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2019 Press Releases
S&P Reaffirms Baiduri Bank's Credit Rating Of BBB+/A-2 With Stable Outlook
28 July 2019

Bandar Seri Begawan, 28 July 2019 - Global ratings agency, Standard & Poor�s, reaffirmed its credit rating of BBB+/A-2 with stable outlook for Baiduri Bank, placing Baiduri in the company of strong regional and global banks.

The report provided by Standard & Poor’s stated that the stable outlook on Baiduri Bank “reflects our expectations that the bank will maintain its high systemic importance in Brunei and that the bank’s financial profile will remain steady due to adequate internal capital accruals amid low to mid-single digit growth over the next 18 to 24 months”.

The report further stated that the rating reflects the bank’s strong market share and diversified business in Brunei with a dominant market share of loans and deposits. Baiduri’s ratio of net loans to customer deposits of 58% remains higher than the industry average of 35%. Baiduri’s liquidity ratios are also stronger than those of several global peers.

Speaking on the achievement, Ti Eng Hui, CEO of Baiduri Bank said, “This reaffirmed rating shows our position and capabilities against an international standard. This is testament of Baiduri Bank’s strong business model focusing on its three core businesses, retail banking, corporate banking and consumer financing, with sustainable profitability over the last few years.”

He elaborated, “In 2018, Baiduri Bank achieved excellent results, with Operating Profit of BND 91.7 million, a 38% increase over 2017 while Gross Profit after Tax was BND70.64 million, a 40.75% increase over 2017. Total Equity increased by 6% to BND374 million while Return on Equity increased from 15% to 19%. The Bank’s Capital Adequacy Ratio was 18.75%, well above the minimum 10% set by the authorities.”

Standard & Poor’s (S&P) are the world’s leading provider of credit ratings. With more than 1 million credit ratings on government, corporate, financial sector and structured finance entities and securities, S&P ratings are essential to driving growth, providing transparency and helping educate market participants so they can make decisions with confidence.

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