Annual Report Laporan Tahunan - Baiduri Bank

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Vision & Mission Statement VISION To be the leading banking and financial group in Brunei Darussalam MISSION As a truly local entity in Brunei Darussalam, the Group is committed to provide innovative and comprehensive financial products and services to the Bruneian community Contents Vision and Mission Statement 3 Chairperson’s Statement 4 Corporate Information 6 2008 Key Financial Figures 9 2008 Corporate Highlights 11 - Business Highlights 12 - Operations Management 15 - Human Resource Development 16 - Corporate Social Responsibility 17 Financial Statements 21 - Report of the Directors 22 - Independent Auditors’ Report 24 - Balance Sheets 25 - Profit and Loss Statements 26 - Statements of Changes in Equity 27 - Cash Flow Statements 28 - Notes to Financial Statements 29 Offices, Branches and ATM Network 43
Chairperson’s Statement Compared to 2007, Baiduri Finance increased its net income by 19.44% to BND 43 million. Net profit after tax reached BND 16 million, an increase of 45.45% over the previous year. Baiduri Finance maintained its position as the market leader in automobile financing. DEVELOPMENTS IN 2008 In 2008, we focused on organizational development and product enhancement with emphasis on investment products. Upgrading Facilities On behalf of the Board of Directors, I am pleased to present the Annual Report and Accounts of Baiduri Bank Berhad for the financial year ending 31st December 2008. GLOBAL FINANCIAL CRISIS The Year 2008 has been a difficult year for the global economy. What started as a sub-prime crisis in the U.S.A. eventually deepened into a global economic recession of unprecedented dimensions. This recession is expected to continue through 2009. Fortunately, in spite of a sharp decline in oil and gas prices, Brunei’s domestic economy has been relatively unaffected. SATISFACTORY FINANCIAL RESULTS In an unfavourable international environment, however, the Baiduri Bank Group was still able to expand its business and achieve satisfactory financial results. Both Baiduri Bank and Baiduri Finance, its wholly-owned subsidiary, contributed to this. In 2008, Baiduri Bank recorded a net income of BND 110 million against BND 82 million in 2007, an increase of 34%. Profit after tax amounted to BND 28 million, an increase of 10.67% over the previous year. We continued to upgrade our facilities in order to serve our customers better. In February 2008, we opened the Loan Centre in Kiarong, providing centralized processing of retail loans for speedier approval. During the second half of the year, we set up the Business Services Centre in Kiarong, consolidating three departments in one, thus providing centralized operational support for all departments within Baiduri Bank Group. In December 2008, we moved our subsidiary Baiduri Finance to new premises in Beribi, bringing it closer to the automobile district. We opened an adjacent branch of Baiduri Bank for the convenience of our corporate customers. Technological Development We continued developing technology. We upgraded our IT operations; we consolidated the Data Centre and Information System teams and relocated them under one roof to a new state-ofthe-art Data Centre in Kiarong. Enhancing Products and Customer Experience Under Wealth Management, we introduced Structured Deposits and other investment products to diversify what we were offering to customers. The second Baiduri Expo with the theme “Saving for a Brighter Future” was held in June at the International Convention Centre, showcasing products and services of the Baiduri Bank Group with an emphasis on savings and investment. Free financial health checks and consultations were provided to customers. The Baiduri Prestige programme held several lifestyle activities for its members in 2008. We continued to develop our specialized and structured lending services to small, medium 4 Baiduri Bank Annual Report 2008
Page 1 and 2: Annual Report Laporan Tahunan
Page 6 and 7: Chairperson’s Statement and large
Page 8 and 9: Corporate Information MANAGEMENT CO
Page 10 and 11: 2008 Key Financial Figures OPERATIN
Page 12 and 13: 2008 Corporate Highlights Baiduri B
Page 14 and 15: Business Highlights Established in
Page 16 and 17: Operations Management The role of t
Page 18 and 19: Corporate Social Responsibility Bai
Page 20 and 21: Corporate Social Responsibility Pro
Page 22 and 23: Financial Statements For the year e
Page 24 and 25: Report of the Directors Directors T
Page 26 and 27: Balance Sheets December 31, 2008 Th
Page 28 and 29: Statements of Changes in Equity Yea
Page 30 and 31: Notes to Financial Statements Decem
Page 44 and 45: Offices, Branches and ATM Network B
Page 46: Head Office: Block A, Units 1-4, Ki

Annual Report Laporan Tahunan - Baiduri Bank

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