James Kon
Prudent financial management with emphasise on heightened risk management and community-focussed initiatives continued to be the key management drivers for Bank Islam Brunei Darussalam (BIBD) in 2021.
In a year marred with COVID-19 challenges, BIBD as an organisation intensified efforts on helping the nation achieve a sustainable economic recovery by creating an ecosystem beneficial and conducive for the businesses and society. 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 this at the BIBD Group annual general meeting (AGM), in review of the previous year during which the group embarked on a journey to become a leading sustainable financial institution to empower the nation’s recovery from Covid-19 and beyond.
“Alhamdulillah, I am heartened to report that BIBD’s financial position remained resilient and continued to post profit in 2021, despite challenges posed by the global pandemic and low global yield environment,” the minister added.
In 2021, BIBD Group posted a revenue of BND317 million, earning a net profit of BND149 million while total assets went up to BND10.6 billion.
The group also delivered strong Return on Equity (ROE) to its shareholders at 11.6 per cent, enhancing returns and value to shareholders.
During the meeting, shareholders were presented with the financial statements for 2021 and approved a final dividend of 17.40 cents (BND0.174) per ordinary share.
During the pandemic, BIBD put stakeholders and society ahead of maximising profit, increasing social contributions instead of scaling back to save costs.
BIBD’s actions included enhancing existing digital payment systems, increasing social programmes and implementing the BIBD Sustainability Framework.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew said, “When the nation recorded the first locally-transmitted COVID-19 case, BIBD took measures to provide a safe working and business environment for our staff and customers.
“We continued to serve our customers by leveraging our digital banking channels. We extended support to micro, small and medium enterprises (MSMEs), and supported the nation’s chairmanship of the ASEAN Summit.”
He added, “We also announced the BIBD Sustainability Framework, showing our commitment to sustainability, aligned with the principles of Maqasid Syariah and in line with our ‘Bruneian at Heart’ DNA, to support the nation in achieving the United Nations Sustainable Development Goals and Brunei Vision 2035.”
“Throughout the BIBD Group, we have begun taking steps towards fulfilling this commitment which we will, Insya Allah, continue in the coming years.
“We are proud to be a Partner in Progress for the nation, supporting government agencies towards sustainability while supporting the community through our corporate social responsibility programmes.
“Insya Allah, through the continued leadership and dedication of our Board of Directors, Syariah Advisory Body and the concerted efforts of the whole BIBD Group, BIBD will reach greater heights in meeting the aspirations of our members, customers, employees and the community,” the minister said.
The meeting at The Empire Brunei was also attended by members of the BIBD Board of Directors, the BIBD Syariah Advisory Body, shareholders, BIBD senior management team and officials.
