Emirates NBD becomes the first bank in the MENA region to publish an independent ISSB report aligned with IFRS S1 and S2

Mid East Info

06-03-2025

Reaffirms Group's leadership in sustainability and demonstrates commitment to transparency and accountability in sustainability reporting.
Dubai, UAE,March 2025: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, has set a new benchmark by leading the way in transparency and accountability with the publication of its first independent Emirates NBD Group 2024 IFRS S1 and S2 report ('ISSB Report') for the year ended 31 December 2024. The ISSB Report includes assurance of financed emissions and comprises of the sustainability-related financial disclosures and climate-related disclosures for the Group and all its subsidiaries.
In June 2023, the International Sustainability Standards Board (ISSB) had published its inaugural standards IFRS S1 and IFRS S2 paving the way for a transformative phase of sustainability-related disclosures in capital markets worldwide. IFRS S1 provides a set of disclosure requirements about the sustainability-related risks and opportunities while IFRS S2 sets out specific climate-related disclosures and are designed to be used with IFRS S1.
Emirates NBD's inaugural ISSB report reflects the commitment to integrating sustainability into financial decision-making. It provides insights into the Group's governance, strategy, risk management, metrics and targets around sustainability and climate-related risks and opportunities.
Vijay Bains, Chief Sustainability Officer and Group Head of ESG at Emirates NBD, commented: 'We are proud to be the first bank in the MENA region to publish our inaugural ISSB-compliant report, leading the way in sustainability reporting. The publication of the report, will not only help build customer trust and enhance confidence in the Group's sustainability practices, but also strengthen the bank's reputation and brand image among investors and the community.'
Patrick Sullivan, Group Chief Financial Officer at Emirates NBD, said: 'The publication of our first independent ISSB report is a significant milestone in our sustainability journey. The Group has been actively integrating sustainability-aligned goals into its daily operations and overall business strategy. We remain committed to delivering long-term value and will continue to invest in avenues that boost sustainable economic progress, while adhering to the highest standards of governance and transparency.'
Manoj Chawla, Group Chief Risk Officer at Emirates NBD, said: 'As accountability, transparency, and sustainability-related disclosures become increasingly critical in an evolving risk environment, our latest report reaffirms our unwavering commitment to responsible banking. By enhancing our disclosures and integrating sustainability into our risk management framework, we strive to make a positive impact across all our stakeholders.'
The ISSB was formed by the IFRS Foundation in 2021 at COP26 in Glasgow, following strong market demand for its establishment. The ISSB developed IFRS S1 and IFRS S2 standards in response to widespread market demand and input from key stakeholders including the G20, the Financial Stability Board and the International Organization of Securities Commissions (IOSCO), and leaders from the business and investor community. The ISSB standards are designed to ensure that companies provide sustainability-related information alongside financial statements within the same reporting package. The global applicability of the standards establishes a unified baseline for sustainability reporting worldwide.
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2024, total assets were AED 997 billion, (equivalent to approx. USD 271 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 848 branches and 4,601 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.87 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.