IBB Holds AGM 2005, EGM
By Sonia K.

Bandar Seri Begawan - The Islamic Bank of Brunei Berhad (IBB) held an Annual General Meeting 2005 yesterday at the Chancellor's Hall of Universiti Brunei Darussalam.

Among the important items on the agenda that were discussed and approved was the receipt and approval of the bank's financial statement as well as the distribution of dividends for the financial year ending December 31, 2005.

The IBB bank statement for the financial year ending December 31, 2004 showed a growth in total assets that reached B$2.496 billion compared to B$2.068 billion for 2003, indicating a growth of more than 20 per cent.

The revenue earned for the year 2004 was B$142.690 million compared to B$137.139 million for the year 2003 - an increase of 4.04 per cent.

Treasury activity constituted the most obvious growth component in the revenue earned, rising from B$963,000 in the year 2003 to B$5.3 million in the 2004 financial; year. The improved management of collections from funding accounts also contributed to the growth in the bank's revenue.

Meanwhile closer observation on the statement reveals a 0.57 per cent decrease in operation costs in expenses.

Profit before 'zakat' and tax recorded its best achievement at B$44.32 million, marking an increase of 41.73 per cent compared to the previous year (B$31.276 million).

The profit after Zakat and Taxation meanwhile is recorded at B$31.750 million, indicating a growth of 55.1 per cent compared to the 2003 financial year.

The meeting also approved the payment of dividends for the financial year 2005 to be paid at 20 cents per share compared to 15 per share in the previous financial year.

In the aspect of operation, the management also implemented several activities focusing on the upgrading of the quality of the services such as the extension of opening hours, the increase in number of ATM machines, the introduction of several savings products as well as a Customer Service Quality Campaign aimed to emphasise on the bank's care and commitment towards providing better quality and more efficient services.

IBB also held an Extraordinary General Meeting (EGM) yesterday. The meeting saw the approval of the Special Resolution for the Issuance of Bonus Shares as well as the approval of a Special Resolution on the proposed IBB merger with IDBB.

After the resolutions were presented the shareholders agreed to the publication of bonus shares of 10 per cent which increased the total of overall shares paid to 6,051,222 units of shares from 60,512,222 units to 66,563,444 units.

The meeting also approved the special resolution for the merger between IDBB and IBB with the given consent of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam. The merger serves as a vital step to enhance the position of Islamic Financial Institutions in the country.

The merger will create the formation of a sole Islamic bank and the largest bank in the country in terms of total assets and the number of account holders in comparison to seven other banks in operation in the country:

Both meetings were chaired by Pehin Dato Seri Setia Hj Awg Abu Bakar bin Hj Apong, Minister of Communications in his capacity as Chairman of Islamic Bank of Brunei Berhad and its subsidiaries and Takaful IBB Berhad. -- Courtesy of Borneo Bulletin

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