Waleed Abdullah Al-Mogbel, managing director and CEO of Al Rajhi Bank, was named the Best Bank CEO in Saudi Arabia by TAB Global in recognition of his strategic vision, operational excellence and unwavering commitment to developing human capital, advancing innovation and promoting social responsibility. Al-Mogbel has demonstrated exceptional leadership in positioning Al Rajhi Bank as a trusted and pioneering institution in Islamic banking, steering it through economic volatility, rising interest rates and rapid digital disruption. He has made strategic investments in artificial intelligence (AI), data analytics and open banking to reinforce market leadership, and oversaw the launch of the 2024 “Harmonise the Group” strategy—an integrated ecosystem connecting business verticals and fintech subsidiaries to deliver greater value for stakeholders and support the bank’s long-term growth agenda. Driving market leadership and business performance Under his leadership, Al-Rajhi Bank has maintained its position as the leading bank in Saudi Arabia across customers, retail deposits, retail financing and remittances. In 2024, the bank delivered strong performance across all business lines, with retail banking retaining a 41% market share and corporate banking achieving notable growth. Its customer-centric strategy is reflected in continuous enhancements to personalised services, strategic use of analytics and AI and integration of proactive feedback systems to elevate the overall banking experience. The bank recorded robust growth while sustaining high profitability, asset quality and capital strength. Total assets rose 21% in 2024, with non-profit-bearing deposits accounting for 73% of total deposits. Funding diversification continued through sukuk issuances and major syndicated financing deals. Operating income increased 16% in 2024, supported by cross-selling initiatives that raised customer engagement, with 42% of clients holding multiple products. Combined with disciplined cost management, these efforts enabled the bank to achieve its highest net profit since inception and a return on assets of 2.3%. Asset quality remained resilient, with a non-performing financing ratio of 0.8% and a provision coverage ratio of 159%, while capital adequacy remained strong at 20.2%. Advancing human capital and sustainability Human capital development remains central to Al-Mogbel’s leadership and is closely aligned with Saudi Arabia’s Vision 2030. He prioritises building a future-ready workforce by fostering a healthy and motivating environment, enhancing skills through specialised training and programmes at Al Rajhi Academy, and strengthening talent development through structured performance and evaluation practices. The bank’s Nomu platform further supports internal mobility and career growth across departments and subsidiaries. Together with wellbeing initiatives, diversity programmes and digital upskilling initiatives, these efforts reinforce his belief that people are the bank’s most important asset. Guided by the principle “Right and Duty,” Al-Mogbel extends this commitment to the broader community through education, social housing and healthcare initiatives, including graduate development programmes, support for orphan education and medical support via the Shifa platform, alongside contributions to national housing projects. His sustainability agenda advances environmental stewardship by expanding the use of renewable and alternative energy, improving water and wastewater management, and adopting energy-efficient technologies, recycled materials and paperless operations. These measures reduce the bank’s carbon footprint and strengthen its position as a leader in sustainable and socially responsible banking.
