Baiduri Bank posts record $26m profit

Baiduri Bank announced a record-breaking operating profit of $26 million since the bank was launched nine years ago. The Board of Directors of Baiduri Bank has approved the accounts of the Bank Group for the year ended December 31, 2002.

The results show an operating income of $26 million before taxation and provisions, an increase of 18 per cent from 2001. This is mainly due to increases in interest income by 27 per cent. During the year, the Bank Group has increased in size in both the Balance Sheet and its volume of activities. Customer deposits have risen by 33 per cent to $1.2billion and total balance sheet has grown by $168 million in comparison to 2001.

The bank's sterling performance for 2002 culminated in a prestigious "Bank of the Year" award from the Banker's Magazine, UK.

The 2002 results were achieved with support of its valued clients, the dedication and professionalism of its staff and the support of its shareholders.

Based on the first quarter's results, the bank anticipates 2003 to be another successful year, which will be achieved through both its prudent approach to lending and the offering of innovative financial products and services.

Courtesy of Borneo Bulletin