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.

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).