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  • Important Announcement

    The Board of Directors of National Bank of Kuwait is pleased to invite the shareholders to attend Ordinary General Assembly meeting scheduled to be held at 12:30 p.m. on Saturday 23rd of March 2024, either by attending and voting directly at the Bank’s headquarters located in Kuwait City - Al Shuhada Street, or by attending and voting through the electronic system in accordance with Policies and Procedures for Electronic General Assemblies issued by Kuwait Clearing Company, the right to attend the aforementioned Ordinary General Assembly will be for shareholders registered in the Bank’s Ledger of Shareholders on Sunday 10th of March 2024, and the final date for purchasing the shares to entitle the right to attend this Assembly will be on Tuesday 5th of March 2024, these dates apply to any postponed Ordinary General Assembly meeting, to discuss the topics listed in the agenda. Read More

Overview

Leadership Commitment

With 2022 marking the 70th anniversary of NBK's founding, this year was a time of celebration and reflection on our progress, accomplishments, and strategic growth over the past 7 decades. It was also a year of judicious analysis and planning for a sustainable future. We have achieved key milestones this year, marking a landmark year for NBK’s ESG journey. NBK has made great strides in its ESG efforts, reflecting the Group’s promise to create and deliver shared value to all our stakeholders. The Group transformed its ESG Strategy with the purpose of balancing the dynamics of maintaining and building the trust of all of its stakeholders. Our ESG strategy evolved from a six-pillar approach to four interrelated pillars designed to reinforce our position as a trusted leader in the emerging business environments of the future. On behalf of the Board of Directors, and at this turning point in NBK’s journey as a responsible bank, I am proud to present to you our recent achievements and developments in ESG.

Hamad Mohamed Al-Bahar
Chairman

About 2022 NBK Sustainability Report

The 2022 Sustainability Report marks NBK’s seventh consecutive report. NBK’s 2022 Sustainability Report summarizes the Bank’s material ESG/Sustainability-related issues, risks, and performance data, as well as our Group-wide ESG policies, strategy, and commitments, for the reporting period January 1 to December 31, 2022. Our 2022 Sustainability Report is organized based on the four pillars of NBK’s evolved ESG Strategy Framework. Additionally, our report is informed by a number of national and international Sustainability/ESG reporting standards and frameworks, including Global Reporting Initiative (GRI) standards, Sustainable Accounting Standards Board (SASB), UN Sustainable Development Goals (UN SDGs), and others. Furthermore, NBK externally verified both its Greenhouse Gas (GHG) emissions data for the year ended 31 December 2022, and its alignment with the GRI standards.

About NBK

2022 marked 70 years since NBK’s founding in 1952 as the first local, domestic GCC bank and the first shareholding company in Kuwait. Today, NBK is one of the leading banking groups in Kuwait. NBK also ranks among leading regional banks in credit ratings and brand value. NBK has operations in 13 countries, with a total of 68 branches in Kuwait, having the Headquarters in Kuwait and various other international branches around the world. The Bank’s core businesses include (i) Consumer and private banking, (ii) Corporate banking, (iii) Investment banking and asset management), and (iv) Islamic Banking.

ESG at NBK

NBK’s leadership is committed to the Bank’s sustainability journey and views sustainability as integral to business performance. In 2022, we transformed our ESG Framework and Strategy, making a step-leap strategic commitment to more fully integrating ESG with our core business strategy, risk management, products and services, and operations. Our ESG Strategy focuses on promoting economic prosperity and serving as a model for sustainable development, organized around four pillars: Governance for Resilience; Responsible Banking; Capitalizing on our Capabilities; and Investing in our Communities.

Governance for Resilience

NBK Group is committed to robust ethical standards that are hand-in-hand with comprehensive strategic planning and effective, transparent, and reliable governance structures, policies, and processes. In concert with our robust risk management to develop economic, environmental and social risk resilience, these foundational elements of governance at NBK provide assurance to our stakeholders about the strength of our leadership, oversight, and accountability.
 

