Leading international credit rating agency S&P Global affirmed its A- rating with stable outlook on Bank Islam Brunei Darussalam (BIBD). The A- rating, which BIBD has held on to since 2015, currently puts BIBD on par with other leading banks in the Asia Pacific region.
According to S&P Global, the rating reflects BIBD’s established track record and robust capitalisation, while also acknowledging BIBD’s prudent capital management. The report also took note of Brunei Darussalam’s solid external and fiscal balance sheet positions over the years, and expected economic growth to accelerate within the coming year supported by stronger energy prices and recovering external demand.
Minister at the Prime Minister’s Office and Minister of Finance and Economy II and BIBD Chairman Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah said, “Alhamdulillah, we are humbled by this prestigious affirmation, especially against the challenging backdrop of the previous year. Despite COVID-19, Brunei Darussalam was able to maintain a relatively strong and stable fiscal position, and BIBD has benefitted from this as reflected in S&P’s rating. The bank’s encouraging performance over the past year has also enabled us to continue serving our shareholders, our customers as well as the nation at large.”
According to S&P, their stable outlook on BIBD reflects their expectation that BIBD will maintain its high systemic importance in Brunei and that thebBank’s financial profile will remain steady.
“This rating is particularly meaningful amid the prevailing COVID-19 environment. We are humbled to be recognised for our strong capabilities against international benchmarks,” said BIBD Managing Director and Chief Executive Officer Mubashar Khokhar.
He added, “We are grateful to be given the opportunity to serve our customers. This would not have been possible without strong support and guidance from our Board of Directors and Syariah Advisory Body, as well as the commitment from the bank’s management team and staff.”
