Wednesday, November 22 2017

VietNamNews

BIDV’s pre-tax profit touches $266 million

Update: October, 25/2017 - 16:17
BIDV’s total assets reached some VNĐ1.12 quadrillion until the end of September, up 12 per cent from the beginning of this year and representing an increase of 8.42 per cent from the same period last year. — VNS Photo
Viet Nam News

HÀ NỘI — Bank for Investment and Development of Việt Nam (BIDV)’s total assets reported pre-tax profit of VNĐ6 trillion (US$266 million) in 2017’s first nine months, posting a year-on-year increase of 6.7 per cent.

The bank on Wednesday announced that its total assets reached some VNĐ1.12 quadrillion until the end of September, up 12 per cent from the beginning of this year and representing an increase of 8.42 per cent from the same period last year.

The report also said capital mobilised was relatively high at VNĐ1.05 quadrillion in the nine-month period, increasing 12.1 per cent from the beginning of the year and meeting its credit growth requirement.

Its loans have focused on the production and trading sector with emphasis on short-term lending. Its total credit and investment was VNĐ1.08 quadrillion, up 13.7 per cent from the beginning of the year.

The bank’s credit growth has been higher than the banking sector’s average level of 12.16 per cent, of which loans to companies and residents amounted to VNĐ828 trillion, BIDV said.

Its outstanding loans in the period in prioritised sectors -- agriculture, rural development, exports, small-and-medium sized enterprises, support industry and companies applying hi-tech industries -- rose 19.2 per cent from the beginning of the year, accounting for 50 per cent of the total outstanding loans.

BIDV’s leaders said results in the January-September period were positive, creating momentum for it to complete targets this year. High credit growth in the beginning months of the year resulted in increased profit. In addition, the bank’s services and foreign exchange activities also contributed to growth.

In the last quarter of the year, BIDV will continue to enhance management of credit in each sector to ensure capital demand. It will focus its resources on implementing the restructure plan and resolving bad debts in the 2017-20 period, while accelerating capital increase under its roadmap. — VNS

 

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