BIBD named ‘Strongest Bank in Brunei’

Izah Azahari

Bank Islam Brunei Darussalam (BIBD), the nation’s largest banking institution, was once again named the Strongest Bank in Brunei by Balance Sheet by The Asian Banker (TAB).

For Asia-Pacific’s Top 500 Strongest Banks by Balance Sheet, BIBD progressed from its previous ranking, rising 48 spots and remained the only Bruneian bank featured in the Top 500 for the third consecutive year.

The ranking is based on a very detailed and transparent scorecard that ranks commercial banks on six areas of balance sheet financial performance; namely the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity.

This year, the announcement of Strongest Banks was delayed to collate and incorporate the latest 2020 financial information into the assessment during the course of the COVID-19 pandemic. As such, this year’s ranking reflects the impact of the pandemic on the performance of banks as it unfolded throughout the year.

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 the Chairman of BIBD Board of Directors shared that the bank is both humbled and honoured to be recognised as the Strongest Bank in Brunei.

According to the minister, “to be featured among the top banks in the Asia-Pacific is indeed an honour, and is a great matter of pride for the bank as it reflects the country’s industrious and resilient banking landscape, despite the challenges of the past year”.

Meanwhile, BIBD Managing Director and CEO Mubashar Khokhar said, “There is no denying the unique challenges brought about by COVID-19. At the outset, our commitment has always been to ensure that the needs of our customers were well served, assets protected and interests aligned. In terms of financial management, we were able to strengthen our balance sheet through prudent positioning and Alhamdulillah, BIBD has been able to stay resilient, as reflected in our balance sheet.”

He added that this award is recognition of the tireless efforts of the management team, the dedication of the staff and the people of Brunei Darussalam who have contributed towards the bank’s achievements with continuous trust and support.

The recent award comes on the back of BIBD’s recent accolades, namely ‘Bank of the Year for Brunei 2020’ from The Banker, Safest Bank in Brunei 2020 by Global Finance and Best Retail Bank in Brunei 2020 by The Asian Banker.