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NBB Annual Financial & Sustainability Report Standing together Annual Financial and Sustainability Report 2020 #TeamBahrain About this report Economic Growth Welcome to NBB’s Annual Financial and Sustainability Report covering the year 2020. Since 2019, we have reported important non-financial information about our operations, promoting transparency and providing comprehensive coverage of significant sustainability topics. We are aware of the desire from many of our valuable stakeholders for coherent and consolidated performance information which links sustainability concerns with traditional core business activities. We are continuing our sustainability journey and upgrading our sustainability approach in accordance with international standards and best practices. Reporting Scope and Parameters This Annual Financial and Sustainability Report highlights our goal As part of our commitment to transparency and international best to embed sustainability in the core of our business and considers reporting practices, this report is developed in accordance with the fundamental reporting principles, including accuracy, completeness, Global Reporting Initiative (GRI) Standards: Core option, and per Central and balance. It covers some of the more obvious sustainability activities Bank of Bahrain Guidelines. Our GRI Standards Content Index can be and performance data. Our reporting goal is to provide an overview of found in Appendix. our performance, structured around our sustainability framework and the most relevant material issues for our stakeholders. These topics have Feedback: been determined through a formal materiality assessment in order to We always value feedback and strive to improve our reporting. Hence, shape the content of this report. we welcome your comments and suggestions on this report as well as our performance. Please feel free to contact us through any of the Unless stated otherwise, financial information covers the financial year following channels: starting 1 January to 31 December of NBB Group. The rest of the report covers NBB Bank (standalone) activities and remuneration report for the Email: [email protected] same period. Phone: (+973) 17 228 800 LinkedIn: https://www.linkedin.com/company/nationalbankofbahrain/ YouTube: https: //www.youtube.com/user/NationalBankofBahrain Instagram, Facebook, Twitter: @NBBonline Table of Contents 01 Introduction 04 06 Nurturing Our Workforce* 62 Corporate Profile 04 Corporate Culture and Ethics 64 His Majesty His Royal Highness Vision-Values Aspirations 05 Diversity and Inclusion 65 King Hamad bin Isa Prince Salman bin Hamad Milestones of NBB During 2020 06 Protecting our People 66 Al Khalifa Al Khalifa Financial Highlights 08 Pandemic Response 66 Board of Directors 10 Health and Safety Targets for 2021 67 The King of the Kingdom The Crown Prince and Prime Board of Directors’ Report 14 Training and Education 67 of Bahrain Minister of the Kingdom Executive Management Profiles 18 07 Community Investment* 69 of Bahrain Executive Management Report 22 Financial Review 26 Volunteering 70 The New NBB Group 30 Financial Literacy 71 Organisational Chart - Summarised 32 Supplier Relations 71 Organisational Chart - Comprehensive 34 08 Preserving Natural Resources* 72 02 Sustainability* 38 Direct Environmental Footprint 72 Our Roadmap to Sustainability 38 09 Corporate Governance & Ethical Behaviour* 74 NBB’s Sustainability Framework 39 Corporate Governance Report 75 Reporting what Matters: Our Material Topics 40 Remuneration Report 86 Engaging our Stakeholders 41 Compliance 91 03 Economic Growth* 43 Internal Audit 91 Risk Management 92 04 Responsible Banking* 44 10 Financial Statements 96 05 Serving Our Customers* 48 Independent Auditors’ Report to the Shareholders 97 Retail Banking 48 Consolidated Statement of Financial Position 100 Commercial & SMEs 54 Consolidated Statement of Profit or Loss 101 Corporate & Institutional Investment Banking 56 Consolidated Statement of Comprehensive Income 102 Treasury & Capital Markets 57 Consolidated Statement of Changes in Equity 103 Strategic Accounts 58 Consolidated Statement of Cash Flows 104 Financial Restructuring 59 Notes to the Financial Statements 105 Voice of Customers 59 11 Risk & Capital Management Disclosures 138 Strategy 61 12 Global Reporting Initiative Content Index-GRI 152 * NBB Bank (stand-alone) Designed and Produced by The Bridge Partnership This annual report contains QR codes to view videos and website links using your smart-phone/device 1- Download the QR code application from your app store 2- Look for the QR code and scan it to view interactive content English and Arabic versions of the annual report are available in PDF format. To download, please scan the QR code. This document is printed using Sappi Magno paper. All fibres are from