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Banking & Finance

BIDV releases 2014 results

Released at: 11:39, 13/01/2015

BIDV releases 2014 results

Significant growth recorded and a bright 2015 expected.

by Hung Nguyen

BIDV has released its 2014 business results, with pre-tax profit growing 20 per cent to VND6.06 trillion ($285.71 billion). For 2015 it has set a profit target of over 20 per cent.

2014 saw the bank’s shares listed on the stock market and it was successful in achieving its commitment to pay dividends of more than 9 per cent, much to the joy of shareholders.

Its income statement for 2014 showed that the bank reached all targets approved by its Annual General Meeting and had its credit rating improved. Total assets grew by over VND655 trillion ($31.19 billion), for 18 per cent growth. Its credit balance reached over VND461 trillion ($21.95 billion), for 18.9 per cent growth, with the structure and growth of credit being focused on priority areas in accordance with the direction of the government and the central bank.

Mobilized capital met demand for capital and operational security, with customer deposits reaching VND502 trillion ($23.9 billion), an increase of 20 per cent. Its interbank trading stood at over VND55 trillion ($2.61 billion).

Most notably, its bad debt ratio fell to only 1.8 per cent; well under the prescribed 3 per cent. Its ROE was 14.4 per cent, ROA 0.8 per cent, and EPS VND1.700 ($0.08) per share.

The bank’s Capital Adequacy Ratio was over 9 per cent. 2014 is the 19th consecutive year the bank carried out an international audit, the 9th year it was rated by Moody’s, and 5th year it was rated by Standard and Poor’s.

For 2015 the bank forecasts that Vietnam’s economy will continue to be sound but many challenges will be faced. Regardless, its sets positive goals for the year, attempting to achieve the criteria set out in the plan for restructuring the banking system in the 2013-2015 period, which has been approved by the State Bank. It targets credit growth of 16 per cent, deposit growth of 16.5 per cent, bad debts at less than 2.5 per cent, and pre-tax profit growth of no less than 20 per cent.

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