BIBD meeting highlights solid achievements in the midst of COVID-19

Bank Islam Brunei Darussalam (BIBD) Group yesterday held its annual general meeting (AGM) 2021 in review of the previous year during which the group stepped up its focus on serving the community and the nation at large, amidst the outbreak of COVID-19.

Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah in his capacity as Chairman of BIBD and its Group of Companies said, “Despite the challenges posed by the global pandemic, BIBD’s financial position remained resilient and continued to post strong profitability in 2020.”

He said, “Prudent financial management emphasising on heightened risk management and community focussed initiatives were key management drivers in 2020. At the forefront was the measures taken by BIBD to provide a safe working and business environment for our staff and customers. As a partner in progress, BIBD supported the government’s call by launching the COVID-19 relief packages for its customers, the community for Brunei initiative which is an online platform to facilitate and support home and small businesses during the peak of the pandemic, and the BIBD Youth Empowerment Summit (YES!) in recognition of the importance of youth for the future of BIBD and Brunei as a whole.”

In 2020, BIBD Group posted a revenue of BND329 million, earning a net profit of BND136 million with total assets staying strong at BND9.7 billion. The group also delivered strong return on equity (ROE) to its shareholders at 10.7 per cent, enhancing returns and value to our shareholders. During the meeting, shareholders were presented with the financial statements for the year ended 2020 and approved a final dividend of BND0.174 per share.

BIBD Managing Director and CEO Mubashar Khokhar said, “As we look towards the future, BIBD will continue our role as a partner in progress for the nation, support efforts to achieve Brunei Vision 2035 while staying true to upholding the principles of the Maqasid Shariah. At the same time, we will be expanding our commitment to sustainability by spearheading various initiatives and practices that will contribute to the United Nations Sustainable Development Goals (UN SDGs). As we forge ahead in this journey towards sustainability and greening the economy, our customers can rest assured that our values and practices are will be consistently rooted in doing the greater good.”

He added, “We highly appreciate the support and guidance of our board and Shariah Advisory Body, as well as our esteemed regulators and the government of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam. We are also extremely grateful for our customers’ support over this challenging year; we hope that our customers will join us in shaping the future by supporting us in creating the change they want to see.”

In remaining vigilant over the pandemic situation in neighbouring countries, and in the interest of shareholder’s safety and health, AGM 2021 was convened through the attendance of designated proxies, ensuring the physical attendance of only necessary participants without compromising the rights of shareholders to participate and vote at the AGM 2021.

Members of the BIBD Shariah Advisory Body and designated proxies were also present at the meeting.

Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah. PHOTO: BIBD