Handsome results for year after merger with MHB has no major impact.
The Bank for Investment and Development of Vietnam (BIDV) has recently released its consolidated financial report for the fourth quarter of 2015 and the year as a whole.
Net revenue in the fourth quarter reached VND5.65 trillion ($252.21 million), an increase of 15.2 per cent against the same quarter of 2014. Annual revenue was VND19.37 trillion ($864.67 million), or 15 per cent higher than in 2014.
In the fourth quarter profit from services stood at VND726 billion ($32.40 million), securities investment VND340 billion ($15.17 million), foreign currency trading VND238 billion ($10.62 million), and securities trading VND57 billion ($2.54 million), which lost VND71 billion ($3.30 million) over the course of the year.
Operating costs in the fourth quarter increased to VND3.4 trillion ($151.77 million), a rise of 22.3 per cent against the fourth quarter of 2014, for profit before provisioning of VND4.2 trillion ($187.48 million), a decline of 9.5 per cent against the same period of 2014.
In the fourth quarter the bank’s provision was down 35 per cent, to VND1.8 trillion ($80.35 million) against the third quarter, making profit before tax rise 30 per cent quarter-on-quarter, to VND2.4 trillion ($107.13 million).
For 2015 it recorded VND7.99 trillion ($352.65 million) in profit before tax and VND6.38 trillion ($284.8 million) in profit after tax, increases of 26 per cent and 28 per cent, respectively, against 2014. Including the losses from the merger with MHB of VND552 billion ($24.64 million) and dividend payouts of VND12 billion ($535,680), profit after tax of the post-merger bank reached VND5.84 trillion ($260.69 million).
Post merger with MHB, as at December 31, 2015, BIDV had total assets of VND850.74 trillion ($37.97 billion) and charter capital of VND34.18 trillion ($1.52 billion). Customer lending stood at VND598.46 trillion ($26.71 billion) for the year, an increase of 34.2 per cent against 2014, and deposits were VND546.58 trillion ($24.33 billion), up 28 per cent compared to 2014. Non-performing loans were VND9.69 trillion ($432.56 million), 7 per cent higher than in 2014 and accounting for 1.62 per cent of total lending.