sustainable and controlled sources. It is FSC®, PEFC® certified and fully recyclable. Licensed by CBB as a conventional retail bank 02 03 Serving our Nurturing our Community Preserving Natural Corporate Financial Risk and Capital Introduction Sustainability Economic Growth Responsible Investment Resources Governance and Statements Management nbbonline.com Banking Customers Workforce Ethical Behaviour Disclosures National Bank of Bahrain B.S.C. | Annual Financial and Sustainability Report 2020 National Bank of Bahrain B.S.C. | Annual Financial and Sustainability Report 2020 04 05 Serving our Nurturing our Community Preserving Natural Corporate Financial Risk and Capital Introduction Sustainability Economic Growth Responsible Investment Resources Governance and Statements Management nbbonline.com Banking Customers Workforce Ethical Behaviour Disclosures Introduction Vision-Values Aspirations Corporate Profile The National Bank of Bahrain B.S.C., is a public shareholding company, incorporated into the Kingdom of Bahrain by Amiri decree in January 1957. Licensed by the Central Bank of Bahrain (CBB) as a conventional retail bank, NBB has overseas branches in Abu Dhabi (United Arab Emirates) and Riyadh (Kingdom of Saudi Arabia) operating under the laws of each respective country. The Bank’s shares are listed on the Bahrain Bourse, Manama, Kingdom of Bahrain, with a strong local stakeholder profile. Our Purpose NBB holds a 78.8% share capital in Bahrain Islamic Bank B.S.C. (BisB), which operates under an Islamic retail banking license issued by the “Enriching the lives of generations” CBB. The Group is primarily engaged in providing retail and wholesale commercial banking services, treasury and investment activities, and investment advisory services. Our Mission NBB is the country’s first locally owned bank and has been supporting the Kingdom’s economy for over 60 years, spearheading financial presence “To always connect with you, to across Bahrain and expanding to key GCC markets by building a regional understand you and help give you portfolio to better connect with its customers in line with its brand promise ‘Closer to You’. what you need, when you need it, in a way that works for you” The year 2020 has been a challenging year, with a global large-scale public health emergency creating a major impact on economies worldwide. Businesses in general, and banks in particular, have been facing a number of operational challenges, in addition to the added effects of ensuring the health and well-being of their employees and customers. Our Promise NBB has remained resilient throughout this year, responding rapidly to “Closer to you” the challenging market conditions. A year on, and we still strive towards a comprehensive approach that aligns our business with the needs of the community and the country’s social, economic and environmental efforts. A major part of our strategy remains our commitment to the economy Our Values in alignment with the 2030 vision, and our continued dedication to the well-being of the financial sector in Bahrain. We became the first Bank Pride in the MENA region to launch open banking solutions as a first step on our journey towards a digital and internal transformation. Digitalisation Work with heart is at the core of our transformation strategy. It has allowed us to simplify banking transactions and make them more efficient, giving us a leading Respect edge in competitive offerings and digital innovation through significant Connect with respect infrastructure upgrades. NBB has elevated our customer experience by improving accessibility and enhancing branch capability through state- Teamwork of-the-art technologies. Collaborate for success In 2021, we will continue to build NBB’s presence across the GCC and build our regional portfolio to ensure the Group’s sustainable growth. We Responsibility look towards further growth opportunities through a careful analysis of Own it and embrace it s the market to capture all non-organic growth opportunities, in line with our diversification efforts. We aim to develop initiatives and mechanisms Ethics that will allow us to respond to the increasingly complex and dynamic Always do the right thing economic environment and become an active member of the new financial ecosystem, contributing positively to the growth of the banking Transparency and finance sector across the region. Be fearlessly transparent National Bank of Bahrain B.S.C. | Annual Financial and Sustainability Report 2020 National Bank of Bahrain B.S.C. | Annual Financial and Sustainability Report 2020 06 07 Serving our Nurturing our Community Preserving Natural Corporate Financial Risk and Capital Introduction Sustainability Economic Growth Responsible Investment Resources Governance and Statements Management nbbonline.com
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