A picture of BIBD headquarters at the capital. Image: The Bruneian

Bank Islam Brunei Darussalam’s (BIBD’s) total asset value went beyond $10 billion last year, cementing its position as a market leader in the sultanate.

This was announced during the Islamic bank’s Annual General Meeting held at Empire Hotel & Country Club today, where it gathered all of its shareholders to review its achievements throughout its fiscal year 2018.

Besides the strong asset value, BIBD also recorded a historic profit of $147.9 million last year which is a huge increase of 27.3 percent from the $116.3 million revenue earned in 2017.

Additionally, the bank had also delivered a strong Return on Equity (ROE) to its shareholders which is at 12.5 percent for the latest fiscal year, further enhancing returns and value to its shareholders.

Second Minister of Finance and Economy Yang Berhormat Dato Seri Paduka Dr Haji Mohd Amin Liew Abdullah who is also BIBD Chairman leading the AGM. Image: Waqiuddin Rajak

Second Minister of Finance and Economy Yang Berhormat Dato Seri Paduka Dr Haji Mohd Amin Liew Abdullah who is also BIBD Chairman commended the achievement which would not be made possible without the support of the bank’s stakeholders.

“BIBD’s vision of becoming a preferred regional Islamic bank will allow us to enhance and diversify our income stream and provide better returns on investment to our shareholders,” he said.

“We stand committed to the vision of driving BIBD forward as the preferred choice for Bruneians and InsyaAllah, we will continue to contribute significantly to our customers, shareholders, our community, and our country,” he added.

Among those present at AGM. Image: Waqiuddin Rajak

Managing Director and CEO of BIBD Mubashar Khokhar, congratulated the efforts of the entire BIBD Group and believed that BIBD’s strong governance and management policies have enabled it to achieve optimal returns for its customers and shareholders.

“Alhamdulillah, BIBD is very blessed to have such a dedicated and energetic team. Being Bruneian at Heart, we work wholeheartedly to be internationally recognised for our strong market position and financial stability,” the CEO said.

“The bank’s ability to retain its A- (stable) S&P Global rating since 2015 signifies the bank’s robustness and stability of its corporate governance, risk assessment and management adoption of best international practices,

“A strong governance and robust risk management policies and processes have also enabled us to optimise returns to our customers and stakeholders while ensuring our asset quality remained strong,” he added.

During the meeting, shareholders also approved the financial statements for the year ending 2018 and BIBD demonstrated continued commitment to shareholders by declaring a dividend of $0.1217.

The Bruneian | BANDAR SERI BEGAWAN

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