Major bank BIDV profit grows 70% to $989 mln in 2022
Leading Vietnamese bank BIDV reported a consolidated pre-tax profit of VND23,190 billion ($989 million) in 2022, up 70% year-on-year and exceeding its plan by 13%.
Previously, other "Big 4" banks, Vietcombank and VietinBank, had reported their pre-tax profit of VND36,774 billion ($1.56 billion) and VND20,500 billion ($874 million), respectively. The three banks have the state as majority shareholder.
A BIDV transaction office in Hanoi. Photo by The Investor/Trong Hieu.
At the end of 2022, BIDV's total assets had reached more than VND2.08 quadrillion ($88.7 billion), up nearly 21% compared to 2021, maintaining its position as the joint stock commercial bank with largest total assets in Vietnam.
The bank's total mobilized capital reached VND1.95 quadrillion ($83.15 billion), up 21.1% compared to the beginning of the year. Of this, mobilization of capital from organizations and individuals reached VND1.62 quadrillion ($69.08 billion), up 8.8% and accounting for nearly 13.6% of the banking industry's deposit market share.
The bank's bad debt ratio, according to the central bank's Circular 11/2021/TT-NHNN, was controlled at 0.9%.
On the Ho Chi Minh Stock Exchange, BIDV (BID) closed Tuesday’s session at VND41,300 ($1.76).
- Related News
- Read More
Vietnam banks exploit financial services to improve net interest margin: expert
Facing a credit slowdown and reduced net interest margins, banks are shifting from lending to financial services to boost profits, explains finance expert Dr. Dinh Trong Thinh.
Southeast Asia - Thu, May 16, 2024 | 11:45 pm GMT+7
Petrovietnam strengthens solutions to create carbon credits
State-run Petrovietnam and its members have implemented a series of measures to reduce greenhouse gas emissions and convert to green energy.
Southeast Asia - Thu, May 16, 2024 | 11:44 pm GMT+7
Thailand likely to relocate capital city due to climate change
Thailand may have to consider relocating its capital city of Bangkok because of rising sea levels, a senior official in the country’s climate change office has said.
Southeast Asia - Thu, May 16, 2024 | 11:43 pm GMT+7
Singapore tops global ranking in government effectiveness for two consecutive years
Singapore topped the global ranking that tracks the effectiveness of more than 100 governments around the world for the second consecutive year, according to the fourth edition of the Chandler Good Government Index (CGGI) released on Wednesday.
Southeast Asia - Thu, May 16, 2024 | 11:42 pm GMT+7
Stanchart to act as financial advisor for Vietnam’s green hydrogen project
Standard Chartered Bank Vietnam has reached an agreement to provide finance advisory services for the 260MW Tra Vinh green hydrogen manufacturing project in the country’s southern province of Tra Vinh.
Banking - Thu, May 16, 2024 | 11:40 pm GMT+7
Vietnam Politburo appoints new head for Party Central Committee’s Organization Commission
Le Minh Hung, chief of the Party Central Committee (PCC) Office, was assigned by the Politburo, the country's highest decision-making body, to be head of the PCC’s Organization Commission on Thursday.
Politics - Thu, May 16, 2024 | 8:13 pm GMT+7
Army general becomes Party Central Committee’s Secretariat permanent member
The Politburo, Vietnam's highest decision-making body, on Thursday assigned General Luong Cuong, a Politburo member and head of the General Department of Politics under the Vietnam People's Army, to hold the position of permanent member of the Party Central Committee’s Secretariat.
Politics - Thu, May 16, 2024 | 7:47 pm GMT+7
Vietnam Politburo has four new members
The Party Central Committee on Thursday elected four additional members to the Politburo, the country's highest decision-making body.
Politics - Thu, May 16, 2024 | 7:32 pm GMT+7
HSBC to arrange financing for $1.49 bln expansion of Dung Quat refinery
Binh Son Refining and Petrochemical JSC (BSR), operator of the Dung Quat oil refinery, has selected HSBC to coordinate an export credit agency (ECA) arrangement for a $1.49 billion expansion.
Energy - Thu, May 16, 2024 | 6:31 pm GMT+7
Tencent-invested VNG, Singapore's ST Telemedia to build second data center in HCMC
Ho Chi Minh City-based game developer VNG Corporation and Singapore-headquartered ST Telemedia Global Data Centres (STT GDC) will jointly build a 60-MW data center in the southern metropolis.
Industries - Thu, May 16, 2024 | 6:29 pm GMT+7
Vietsovpetro crosses 250 mln ton oil production milestone
Vietsovpetro, a 51-49% joint venture between Petrovietnam and Russia’s Zarubezhneft, has passed the 250 million ton oil production milestone in Vietnamese waters after tapping the first flow in June 1986.
Companies - Thu, May 16, 2024 | 4:25 pm GMT+7
Stock trading system KRX can go live on Sep 2
Saigon-Hanoi Securities JSC general director Nguyen Chi Thanh says it’s possible that the new stock trading system, KRX, goes on stream on September 2.
Finance - Thu, May 16, 2024 | 3:45 pm GMT+7
More must be done to support Vietnam’s suppliers
Vietnamese suppliers have been becoming more reliable partners to numerous FDI large businesses in the country in recent years, said industry leaders and economists.
Southeast Asia - Thu, May 16, 2024 | 2:12 pm GMT+7
Thailand okays 10-year EEC visa for foreigners
Thailand’s cabinet has approved a special 10-year visa for executives and experts working in the Eastern Economic Corridor (EEC) to support the development of targeted industries in the country.
Southeast Asia - Thu, May 16, 2024 | 2:07 pm GMT+7
Trial run begins on Laos-Thailand railway
Laos and Thailand have commenced a trial run of the new cross-border railway service before its official launch in the next few months.
Southeast Asia - Thu, May 16, 2024 | 2:06 pm GMT+7
Malaysia, Singapore urged to promote stronger cooperation
Malaysia and Singapore can become attractive investment destinations for global tech firms seeking safer locations for their operation due to the US-China trade tensions, according to the Bernama news agency of Malaysia.
Southeast Asia - Thu, May 16, 2024 | 2:05 pm GMT+7
