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.
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. The bank has also streamlined its application processes to enhance customer experience and continues to expand its digital offerings, such as its digital wallet, Baiduri Qpay, and e-marketplace, Maribali, both launched in the previous year.
