Brunei: BIBD’s Sustained Performance Reflects the Nation’s Ongoing Economic Diversification Efforts in Non-Energy Industries

• Jun 16, 2017

A record dividend of 14.7 cents for every ordinary share for the year ended 31 December 2016 has been declared by Bank Islam Brunei Darussalam, BIBD. The record dividend is more than double the previous year’s high of 7.3 cents. The highest ever dividend reflects BIBD’s commitment to deliver better returns to its shareholders. The record dividend was announced this afternoon during the BIBD Annual General Meeting chaired by Yang Berhormat Dato Seri Setia Awang Haji Bahrain bin Abdullah, Minister of Development who is also the Chairman of the BIBD Board of Directors. Commenting on the Bank’s record results, Yang Berhormat said BIBD’s sustained performance reflects the nation’s ongoing economic diversification efforts in non-energy industries such as financial services, aligning them closer towards His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam’s Wawasan Brunei 2035.

According to BIBD, the record dividend came on the back of double digit growth in the bank’s net profit after zakat and taxation as well as its total assets for the financial year 2016. The Bank’s net profit after zakat and taxation grew 21 percent to 122 million dollars while total assets grew 28 percent to 9 billion dollars. BIBD was ranked 38th in terms of Soundness (capital Asset ratio) in the top one thousand World Banks by ‘the Banker’ in 2016. The Asian Banker named BIBD as the Best Retail Bank in Brunei from 2013 to 2016. Also present at the meeting was Dato Seri Setia Awang Haji Abdul Aziz bin Orang kaya Maharaja Lela Haji Yussof, Permanent Secretary at the Ministry of Religious Affairs as the Chairman of BIBD’s Shariah Advisory Body. 

Source: https://www.brudirect.com/news.php?id=29069