ROADMAP FOR REFORM

Jean-Christophe Durand, CEO of the National Bank of Bahrain, is leading the bank through a transformative time. As Bahrain invests in expanding its economy, financial services, and net-zero goals, NBB is seeing its profits rise as it aims its focus firmly at the future.

- JAMILA GANDHI

A long-time resident of Bahrain, Jean-Christophe Durand, CEO of the National Bank of Bahrain (NBB) and finance veteran, is a witness to the country's economic transformation. "I vividly remember the first time I came to Bahrain 33 years ago," Durand reminisces, glancing out his window. "If I look at the highway from the office, it was not a highway at the time, it was a road along the sea." At that time, Bahrain was a small and hydrocarbon-dependent market. Less than two decades ago, oil accounted for 50% of Bahrain's GDP, according to data by the Bahrain Economic Development Board. Today, it accounts for less than 20%. "What was once an emerging market is today a modern economy," says Durand.

NBB is one of the core businesses at the heart of the country's journey. Established in 1957 as Bahrain's first locally-owned retail bank, today it operates across three countries-Bahrain, Saudi Arabia, and the U.A.E. -and employs 1,110 people across the group. NBB's consolidated net profit increased by 8.5%, from $134.5 million in 2020 to $145.9 million in 2021. Last year, the group maintained a leading position in the retail banking market, with more than 264,000 clients and an increase of approximately 18% in loan portfolio with a loan-to-deposit ratio of 71.3%. It reported $51.5 million in net profits attributable to equity shareholders for Q1 2022, an increase of 24% compared to $41.4 million in the same period of 2021. Listed on the Bahrain Bourse, NBB had a market cap of $3.4 billion as of May 2022.