S&P retains strong credit rating for BIBD

National 1 minute, 26 seconds

INTERNATIONAL credit rating firm Standard & Poor’s (S&P) has reaffirmed its strong credit rating on Bank Islam Brunei Darussalam (BIBD), in view of its dominant market share in the country.

In a statement issued yesterday, the sultanate’s biggest bank said based on S&P’s 2016 report, it has retained its A- rating given by the ratings agency in October 2015 due to solid capital positioning, strong liquidity profile, low financing to deposit ratio and sound funding capabilities.

BIBD said the reaffirmation cements the bank’s position as the highest rated bank in Brunei.

It added the strong rating also solidifies the bank’s position as one of the top in the region with other major banks in ASEAN when it comes to technology, range of products and customer service.

The bank also said the ratings reflect its financial strength and sound fundamentals.

“BIBD is confident of its resilience and remains committed to its prudent fiscal policies and sound risk management.”

Apart from receiving a high credit rating from S&P, the bank was also awarded the Retail Bank in Brunei for the year 2016 by The Asian Banker, the region’s leading financial services research, benchmarking and intelligence consultancy.

BIBD said it has won the award for the fourth consecutive year, proving that the company is “aligned with the nation’s aspirations to advance Brunei’s financial sector”.

BIBD Managing Director Mubashar Khokhar said the bank is appreciative of the government’s “forward thinking policies” to stimulate economic growth, ensuring the country’s financial sector remains strong and aligned with international standards.

He said BIBD will continue to strive to be the first choice for its customers, employees and stakeholders.

The Brunei Times