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Banking & Finance

BIDV releases first half results

Released at: 11:51, 16/07/2015

BIDV releases first half results

Bank records healthy increases in major indicators.

by Hung Nguyen

The Bank for Investment and Development of Vietnam (BIDV) has announced its business results for the first half of the year.

Total assets were VND730 trillion ($33.47 billion), an increase of 25 per cent against the same period last year and 14 per cent higher than at the beginning of the year. Profit before tax stood at VND3.01 trillion ($138 million), an increase of 25 per cent compared to the first half of 2014.

Outstanding credit was nearly VND535 trillion ($24.52 billion), 31 per cent higher year-on-year and 9.1 per cent more than at the beginning of the year. Mobilized capital was VND574 trillion ($26.31 billion), an increase of 33 per cent against the same period last year and up 11.2 per cent since the beginning of the year. 

Its non-performing loan ratio was 2 per cent, or VND10 trillion ($458.5 million).

Its credit accounts for 12.7 per cent of credit provided by commercial banks and its mobilized capital 11.59 per cent of the total.

BIDV divested from non-core business in the first half, bringing in some VND700 billion ($32.09 million), while its sale of VID Public Bank earned it VND1 trillion ($45.85 million).

After its merger with the Mekong Housing Bank (MHB) its charter capital was VND31.48 trillion ($1.44 billion), which is to increase by VND2.69 trillion ($123.33 million) in the time to come.

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