BIDV secures $289 million in pre-tax profits

Tuesday, Jan 13, 2015 17:12

A transaction point of BIDV. The bank obtained over $289 million in pre-tax profits last year. — Photo

HA NOI (Biz Hub) — The Bank for Investment and Development of Viet Nam (BIDV) earned about VND6.07 trillion (US$289.05 million) in pre-tax profits last year, up 20 per cent over the previous year.

Citing the latest BIDV business statement, news website said that the bank's return on equity (ROE) ratio reached 14.4 per cent and the return on assets (ROA) was 0.8 per cent. The capital adequacy ratio (CAR) was more than nine per cent, while the earning per share (EPS) reached VND1,700 (8 cents).

At the end of 2014, the asset value was about VND655 trillion ($31.19 billion), a year-on-year increase of 18 per cent. Outstanding loans amounted to more than VND461 trillion ($21.95 billion), rising by nearly 19 per cent from the previous year's figure.

The bank said that its loans were focused on sectors prioritised by the government, while its bad debt ratio was below the three per cent secure level, at 1.8 per cent. Deposits also grew 20 per cent year-on-year to touch VND502 trillion ($23.90 billion).

The bank forecast that the economic conditions will improve, but significant challenges remain in 2015, adding that it will try to fulfill the targets set by its restructuring plan, approved by the State Bank of Viet Nam for the 2013-15 period.

These include a deposit growth rate of 16.5 per cent, a credit growth rate of 16 per cent, along with a bad debt ratio lower than 2.5 per cent, and a pre-tax profit growth rate of no less than 20 per cent. — VNS

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