (63%), and financing to support entrepreneurship and shared transportation applications grew by (882%). Social financing activity also recorded a growth of (163%), and this growth is attributed to The bank aims to expand financial inclusion for segments of society, innovate new products, develop internal procedures and adopt operational business models based on partnership.

With regard to saving awareness, the number of beneficiaries of the awareness campaigns presented by the bank in more than 72 cities reached more than 300 thousand beneficiaries, and this was reflected in the rising growth. In the performance of the “Zod” savings product, the savings tool that the bank developed and offered to its clients who are beneficiaries of social financing, the result of the bank’s intensification of its marketing efforts during the year was a steady increase in the number of the bank’s customers subscribing to the “Zod” savings product, bringing the total number of savers to more than ( 32) thousand subscribers, with a savings value of more than (90) million riyals, until the close of the fiscal year 2019 AD, which contributed to enabling the bank to achieve the goals assigned to it within the financial sector development program, specifically in the third pillar of the program, which is concerned with enhancing national saving.

The Council also reviewed the bank's medium-term strategy (2020-2025), which is based on three main pillars to define its role in the system of supporters, including (the protection pillar, the Sufficiency and the production pillar) and the bank’s plan to distribute its financing portfolios to achieve targets and performance indicators for each pillar, coinciding with the bank’s strategic transformation to achieve harmonization between financing and investment, to enhance financial sustainability, following the issuance of directives for the bank to rely on its own resources to finance its budget. Operational.

At the conclusion of the meeting, the Board praised the bank’s activity for the fiscal year (2019), stressing that the bank exceeded the expected targets, and the Board urged the bank to increase the pace of providing services and Facilitating citizens’ access to financing opportunities, diversifying products through product innovation that goes in parallel with market changes, and growth in promising sectors.