Baiduri Bank won the acclaimed ‘Bank of The Year 2022’ award from The Banker, one of the world’s leading publications by Financial Times in the United Kingdom (UK). This marks the fifth international banking award this year for the bank. It is also the 15th time that the bank received this prestigious accolade, reinforcing the bank’s position as an industry leader and a dynamic institution at the forefront of financial innovation.
According to The Banker, “Brunei’s Baiduri Bank has won the Bank of the Year award on the back of sound fundamentals. In 2021, it recorded net profits of BND58.5 million, while its cost-to-income ratio improved and now sits below 50 per cent, following initiatives to improve efficiency.”
The Banker also lauded Baiduri Bank for its strong commitment to building a sustainable future for the nation. “Baiduri has focussed on building up its environmental, social and governance credentials, as well as becoming actively involved in supporting the local community.”
Baiduri Bank Chief Executive Officer Ti Eng Hui said it was a strong testament to the bank’s sound business model and strategy, as well as the fortitude of its employees.
He said, “The past two years have been very challenging for us, as it has been for the whole economy. However, we have proven to be resilient during this turbulent time, and I credit a large part of our success to our employees, who have worked tirelessly to serve our customers and adjusting to demanding situations.”
The award marks yet another feather in the bank’s cap in what has been a landmark year. On top of the ‘Bank of the Year’ award, Baiduri Bank also achieved The Best Bank in Asia-Pacific for Brunei 2022 by Global Finance; Best Banking Group for Brunei 2022 by World Finance; The Domestic Retail Bank of the Year for Brunei; and Best Bank in Brunei 2022 by Euromoney. The bank’s subsidiary Baiduri Finance was named Finance Company of the Year for Brunei during the Asian Banking & Finance Retail Banking Awards 2022.