BIDV profits rise sharply in Q3

Thursday, Nov 07, 2013 16:47

Customers use BIDV services. The bank has posted a sharp increase in Q3 profits. — Photo

HA NOI (Biz Hub) ― The Bank for Investment and Development of Viet Nam (BIDV) announced that its after-tax profits reached about VND1.14 trillion (US$54.28 million) in the third quarter, an increase of 234 per cent over the same period last year.

Net revenue reached VND3.26 trillion ($155.24 million), up nearly 17 per cent year-on-year. Foreign currency trading turnover dropped by two-thirds to VND29.43 billion ($1.4 million), while securities trading revenue increased 45 times to about VND90.1 billion ($4.3 million).

Credit risk provisional spending declined 16 per cent to about VND1.4 trillion ($66.67 million).

In the first nine months of the year, net revenue totalled VND9.87 trillion ($470 million) and after-tax profits hit VND3.12 trillion ($148.57 million), equivalent to year-on-year increases of 80 per cent and 93 per cent, respectively.

The HCM City Stock Exchange (HOSE) received a BIDV petition to list 2.8 billion shares on the southern market late last month. The bank's chairman, Tran Bac Ha, said at a shareholder meeting early this year that the shares would be listed in the fourth quarter if conditions were advantageous.

HOSE approved BIDV's first proposal to list shares in late 2012 but the bank postponed listing afterwards due to continuous market declines. — VNS

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