BIDV’s Q3 pre-tax profit at over VND5.5 trillion

11:08 | 28/10/2015 Economy

The Bank for Investment and Development of Vietnam (BIDV) posted a year-on-year 25% jump in its third-quarter pre-tax profit to over VND5.5 trillion (US$249 million), attributable to its business efficiency and stable growth.

BIDV’s Q3 pre-tax profit at over VND5.5 trillion

BIDV is ranked among the group of banks with highest credit rating in Vietnam

By the end of Q3, the bank’s total outstanding loans reached over VND570 trillion (US$25.65 billion), up 15% compared to the beginning of the year, leading the country’s banking sector in terms of positive growth.

BIDV also reported an over-20% increase to roughly VND786 trillion (US$35.37 billion) in its total assets against late 2014, ranking first in the joint stock commercial banking system regarding operational scale and among the current largest banks in the market.

After its merger with State-owned Mekong Housing Bank (MHB), BIDV has operated stably and inherited and ensured all legal rights of customers, shareholders and workers of both banks, while implementing data transfer in a safe and smooth manner during a record period of three months.

The positive growth in the first nine months of 2015 will create a solid premise for BIDV to realise its targets and plans for the whole year and ensure its restructuring goals for the 2013-2015 period.

The bank’s credit market share reached approximately 13%, up 13% against 2014, while its capital mobilisation from the market was estimated at VND625 trillion (US$28.12 billion), a 21% increase compared to the year’s beginning.

BIDV has been taking synchronous and flexible measures, including boosting credit growth, aiming to remove difficulties for enterprises and contribute to the national economic growth, with capital focused on the priority areas as directed by the government and the State Bank.

BIDV has been rated as having a stable outlook by Moody’s and Standard & Poor’s Ratings Services, ranking among the group of banks with highest credit rating in Vietnam./.

Source: NDO