RELEASED DATE 29 Apr 2021
By the end of the first quarter, BIDV's total assets reached over VND1.56 quadrillion, up 2.9 percent compared to the beginning of the year. Customer deposits hit over VND1.23 quadrillion, in line with credit growth. Deposit growth was seen in segments such as retail, financial institutions, and FDI but declined in the corporate customer segment.
Loans to customers hit over VND1.23 quadrillion, up 1.6 percent (net increase of VND19,250 billion). Credit grew well at the end of the quarter, showing that credit demand increased again in line with the positive development of the economy after the pandemic was better contained.
BIDV made full risk provisions according to debt classification and operational safety indicators complied with regulation. Non-performing loan ratio was controlled at 1.57 percent, slightly down compared to 1.68 percent at end-2020.
The difference between revenues and expenditures reached VND10,569 billion, up 34.6 percent year on year. Profit before tax was about VND3,400 billion, 1.9 times higher than the same period last year given BIDV utilising resources to support the economy and customers affected by the Covid-19 pandemic.
Non-interest income posted positive results: Net service revenue (excluding guarantee fees) reached VND1,434 billion, up 32 percent over the same period last year. Income from trading securities hit VND451 billion, 2.5 times higher than the same period last year. Income from forex trading stood at VND379 billion. Off-balance sheet debt collection reached VND1,880 billion, 3 times higher than the same period of the previous year.
A spotlight of BIDV's activities in the first quarter is that the bank has been accelerating digital transformation through developing modern digital banking services and focusing on implementing key information technology projects: Completing the Digital Transformation Strategy in the period of 2021 - 2025 with a vision to 2030, that is, becoming the bank with the best digital platform in Vietnam.
BIDV launched the new generation Smart Banking app – a key milestone of BIDV in the digital transformation journey, which clearly demonstrates BIDV's goal to bring the best digital service experiences, best benefits and greatest added values for customers. BIDV also introduced the SME Digital Transformation program (SME Digitrans) to support businesses to accelerate their digital transformation process.
For more information, please contact:
Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)
Tel: +8424.22205544; Hotline: 19009247
Fanpage: BIDV - Ngân hàng TMCP Đầu tư & Phát triển Việt Nam.