Launches the third sustainability report for 2022 titled "A Year Towards ESG Progression"

Ahmad Al-Amir:

• The bank showcases a noteworthy model by incorporating sustainability principles through carefully selected initiatives
• Embracing responsible practices with a proactive approach strengthens and accelerates the national sustainability agenda
• Continuing advancements involve implementing elements of the social responsibility strategy through specific events
• Gulf Bank maintains its emphasis on prioritizing youth empowerment and nurturing their skills and capabilities, placing them at the core of its focus

Maysoon Al-Attar:

• We successfully managed the disposal of 22.3 tons of e-waste through our diverse environmental protection initiatives
• We are committed to fostering a sustainable work environment for our employees that encourages talent, supports youth, and empowers women.

Gulf Bank has launched its third Sustainability Report for 2022, titled "A Year Towards ESG Progression.” This release signifies the Bank's advancements in sustainability aligned with the New Kuwait Vision 2035. Adhering to global standards such as the Global Reporting Initiative (GRI), Environmental, Social, and Governance (ESG) Standards, United Nations Sustainable Development Goals (SDGs), Women's Empowerment Principles (WEPs), and Boursa Kuwait's Sustainability Disclosures Guidelines, the report outlines Gulf Bank's commitment to responsible practices.

The report highlights Gulf Bank's role in supporting the national sustainability agenda through strategic initiatives contributing to a sustainable community. The bank emphasizes responsible practices in environmental, social, and governance domains, coupled with delivering exceptional financial and banking services, and innovative digital solutions.

Ahmed Al-Amir, Deputy General Manager of Corporate Communications at Gulf Bank, expressed, "The third report showcases Gulf Bank's dedication to establishing a distinguished model in social, environmental sustainability and governance, both within and beyond the bank. Our initiatives aim to raise awareness about sustainability issues in the community."

Gulf Bank's Strategy in Action

Al-Amir highlighted the bank's commitment to transparency and sustainability performance disclosure. He revealed the ongoing efforts to develop an environmental, social, and institutional sustainability strategy, forming the foundation for the bank's sustainability framework in line with the 2025 strategy; aspiring to uphold the highest sustainability standards.

The report emphasizes Gulf Bank's contribution to sustainable economic growth and provision of diverse sustainable financial solutions, aligned with environmental and social goals. This is achieved through a digital transformation project aimed at enhancing the customer experience, streamlining operations, and promoting financial inclusion.

In line with its 2025 strategy, Gulf Bank introduced a new mobile app, facilitating quick money transfers, secure online shopping, and innovative banking features. Launched in 2022, the app is characterized by its smart design, user-friendly interface, and simplicity.

Gulf Bank emphasizes its commitment to the highest ethical standards, a longstanding pillar of the financial institution. Furthermore, the third sustainability report highlights the importance of transparency and disclosure in communicating the bank's sustainability performance. Gulf Bank's approach integrates thoughtful practices, proactive sustainability, effective leadership, and governance, covering financial services, digital innovation, talent acquisition, and youth empowerment.

Community Engagement and Social Responsibility

Al-Amir addressed social responsibility, expressing, "In our commitment to sustainability and social responsibility, we acknowledge the importance of organizing community events, empowering youth, enhancing social cohesion, all of which represent goals and factors crucial for achieving Kuwait's vision and sustainable development objectives."

The Bank continues to showcase progress in implementing the pillars of its CSR strategy by sponsoring various humanitarian, cultural, sports, and environmental events, with a specific focus on youth empowerment. This is a priority, as youth are seen as integral to the future of society.

Environmental Initiatives

Maysoon Al-Attar, Assistant Manager of Corporate Communications for sustainability and ESG, highlighted the transformative influence of digitalization on Gulf Bank's efficiency and productivity. She emphasized the substantial contribution to the environmental facets of society, in harmony with Kuwait's emerging vision, with a specific focus on the sustainable environment pillar. This effort involves addressing a variety of environmental concerns, such as climate change and the conservation of resources.

Al-Attar pointed out that the bank's departments have devised clear internal plans to tackle these issues. Their substantial efforts have led to a reduction in greenhouse gas emissions, decreased paper consumption, environmental clean-up activities, and waste reduction.

Underlining Gulf Bank's commitment to environmental protection, Al-Attar mentioned the continued participation in the annual Environment Month initiative organized by the Scientific Center. This involvement encompasses the celebration of events like World Recycling Day, World Water Day, World Aquatic Animals Day, and World Health Day.

Additionally, Gulf Bank persists in its collaboration with an external recycling company to recycle e-waste. In the current year, the bank successfully disposed a total of 22.3 tons of e-waste, contributing to its ongoing commitment to environmental responsibility.

Creating a Supportive Working Environment

To foster a sustainable work environment, Gulf Bank has implemented a series of initiatives aimed at establishing a nurturing and thriving workplace for its employees. The focus lies on talent management, employee well-being, and women's empowerment, ensuring that everyone within the bank feels empowered, valued, and motivated to achieve their full potential.

Gulf Bank is dedicated to building a robust workforce foundation and elevating employee engagement by cultivating a workplace culture that values diversity, encourages growth, prioritizes overall employee well-being, and provides equal opportunities. This commitment is upheld through a diverse work environment, women's empowerment, training programs, performance management, active participation, the integration of relevant technology, and, of course, a focus on occupational health and safety. In the year 2022, Kuwaiti nationals comprised approximately 77.8% of the total workforce in the bank. Women held 60.37% of senior management positions and constituted 44% of the overall workforce.

Throughout 2022, the bank emphasized employee training in collaboration with major academic and professional institutions globally and locally. Training hours were increased, with around 72.04% of the bank's employees participating in distinguished training courses.

Notably, there was an increase in the number of women holding STEM-related professional positions in 2022. Reem Al-Saleh was appointed as the Bank's first Board member, furthering the bank's commitment to diversity and inclusion.

Dedicated Adherence to Governance Standards

The report illustrates Gulf Bank's dedicated commitment to governance principles, emphasizing its steadfast adherence to elevated standards of transparency, accountability, and ethical conduct. This commitment ensures that the bank's operations align with the interests of stakeholders and contribute to its sustained long-term growth.

Supporting Small and Medium Enterprises (SMEs)

The report highlights the bank's support for SMEs, emphasizing the essential role SMEs play in driving Kuwait's economic growth. The bank maintains an unwavering commitment to providing this vital sector with the necessary resources, expertise, and financial support to foster its prosperity.

Prioritizing Customer Satisfaction

The report affirms that Gulf Bank places customer satisfaction at the forefront of its priorities. This commitment drives the bank to consistently surpass expectations by delivering high-quality and prompt services that align with customer requirements. To comprehensively understand the customer journey, Gulf Bank has established a Data and Innovation Unit to effectively utilize various data sources.

Adhering to the Highest Sustainability Standards

Ahmed Al Amir stated, "Gulf Bank continues to implement the highest standards of ESG sustainability, ensuring that our operations, initiatives, and investments, align with the optimal model of implementation, now and in the future."