RELEASED DATE 29 Oct 2020
BIDV has just released financial statements of Q3. Given the general difficulties of the economy and the banking sector due to Covid-19, BIDV strives to maintain stable business operations, ensure safety and efficiency. However there remain challenges facing the bank in fulfilling the targets.
BIDV's operating results as of 30 September 2020 are as follows:
Total consolidated assets reached about VND1.468 quadrillion, a decrease of 1.5% compared to the beginning of the year, mainly due to net decrease in deposits at the State Bank.
Capital mobilization: Customer deposits reached over VND1.145 quadrillion, growing by2.8% (net increase of over VND30,840 billion) compared to the beginning of the year.
Credit operations: Loans to customers reached over VND1.145 quadrillion, up 2.5% (net increase of over VND28,360 billion) compared to the beginning of the year. The slow increase in outstanding loans at BIDV as well as some banks was mainly due to the impact of Covid-19; credit packages to support customers affected by the pandemic need time to be effective and depend on the absorption of the market. The NPL ratio of the banking business alone was controlled at 1.87%. Currently, BIDV is conducting an overall review of its customer base (financial situation, solvency, level of damage of each customer) to take appropriate measures to ensure safe and effective credit growth and control NPL.
Non-interest income saw positive results: (i) Net service income (excluding guarantee fees) reached more than VND3,667 billion, up 21.5% (net increase of VND648 billion) year on year; (ii) Revenue from forex trading reached VND1,254 billion, up 16.4% (net increase of VND177 billion) year on year; (iii) Income from trading securities and investment securities reached VND479 billion and VND1,009 billion, respectively, with the net increase being VND217 billion and VND1,275 billion, respectively year on year.
Consolidated revenue and expenditure difference was over VND23,181 billion; consolidated profit before tax reached VND7,062 billion, a slight increase compared to the same period last year and an appropriate growth in the context of BIDV using resources to support the economy and customers affected by Covid-19. BIDV has made full provision for risks according to debt classification. Operational indicators are ensured according to regulations.
BIDV said it would continue to closely monitor the system situation, review the impact of Covid-19 and natural disasters to do business towards focusing on increasing non-interest income, boosting e-banking services, maximizing income sources and controlling costs in order to fulfill the targets set for 2020.
For further information, please contact:
Bank for Investment and Development of Vietnam JSC
Tel: (+84) 024.22205544 - Hotline: 19009247