The Bank for Investment and Development of Viet Nam (BIDV) has reported a pre-tax profit of VND3.2 trillion (US$140 million) in the first five months of 2017.

The figure meets 41 per cent of its annual target.

Of this, profit earned from services was around VND1.7 trillion, up 21 per cent year on year.

As of May 31, BIDV’s assets totalled around VND1.4 quadrillion, up 14 per cent from the beginning of the year. Its outstanding loans are estimated at VND188.6 trillion, up 17 per cent year on year, of which loans to small and medium enterprises rose by 9 per cent, to the agricultural sector was up 11 per cent, and to the support industry soared by 15 per cent.

Capital mobilisation rose by four per cent from the beginning of the year to touch VND820 trillion. Of this, capital mobilisation from the retail sector accounts for 56.9 per cent, standing at VND470.3 trillion, up 8 per cent from the start of 2017.

The ratio of non-performing loans (NPLs) fell from 2.14 per cent at the end of Q1 to 1.64 per cent. The proportion of short-term deposits, used to provide medium- and long-term loans, was 45.36 per cent.

BIDV Insurance Corporation (BIC), a subsidiary of BIDV, made a pre-tax profit of VND85 billion, up 9 per cent year on year, completing 45 per cent of its annual target. BIDV Securities Joint Stock Company (BSC) recorded a pre-tax profit of VND50 billion, fulfilling 55 per cent of its target. — VNS