The nation’s largest banking institution Bank Islam Brunei Darussalam (BIBD) remained the only Bruneian bank featured in the Asia-Pacific’s Top 500 Strongest Banks by The Asian Banker (ATB) for the third consecutive year.
Consequently, BIBD was once again named the Strongest Bank in Brunei by Balance Sheet by the ATB, after rising 48 spots from its previous ranking in the top 500.
Yang Berhormat Dato Seri Setia Dr Hj Mohd Amin Liew Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II in his capacity as Chairman of BIBD’s Board of Directors shared that the bank was both humbled and honoured to be recognised as the Strongest Bank in Brunei.
“To be featured among the top banks in the Asia-Pacific is indeed an honour, and is a great matter of pride for the bank as it reflects the country’s industrious and resilient banking landscape, despite the challenges of the past year,” he commented.
The ranking is based on a detailed and transparent scorecard that ranks commercial banks on six areas of balance sheet financial performance; namely the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity.
According to a press statement by BIBD, the announcement of the Strongest Banks this year was delayed in order to collate and incorporate the latest 2020 financial information into the assessment during the course of the COVID-19 pandemic.
As such, this year’s ranking reflects the impact of the pandemic on the performance of banks as it unfolded throughout last year.
“There is no denying the unique challenges brought about by COVID-19,” said BIBD Managing Director and CEO, Mubashar Khokhar.
“At the outset, our commitment has always been to ensure that the needs of our customers were well served, assets protected and interests aligned,” he added.
“In terms of financial management, we were able to strengthen our balance sheet through prudent positioning and Alhamdulilah, BIBD has been able to stay resilient in our balance sheet,” he continued.
The recent award comes on the back of BIBD’s recent accolades, namely Bank of the Year for Brunei 2020 from The Banker, Safest Bank in Brunei 2020 by Global Finance and Best Retail Bank in Brunei 2020 by The Asian Banker.
THE BRUNEIAN | BANDAR SERI BEGAWAN