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Warba Bank issued the sustainability report for the year 2023, which explains the impact of the environmental, social and economic aspects and provides transparency about the Bank’s contribution to sustainable development.
On this occasion, Mr. Shaheen Hamad Al-Ghanem, CEO of Warba Bank, said: “With the continues worldwide growth in s sustainability and the necessity of applying it, which has become one of the most important factors in evaluating institutions in all sectors locally and internationally, today we are launching the Warba Bank Sustainability Report 2023, which focuses on the effective integration of sustainability indicators and elements to enhance the ability to address any challenges. This enables the Bank to achieve the highest standards of service.”
He stated that Warba Bank views sustainability as an important issue and the Bank is building the necessary structure for its vision and enabling it to be at the forefront of sustainability in Kuwait. Explaining that Warba Bank launched a journey of sustainability and sustainable growth to add value by incorporating environmental, social and governance (ESG) aspects, as the Bank aligned its objectives with the United Nations Sustainable Development Goals, pointing out that issues such as climate change, reducing carbon emissions resulting from operational activities, and financial inclusion are at the forefront of Warba Bank’s sustainability strategy.
Al-Ghanem explained that the 2023 sustainability report issued by Warba Bank includes disclosures about the Global Reporting Initiative (GRI) standards and the United Nations Sustainable Development Goals, in addition to following the Central Bank of Kuwait’s guidelines on sustainable financing, the Capital Markets Authority’s sustainability report regulations, and the Kuwait Stock Exchange’s ‘Boursa Kuwait’ guide.
Al-Ghanem pointed out that sustainability reports are an important tool for companies and institutions to demonstrate their commitment to social, environmental and economic responsibility, as they help enhance transparency and trust between companies, investors and society. In addition, reports help identify matters that can be improved in the Bank’s performance, motivating it to take more sustainable and effective actions in the future, and as a tool to measure the Bank’s social, environmental and economic impact. Sustainability reports also help enhance awareness of corporate social responsibility and its role in society and the environment. Moreover, reporting helps companies and banks to improve their reputation, manage risk and meet clients' growing needs for sustainable products and services.
Al-Ghanem stressed that we at Warba Bank are keen to monitor and measure the Bank’s performance at the level of ESG standards, and to inform stakeholders of these achievements and commitments, indicating that Warba Bank views sustainability as one of the drivers of its vision.
Al-Ghanem further said that the 2023 Sustainability Report is based on the evaluation and disclosure of all sustainability standards, especially everything related to ESG standards, which includes a number of main aspects that concern our clients, shareholders, employees and society as a whole
He continued: “We aim to be at the forefront through our sustainable performance, and we look forward to enhancing this practice in the future, and maintaining transparent communication with stakeholders by disclosing our performance of non-financial indicators, and our role and impact in the sustainability indicators of each of the ESG standards.”
He noted that the report touched on the success of Warba Bank’s journey towards digital transformation, as Warba Bank is one of the most prominent Kuwaiti banks that has invested greatly in digital banking services in recent years, which made it one of the advanced banks in this field locally. The report discussed Warba Bank’s journey towards digital transformation, as the bank witnessed different levels of digital transformation, ultimately aiming to provide a competitive and exceptional experience to our customers that keeps pace with the digital changes between the banking and financial sectors.
He stated that the most prominent feature of these services is their consistency with global trends towards sustainable development, especially with regard to preserving the environment by reducing paper consumption and branch visits from customers which decreases vehicle carbon emissions.
Al-Ghanem also said that Warba Bank’s numbers reflect the significant annual growth in the clients’ base who use digital banking services, as more than 90% of clients use these services, whether through smart phones or the Bank’s website.
He continued, saying: “The report included a special section on Warba Bank’s commitment to supporting small and medium-sized companies and developing the Kuwaiti economy through the Bank’s products and services, which meet the needs of its clients from small and medium-sized companies, as there is an increase in financing for small and medium-sized companies estimated at 99.57% compared to last year.”
As for environmental performance, the Bank was able to reduce greenhouse gas emissions through an environmental initiative that includes compensating for carbon emissions resulting from business trips for the year 2022 by providing financial contributions to a climate project that supports several sustainable development goals.
As of sports, Warba Bank announced its strategic partnership with the Kuwait School Sports and Higher Education Federation, its sponsorship of the 2023-2024 School League, support for sports initiatives, contributing to achieving the Sustainable Development Goals, specifically the third goal, “Good Health and Well-Being,” the seventeenth goal, “Partnership for the Goals,” and the various activities that the Bank provides to its clients and society, out of its keenness to build a sustainable, healthy, and sporting future for youth.
Warba Bank continues to launch many initiatives that focus on encouraging the practice of sports and following a healthy lifestyle that contributes to the fight against obesity, which is part of Warba Bank’s keenness to pay attention to sports and youth activities and develop them, encourage maintaining a healthy lifestyle for students, and empower youth with the participation of 140 public and private schools and 14 public, private and military universities and colleges, with a total of 4,500+ male and female students.
He concluded his statement by saying that Warba Bank's digital banking solutions provide distinguished services that ensure improved customer experience, operational efficiency, personal design of services, and data privacy and security.
Warba Bank is one of the banks that has achieved great successes in a short period, as it has occupied a leadership position in the field of sustainability, and it is one of the largest local banks in the number of shareholders, and these are among the most prominent components that make the Bank close to all members of society.
