Bank Islam Brunei Darussalam (BIBD) achieved an increase in net profit of $155 million last year, a five percent increase compared to the $147 million in 2018.
This was based on the financial institution’s Annual General Meeting 2020 (AGM 2020) held yesterday, where the bank gathered shareholders in a proxy-mannered AGM in light of the COVID-19 situation.
According to a press statement by BIBD, the nation’s largest Islamic financial institution posted a full-year income of $342.9 million, a 5.2 percent increase from the $325.9 million recorded in the prior year.
“Overall, the (BIBD) Group achieved an increase of five percent in net profit for 2019, rose to $155.4 million from $147.9 million in 2018,” the statement read.
The statement added that the BIBD Group’s total assets also saw an increase with $10.7 billion in 2019, which is an incremental 6.2 percent from the $10.1 billion posted in 2018, the highest recorded total asset the bank has seen to date.
“This further fortified BIBD’s position as the market leader in Brunei with a substantial market share in both retail and corporate segments,” said BIBD, adding that the financial institution also achieved a strong Return on Equity (ROE) to its shareholders at 12.3 percent.
In his capacity as Chairman of the BIBD Group of Companies, Minister at the Prime Minister’s Office and Second Minister of Finance and Economy, Yang Berhormat Dato Seri Setia Dr Hj Mohd Amin Liew Abdullah said that the bank stands committed to the vision of driving BIBD forward as the preferred choice for Bruneians.
“BIBD will continue to amplify efforts towards stimulating the country’s economic growth and initiate undertakings that will help us diversify our income stream to provide better returns to our shareholders,” he said.
Meanwhile, Managing Director and CEO of BIBD Mubashar Khokhar congratulated and complimented the efforts of the entire BIBD Group, believing that BIBD’s strong governance and strategies have contributed to the optimal returns for its customers and shareholders.
“All our achievements in 2019 are developed by every individual employee who contributed towards the bank’s aspirations to reach its ultimate mission and at the same time to obtain optimal returns for our shareholders and customers,” he said.
During the meeting, shareholders also approved the financial statements for the year ending 2019 and BIBD demonstrated continued commitment to shareholders by declaring a dividend of 18.83 ($0.1838) cents per share, an increase of 51 percent from the previous year.
Owing to the COVID-19 pandemic, this year’s AGM was convened in a manner to minimise the risk of an outbreak.
In the interest of shareholder’s safety and health, and in line with the recommendations by the Ministry of Health, AGM 2020 was convened through the attendance of designated proxies.
“This proxy arrangement ensured the physical attendance of only the necessary participants without compromising or affecting the rights of shareholders to participate and vote at the AGM,” added the statement.
Also present at the event was Dato Seri Setia Dr Hj Mazanan Hj Yusof, Chairman of the Shariah Advisory Body of BIBD. – Wardi Wasil
The Bruneian | BANDAR SERI BEGAWAN