BIDV reports 11% increase in 2018 pre-tax profit

Tuesday, Jan 15, 2019 18:29

A teller prepares cash for individual loans at a BIDV branch in Quang Tri Province. The bank reported its pre-tax profit in 2018 was up 11 per cent year on year to VND9.62 trillion. — VNA/VNS Photo Tran Viet

The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has announced its pre-tax profit in 2018 rose 11 per cent year on year to VND9.62 trillion (US$414 million).

According to BIDV, the figure has beaten its full-year pre-tax forecast by 3.5 per cent. The forecast was made at VND9.3 trillion at the beginning of last year.

The banking division contributed 93 per cent of the bank’s total pre-tax profit, equal to VND8.96 trillion – which was up 12 per cent year on year.

Associate and member companies such as BIDV Securities Corp and BIDV Insurance Corp contributed VND666 billion ($28.6 million) to the bank’s total figure.

At the end of last year, the bank recorded VND1.28 quadrillion ($55 billion) worth of total assets, which was up 9.1 per cent from 2017 and helped BIDV remain Viet Nam’s largest bank by assets.

Total lending and investment reached more than VND1.2 quadrillion, up 6.8 per cent from 2017, of which lending value was up 13.3 per cent year on year to more than VND977 trillion.

In 2018, BIDV’s total raised capital increased 9 per cent yearly to more than VND1.2 quadrillion, including VND1.03 trillion raised from savings.

The bank last year raised VND4.58 trillion from bond issuance and signed a $300 million credit contract with the Asia Development Bank (ADB).

BIDV is listing more than 3.4 billion shares on the Ho Chi Minh Stock Exchange with code BID. The bank shares ended Tuesday flat at VND31,900 ($1.37) per share. — VNS

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