BIDV reaches $138 million in profit
BIDV reaches $138 million in profit
The Bank for Investment and Development of Viet Nam (BIDV) posted a pre-tax profit of more than VND3 trillion (US$137.61 million) during the first half of this year.
This was an increase of 25 per cent over the same period last year.
The bank reached a total outstanding loan of nearly VND535 trillion ($24.54 billion) during H1, up 31 per cent year-on-year, controlling its bad debt ratio at roughly 2 per cent.
Deposits at the bank totalled more than VND574 trillion ($26.33 billion), a year-on-year increase of 33 per cent.
Domestically, BIDV represented 12.70 per cent of the lending market and 11.59 per cent of the deposit market. These ratios grew by 1.10 per cent and 1.28 per cent, respectively, over last year.
The bank said in a news release on July 15 that its business targets for this year were achievable with macro-economic conditions continuing to show positive development.
Biz Hub reported earlier this month that the bank targeted growth rates of 16.5 per cent for deposits and 16 per cent for lending, while keeping its bad debt ratio below 2.5 per cent in 2015.
It also expected to earn VND7.5 trillion ($357.14 million) in gross profits and pay dividends at 9 per cent.
BIDV's charter capital increased to VND31.48 trillion ($1.44 billion) from VND28.11 trillion ($1.29 billion) after a merger with Mekong Housing Bank in May.
The bank said it would further raise the equity by about VND2.70 trillion ($123.85 million) in the coming months through share and bond issuances, as well as by seeking strategic shareholders.
Since 2013, BIDV has divested around VND700 billion ($32.11 million) from non-core businesses following government directives.
At the end of H1, BIDV's total assets reached VND730 trillion ($33.48 billion), increasing 25 per cent over the same period last year.
