Annual Report Laporan Tahunan - Baiduri Bank
Annual Report Laporan Tahunan - Baiduri Bank
Annual Report Laporan Tahunan - Baiduri Bank
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Chairperson’s Statement<br />
Compared to 2007, <strong>Baiduri</strong> Finance increased<br />
its net income by 19.44% to BND 43 million. Net<br />
profit after tax reached BND 16 million, an increase<br />
of 45.45% over the previous year. <strong>Baiduri</strong> Finance<br />
maintained its position as the market leader in<br />
automobile financing.<br />
DEVELOPMENTS IN 2008<br />
In 2008, we focused on organizational development<br />
and product enhancement with emphasis on<br />
investment products.<br />
Upgrading Facilities<br />
On behalf of the Board of Directors, I am pleased to<br />
present the <strong>Annual</strong> <strong>Report</strong> and Accounts of <strong>Baiduri</strong><br />
<strong>Bank</strong> Berhad for the financial year ending 31st<br />
December 2008.<br />
GLOBAL FINANCIAL CRISIS<br />
The Year 2008 has been a difficult year for the global<br />
economy. What started as a sub-prime crisis in the<br />
U.S.A. eventually deepened into a global economic<br />
recession of unprecedented dimensions. This<br />
recession is expected to continue through 2009.<br />
Fortunately, in spite of a sharp decline in oil and<br />
gas prices, Brunei’s domestic economy has been<br />
relatively unaffected.<br />
SATISFACTORY FINANCIAL RESULTS<br />
In an unfavourable international environment,<br />
however, the <strong>Baiduri</strong> <strong>Bank</strong> Group was still able to<br />
expand its business and achieve satisfactory financial<br />
results. Both <strong>Baiduri</strong> <strong>Bank</strong> and <strong>Baiduri</strong> Finance, its<br />
wholly-owned subsidiary, contributed to this.<br />
In 2008, <strong>Baiduri</strong> <strong>Bank</strong> recorded a net income of<br />
BND 110 million against BND 82 million in 2007,<br />
an increase of 34%. Profit after tax amounted to<br />
BND 28 million, an increase of 10.67% over the<br />
previous year.<br />
We continued to upgrade our facilities in order<br />
to serve our customers better. In February 2008,<br />
we opened the Loan Centre in Kiarong, providing<br />
centralized processing of retail loans for speedier<br />
approval. During the second half of the year, we<br />
set up the Business Services Centre in Kiarong,<br />
consolidating three departments in one, thus<br />
providing centralized operational support for<br />
all departments within <strong>Baiduri</strong> <strong>Bank</strong> Group. In<br />
December 2008, we moved our subsidiary <strong>Baiduri</strong><br />
Finance to new premises in Beribi, bringing it closer<br />
to the automobile district. We opened an adjacent<br />
branch of <strong>Baiduri</strong> <strong>Bank</strong> for the convenience of our<br />
corporate customers.<br />
Technological Development<br />
We continued developing technology. We<br />
upgraded our IT operations; we consolidated the<br />
Data Centre and Information System teams and<br />
relocated them under one roof to a new state-ofthe-art<br />
Data Centre in Kiarong.<br />
Enhancing Products and Customer Experience<br />
Under Wealth Management, we introduced<br />
Structured Deposits and other investment products<br />
to diversify what we were offering to customers.<br />
The second <strong>Baiduri</strong> Expo with the theme “Saving for a<br />
Brighter Future” was held in June at the International<br />
Convention Centre, showcasing products and services<br />
of the <strong>Baiduri</strong> <strong>Bank</strong> Group with an emphasis on<br />
savings and investment. Free financial health checks<br />
and consultations were provided to customers.<br />
The <strong>Baiduri</strong> Prestige programme held several<br />
lifestyle activities for its members in 2008.<br />
We continued to develop our specialized and<br />
structured lending services to small, medium<br />
4 <strong>Baiduri</strong> <strong>Bank</strong> <strong>Annual</strong> <strong>Report</strong> 2008