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1 August 2017

Bandar Seri Begawan, 1 August 2017 – S&P Global Ratings upgraded its long term issuer credit rating on Baiduri Bank to BBB+ from BBB with stable outlook. At the same time, the rating agency affirmed A-2 short-term rating on Baiduri Bank, and raised their ASEAN regional scale rating on the bank to axA/axA-1 from axA/axA-2.

"The stable outlook on Baiduri reflects our expectation that the bank will maintain its high systemic importance in Brunei. It also reflects our view that Baiduri's financial profile will remain steady due to adequate internal capital accruals and muted growth over the next 12-18 months," stated the report.

The report further noted, "Baiduri's capitalization has improved and we expect it to remain strong, given its steady profit retention and reduced off balance sheet exposures, and limited growth opportunities in Brunei."

Baiduri Bank performed well in 2016 compared to 2015 with Gross Revenue increasing 9% to BND 123.17 million. The bank recorded an Operating Profit of BND 63.40 million, a 9% increase over 2015 while Total Assets increased 31% to BND 3.1 billion during the same period. Return on Equity remained high at 14% and Capital Adequacy Ratio was 18.21%, well above the minimum 10% set by the Authorities.

Commenting on the upgraded S&P rating, CEO of Baiduri Bank, Pierre Imhof said, "Baiduri Bank is very proud to be upgraded to the BBB+ rating by Standard & Poor's. It bears testament to our strength and resilience despite a prolonged slow economy. We remain committed to continue improving our products through innovation, technology and excellent service delivery."

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