Bank Islam Brunei Darussalam (BIBD) group held its 2021 Annual General Meeting (AGA) yesterday, taking stock of the previous year in which the group stepped up its efforts to serve the community and the nation as a whole, in the midst of the COVID-19 outbreak.
Prime Minister’s Cabinet Minister 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, the position remained resilient and continued to show strong profitability in 2020. ”
He said: “Prudent financial management with an emphasis on increased risk management and community-driven initiatives have been key management drivers in 2020. At the forefront were the actions BIBD took to provide an environment work and safe business to our staff and customers. As an ongoing partner, BIBD has supported the government’s call by launching the COVID-19 relief packages for its clients, the Community for Brunei initiative which is an online platform to facilitate and support households and small businesses during the peak of the pandemic, and the BIBD Youth Empowerment Summit (YES!) in recognition of the importance of youth to the future of BIBD and Brunei as a whole.
In 2020, BIBD Group recorded a turnover of BND 329 million, achieving a net profit of BND 136 million with total assets remaining strong at BND 9.7 billion. The group also generated a strong return on equity (ROE) to its shareholders at 10.7 percent, improving returns and value for our shareholders. During the meeting, shareholders received the financial statements for fiscal year 2020 and approved a final dividend of 0.174 BND per share.
BIBD Managing Director and CEO Mubashar Khokhar said: “As we look to the future, BIBD will continue its role as a progress partner for the nation, support efforts to achieve Brunei Vision 2035 while remaining true to the principles of the Maqassid Sharia. At the same time, we will expand our commitment to sustainability by leading various initiatives and practices that will contribute to the United Nations Sustainable Development Goals (United Nations SDGs). As we move forward on this journey towards sustainability and the greening of the economy, our clients can rest assured that our values and practices will be systematically anchored in the common good.
He added, “We highly appreciate the support and guidance of our Board of Trustees and Sharia 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 the support of our customers during this difficult year; we hope our clients will join us in shaping the future by helping us create the change they want to see.
By remaining vigilant on the pandemic situation in neighboring countries, and in the interest of the safety and health of shareholders, the 2021 AGM was called by the presence of appointed representatives, ensuring the physical presence of only the necessary participants. without compromising shareholders’ rights to participate and vote at the 2021 AGM.
Members of the BIBD Shariah Advisory Body and designated representatives were also present at the meeting.