ASEAN KEY DESTINATIONS
BIBD profit up 19.9% in 2015
BANK Islam Brunei Darussalam (BIBD) reported a net profit of $100.6 million for its bank in 2015, a 19.9 per cent increase from the previous year but the group’s profit fell by 4.2 per cent to $106.7 million.
In a press release, the country’s largest bank said it has also recorded its highest dividend ever for its shareholders which has increased by 28 per cent to 7.3 cents per share in 2015 from the previous year.
The statement was issued yesterday during the bank’s closed door annual general meeting.
BIBD said the bank posted double digit growth in terms of net profit after zakat and taxation which showcased its “resolve to endure challenging economic conditions”.
BIBD Chairman and Minister of Development Yang Berhormat Dato Seri Setia Hj Bahrin Abdullah said BIBD has increased its contributions to economic development and Islamic finance, helping the country move towards Vision 2035.
“The board and management is committed to strengthening BIBD’s abilities and performance as a true symbol of Islamic banking in Brunei in line with its importance to the Bruneian banking industry,” he said in a statement.
He thanked the shareholders for their support in helping the bank improve its performance and increase its dividends.
The meeting was also held to approve the financial statement for the year ending December 31, 2015 as well as the appointment and setting of the auditors fees for the financial year.
Also in attendance on the panel were BIBD Managing Director Mubashar Khokhar, Dato Seri Setia Hj Abdul Aziz Orang Kaya Maharaja Lela Hj Md Yussof, chairman of BIBD’s Shariah Advisory Body and Permanent Secretary at the Ministry of Religious Affairs along with other senior officials.
In July 2016, global credit rating firm Standard & Poor’s (S&P) affirmed its ‘A-‘ long-term issuer credit rating on BIBD due to its strong market position and financial stability.
“Our view is based on BIBD’s high systemic importance in Brunei and our assessment of the government as highly supportive. Our opinion on BIBD’s systemic importance is based on its size and market position as the largest bank in Brunei,” S&P said.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below