BIBD Group Marks Record Year Supporting Brunei Economic Growth
- Bruneian at Heart, Featured, News, Outreach
Bank Islam Brunei Darussalam (BIBD) Group held its Annual General Meeting (AGM) 2024 today, marking another year of outstanding performance. Despite global economic uncertainties, the Group achieved solid financial success, underscoring its resilience, adaptability, and continued commitment to supporting Brunei’s economic growth.
Yang Berhormat Dato Seri Setia Awang Haji Ahmaddin bin Haji Abdul Rahman, Minister of Home Affairs and Chairman of BIBD, emphasised the Bank’s accomplishments in navigating a dynamic economic landscape. “Even amid persistent challenges, BIBD Group has performed well, securing a net profit of B$178.7 million and net revenue of B$376.5 million in 2023. These achievements reflect our prudent risk management strategies and strong governance practices as well as the steadfast dedication of our team.”
The BIBD Group’s financial stability remains robust, with a capital adequacy ratio (CAR) of 18.5% in 2023, well above the 12.5% regulatory minimum.
Total assets amounted to B$10.4 billion, consolidating BIBD’s position in Brunei’s retail and corporate banking sectors. The Group’s Return on Equity (ROE) of 13.1% highlights its dedication to providing returns and value to its shareholders.
During the meeting, shareholders reviewed the financial statements for the year ended 2023 and approved a final dividend of 17.40 cents ($0.174) per ordinary share, reflecting the Bank’s commitment to providing returns and value for its valued shareholders.
Reflecting on 2023, in which BIBD celebrated its 30th anniversary, Yang Berhormat Dato highlighted that the milestone year not only showcased BIBD’s achievements in bolstering economic stability and supporting Brunei Vision 2035, but also marked significant progress in its digital transformation, exemplified by the launch of the Olive mobile application for BIBD’s subsidiary, BIBD At Tamwil. BIBD further advanced its sustainability agenda through initiatives like tree-planting campaigns and strategic partnerships aimed at promoting environmental stewardship, underscoring its enduring commitment to building a sustainable future for Brunei.
Managing Director and CEO, Awang Junaidi bin Haji Masri, praised the team’s efforts in achieving these successes. He also extended his gratitude to BIBD’s key stakeholders such as the Brunei Darussalam Central Bank, customers, clients, and shareholders, for their unwavering support, which has been instrumental in BIBD’s ongoing success. “The dedication of our staff, combined with our strategic agility, enabled us to deliver outstanding results. We remain focused on supporting our customers’ financial wellbeing and contributing to Brunei’s prosperity.”
The AGM also reaffirmed BIBD’s role as a trusted partner in alignment with Brunei Vision 2035, reinforcing its commitment to supporting the economy, furthering sustainability and giving back to the community.
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