Key Highlights in 2022:

  • Finalized and approved NBK Group ESG Strategy.
  • 9.1% female Board representation.
  • Solidified Board and Executive Management ESG governance, oversight, and accountability.
  • Committed to developing economic, environmental, and social risk resilience.
  • Zero incidents of Corruption, Fraud, Money Laundering and Bribery.
  • Received solid first-time score of ‘C’ from CDP, for both the Climate Change and Forest categories.

Responsible Banking

Contributing to economic, social and environmental development, whether through our operations or engaging with our clients to adopt sustainable practices by financing their transitions, has always been one of NBK’s strategic focuses. Responsible Banking outlines NBK’s approach to the net zero transition by channeling capital into the low-carbon economy while reducing our environmental impact from operations. NBK recently established Sustainable Financing Framework, aligned with the Green Bond Principles (GBP), Social Bond Principles (SBP) and Sustainability Bond Guidelines (SBG), [ICMA, June 2021]. Additionally, as we have done for the last 7 years, in pursuit of our net zero ambitions, we continue to track and take steps to manage and report on our energy and water consumption, greenhouse gas (GHG) emissions, and materials consumption and disposal.
 

Key Highlights in 2022:

Sustainable Finance:

  • Launched NBK Sustainable Financing Framework with SPO from S&P.
  • Launched Electric Vehicle (EV) consumer loan.

Net Zero Ambitions:  

  • 25% targeted reduction of gross operational emissions by 2025, compared to our baseline year 2021.
  • Achieved the LEED Gold Certification for NBK Kuwait new Headquarters.
  • Electricity consumption totaled 53,975,568 kWh, an 11% decrease from 2021.
  • Water consumption totaled 38,223,713 Imperial Gallons (IG), a 9% decrease from 2021.
  • Reduced Scope 1, 2, and 3 carbon emissions by 6% from 2021.
  • 127.1 metric tons paper recycled.

Capitalizing on our Capabilities

The essential ambition of NBK’s Capitalizing on our Capabilities strategy pillar is to drive sustainable business growth achieved through organizational resilience. This starts with our workplace management –– our policies, culture, practices and programs that enable bank-wide ESG transformation through enhanced employee engagement and development programs. In addition to describing our Group Human Resource practices, we outline our commitment and initiatives to promote diversity, equity and inclusion (DE&I), promote health, safety and wellbeing, and establish a digital and agile work environment through innovative digital solutions.
 

Key Highlights in 2022:

Diversity, Equity & Inclusion:

  • 44.0% females in the workforce, 29.3% females in managerial positions.
  • Launched ‘NBK RISE’ global leadership initiative for women.
  • 39.4% of new hires are female.
  • 85.5% of new hires are Kuwaitis.

Talent Development:

  • 132 fresh graduates employed.
  • 21,729 hours total training hours. On average, each employee received 5.7 training hours.

Investing in our Communities

Investing in our Communities is one of the four key strategic pillars of NBK’s ESG Strategy. NBK’s community investment focuses on providing optimal customer service and advocacy, financial inclusion, accessibility and literacy, and ensuring customer protection and data privacy and security. Additionally, NBK has a long history of having substantial financial contributions in community development. We are increasingly attentive to optimizing our positive social impact within our Corporate Social Responsibility (CSR) investments in line with the UN Sustainable Development Goals (UN SDGs).


Key Highlights in 2022:

  • 75.1% Nationalization rate.
  • KD 23 (USD 75) million total community investments, a 45% increase from 2021.
  • Launched ‘Bankee’ financial literacy program in Kuwait’s public and private schools.
  • KD 18.17 (USD 59.32) million SME lending.

Customers & Community: 

  • 90% Customer Satisfaction Index (CSI).

Data Security: 

  • Zero incidents of data leaks or breaches.
  • Maintained ISO 27001 Certification.