BankDhofar unveils 2024 Sustainability Report, reinforces commitment to ESG and national vision

BankDhofar, the second-largest bank in the Sultanate of Oman by branch network size, has released its 2024 Sustainability Report, reaffirming its deep-rooted commitment to Environmental, Social, and Governance (ESG) principles. The comprehensive report showcases the bank’s progress across its ESG pillars, underscoring its role as a leading force for sustainable growth in Oman’s financial sector.

Sustainability forms the cornerstone of BankDhofar’s strategic vision, guiding its pursuit of responsible banking, ethical governance, and long-term value creation for all stakeholders. The 2024 report, which covers both BankDhofar and its Islamic banking window, Dhofar Islamic, outlines achievements over the past year while setting ambitious forward-looking targets aligned with Oman Vision 2040 and the United Nations Sustainable Development Goals (SDGs).

Central to the bank’s approach is a newly developed ESG framework, shaped through a rigorous materiality assessment and benchmarked against global best practices. This framework prioritizes proactive risk management, opportunity capitalization, and sustainable growth, ensuring that ESG considerations are embedded in all decision-making processes from the Board of Directors down to operational levels.

Throughout 2024, BankDhofar reinforced sustainability at the highest levels of leadership, engaging executives and the Board in embedding ESG as a core business priority. The bank’s efforts extend beyond internal operations; it has committed to supporting Oman’s transition to a Net Zero economy by 2050 in line with the Paris Agreement on Climate Change. Investments in green finance, energy efficiency, water conservation, and waste management are central to this commitment.

Diversity, equity, and inclusion have also been a major focus. The bank made significant strides in increasing the representation of women in leadership and middle management roles and launched the Women’s Leadership Forum to empower female employees. BankDhofar also champions the inclusion of individuals with disabilities in its workforce, while maintaining robust Omanization rates and investing heavily in local talent development.

In the area of community engagement, BankDhofar strengthened its support for SMEs by opening over 13,000 new SME accounts in 2024 alone, highlighting its critical role in fostering economic resilience. Its efforts to enhance accessibility, support financial literacy, and ensure meaningful banking access for individuals with disabilities further reinforce its commitment to building a more inclusive financial ecosystem.

Governance and compliance remain foundational to BankDhofar’s operations. In 2024, the bank enhanced its risk, ethics, and compliance frameworks, ensuring transparency, accountability, and regulatory adherence in alignment with national and international standards.

Reflecting on these milestones ,K.Gopakumar, Acting Chief Executive Officer of BankDhofar, stated: “Sustainability lies at the core of BankDhofar’s long-term strategy—it’s the foundation of our business philosophy. We believe responsible banking is essential to creating lasting value for our stakeholders and contributing meaningfully to Oman’s economic and social development. By fostering innovation, supporting green finance, empowering local communities, and embedding ethical governance, we are steadfastly aligning our strategy with Oman Vision 2040 and the UN Sustainable Development Goals. Together with our partners and customers, we are shaping a future defined by resilience, prosperity, and shared impact.”