Gulf Bank issues the second sustainability report titled "Building a Sustainable Foundation"

• Ahmed Al-Amir: We apply effective practices for economic, environmental, and social sustainability to develop our society and strengthen its leadership
• Gulf Bank’s strategy aids in transforming the Bank into an integrated digital bank that exceeds the aspirations of future generations
• Lujain AlQenaei: The report showcases progress in supporting and empowering women and the youth by introducing several impactful initiatives
• Maysoon Al-Attar: The Bank is proud of its contributions towards creating a more sustainable economy and developing the skills of national talents

Believing in the importance of applying the principles of sustainability, and in line with the international standards and guidelines to enhance transparency with issues related to the environment, society, and governance, Gulf Bank has launched its second sustainability report for the year 2021 titled ‘Building a Sustainable Foundation.’

The report was issued in alignment with the Global Reporting Initiative (GRI) principles, the Kuwait stock exchange's sustainability disclosure guide, the United Nation Sustainable Development Goals (SDGs), Kuwait Vision 2035, and the Bank’s strategy to accelerate the National Sustainability Agenda.

The report touches upon Gulf Bank’s strategically selected initiatives which actively contribute towards strengthening the sustainable approach in society – by adopting responsible and proactive practices when providing financial and banking services, innovative digital solutions, women and youth empowerment and many others.

The Deputy General Manager of Corporate Communications at Gulf Bank, Ahmad Al-Amir, stated: "We are constantly striving to meet the needs of customers and investors and to provide long-term value, by effectively applying financial, environmental and social sustainability practices that contribute to the development of society, and enhance its economic leadership across global markets.”

The report also indicates how Gulf Bank focuses on transparent communication when dealing with shareholders, enabling them to participate in determining their interests, requirements and priorities when making fundamental decisions relevant to sustainability.

2025 Strategy

Al-Amir also spoke about the 2025 strategy, stating: “To date, many key objectives have been achieved in relation to the 2025 strategy, with a focus on the digital transformation journey. This includes the increasing growth in the corporate banking sector and SMEs, in addition to increasing the Bank’s market share in personal banking services. Through the developments of digital banking platforms, Gulf Bank aims to strengthen the customer segments of youth and women in order to improve its services and increase competitiveness.”

Technical Solutions

To ensure the success of the 2025 strategy, Al-Amir assured that “Gulf Bank has laid the foundation for fostering a performance-based culture through introducing new technological solutions and adopting global risk management practices. The Bank relies on its great capabilities to present the best solutions, to engage its employees and provide excellent customer service in order to serve the community – ensuring to eliminate unnecessary complexities to make the banking experience enjoyable, effective, and accessible.”

Transparency and Governance

The report refers to aspects of the well-established governance in Gulf Bank, focusing on the importance of disclosing the Bank's directions and the approach to risk control and management, which contributes towards preserving the trust and rights of stakeholders. Gulf Bank has developed various standards of corporate governance practices, aimed at ensuring the principles of accountability, ethics, and the Bank's responsibility towards its employees and customers.

Social Responsibility

The Manager of Corporate Communications at Gulf Bank, Lujain AlQenaei, said: “Gulf Bank continues to make progress in supporting and empowering women and youth through introducing several impactful initiatives that contribute towards consolidating their position in the Bank and outside of it. Gulf Bank also continued to support the national economy by selecting and favoring local service providers and hiring more Kuwaiti nationals.”

The report showcases a growth in Gulf Bank’s Kuwaitization rate, which increased to 76.5% in 2021. The Bank also recorded unprecedented growth in the employment of fresh graduates, with an increase of 175% in comparison to 2020. The percentage of female employees increased by 24% reaching a percentage of 44% out of the total number employees in the Bank.”

Assistant Manager of Corporate Communications at Gulf Bank, Maysoon Al-Attar, said: "Gulf Bank focused on developing the skills of national talents through high-level training programs. The total training hours of employees doubled by 105% in 2021, where 54% of the Bank’s employees received training that year.”

Digital Transformation

The report indicates that the banking sector is heading towards a new era of digital transformation, and we are proud of Gulf Bank’s quick responses to the growing demands for digital services. The Bank’s strategy is to transform into an integrated digital bank that exceeds the aspirations of future generations.

In reference to the success of the bank's digital transformation strategy, Al-Qenaei also added: “The percentage of customers using the Bank's mobile application increased to 77% in 2021, while the percentage of customers using the Bank's electronic application exceeded 51%.”

Environmental Sustainability

On the topic of environmental sustainability and developing national talents, AlAttar stated that “Gulf Bank is proud of its contributions towards creating a more sustainable economy and developing the skills of national talents. As part of our contribution to implement Kuwait’s 2035 Vision, specifically the Sustainable Environment pillar, Gulf Bank has identified, and actively worked on a range of environmental concerns; including climate change and the conservation of natural resources.”

The report also mentions that Gulf Bank’s various departments have developed clear plans to contribute towards addressing environmental concerns and has succeeded in achieving outstanding results. The Bank has managed to reduce carbon dioxide emissions by 61%, and reduced paper consumption due to digitization and continued to organize and participate in environmental cleaning and waste reduction initiatives through various activities.

Supporting the Let’s Be Aware Campaign

As part of Gulf Bank’s commitment to economic sustainability and its keenness to educate customers about their banking rights and help raise awareness about cybersecurity, the Bank participated in the ‘Let’s Be Aware’ campaign. The campaign was launched by the Central Bank of Kuwait, in cooperation with the Kuwait Banks Association, that aims to raise public awareness about responsible banking behavior and financial crimes.

In appreciation of Gulf Bank's supportive role in last year's ‘Let’s Be Aware’ campaign, the Bank was granted two ‘Outstanding Bank’ awards from the Central Bank of Kuwait.