Best bank: Baiduri Bank
Baiduri Bank is again Brunei’s best bank, not just because of its impressive financial performance but also for its dedication to digital transformation.
AfE 2024
Last year marked a watershed moment for the bank, as it posted an unprecedented 37.5% rise in net profits and a 35% increase in operating profit. The bank’s total assets expanded by 11.5%, while its market share in assets climbed by an impressive 5 percentage points to 20.4%. Loan growth stood at 7% and deposits saw a substantial 20.6% increase. Furthermore, the bank’s cost-to-income ratio fell sharply from 50% to 38%, reflecting its heightened operational efficiency.
Baiduri Bank’s commitment to digital innovation has set it apart from its competitors. In 2023, the bank introduced an artificial intelligence-powered credit risk management system in partnership with a Singapore-based fintech firm. It is also in the process of migrating its core banking operations to the cloud, streamlining its processes and bolstering its digital prowess.