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Banking & Finance

Handsome 9M business performance for BIDV

Released at: 18:51, 16/11/2015

Handsome 9M business performance for BIDV

Bank's business results for first nine months reveal impressive increases in all indicators.

by Hung Nguyen

The Bank for Investment and Development of Vietnam (BIDV) has just announced its performance for the first three quarters of the year.

Total assets as at September 30 stood at VND786 trillion ($35.01 billion), an increase of more than 21 per cent against December 31 and 31 per cent higher than on September 30 last year.

Its charter capital after the merger with MHB and the issue of additional shares increased VND6 trillion ($267.3 million), to VND34.18 trillion ($1.52 billion).

Lending in the first three quarters was VND570 trillion ($25.39 billion), or 15 per cent higher since January 1, and accounted for 12.9 per cent of the banking sector’s total. Credit has been directed at sectors prioritized by the government, such as small and medium-sized enterprises, which increased 27 per cent, and agriculture and rural development, which increased 16 per cent.

Capital mobilized from depositors was almost VND625 trillion ($27.84 billion), an increase of 21 per cent since January 1. More capital was raised from retail banking in the period than previously. The retail market received greater focus, as outstanding credit to the sector rose 30 per cent since January 1 and accounted for 22 per cent of the total. Capital mobilization from the retail market increased 24 per cent since January 1 and was 55 per cent of total.

Profit before tax stood at VND5.53 trillion ($246.36 million), an increase of 25 per cent against the same period last year.

The bank also received approval from the Ho Chi Minh Stock Exchange (HoSE) to issue 336,921,100 swap shares in the merger with MHB. HoSE also agreed with the bank issuing 270,591,590 additional shares to existing shareholders, bringing the total to 3,418,715,334 shares.

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