Two of Vietnam’s ‘Big 4’ banks report double-digit profit growth
BIDV and VietinBank, both state-controlled banks in Vietnam, recorded respective pre-tax profit growth of 12% and 10% year-on-year in the first nine months of this year.
In the period, interest income of BIDV, listed on the Ho Chi Minh Stock Exchange (HoSE) as BID, reached VND115.27 trillion ($4.73 billion), a year-on-year increase of 32%. But due to a sharp year-on-year rise of 62.7% in interest expenses, the bank's net interest income decreased slightly by 1% to VND41.27 trillion ($1.7 billion).
Profit from services expanded 17% to VND4.96 trillion ($203.5 million), while that from foreign exchange trading rose 56% to VND3.14 trillion ($128.9 million). Securities trading activities also shifted from a loss in the same period last year to a profit of nearly VND294 billion ($12.07 million).

BIDV's Saigon Center Branch in Ho Chi Minh City, southern Vietnam. Photo courtesy of the bank.
In the nine months, BIDV's operating costs surged 33% to VND1.38 trillion ($56.7 million). As a result, net profit from business activities decreased by 5% to VND35.17 trillion ($1.44 billion).
Thanks to a 20% reduction in risk provision costs to VND15.41 trillion ($632.9 million), the lender’s pre-tax profit climbed 12% to VND19.76 trillion ($811.79 million).
Its total assets as of September 30 increased slightly by 1% compared to the beginning of the year to VND2,132 trillion ($87.49 billion). Of this, cash decreased 22% to VND10.73 trillion ($438 million) and deposits with the State Bank of Vietnam (SBV) plunged 62% to VND42.65 trillion ($1.74 billion). Its total outstanding loans increased 9% to VND1,650 trillion ($67.35 billion).
Customer deposits expanded 7% compared to the beginning of the year to more than VND1,580 trillion ($64.9 billion). Government and SBV debts decreased sharply by 91% to VND13.24 trillion ($543.89 million).
BIDV's total bad debt as of September 30 was VND26.39 trillion ($1.08 billion), an increase of 50% from the beginning of the year, with doubtful debt 3.4 times higher. The ratio of bad debt to outstanding loans rose from 1.16% at the year’s outset to 1.6%.
All-round growth
Meanwhile, VietinBank, listed on the HoSE as CTG, recorded year-on-year growth in all business segments with a net interest income of VND38.51 trillion ($1.58 billion) in the nine-month period.
Profit from non-interest incomes grew sharply by 39% for services and 43% for foreign exchange trading. However, profits from other activities continued to fall 20% compared to the same period last year.

Customers make transactions at a VietinBank office. Photo courtesy of the bank.
The bank's nine-month operating costs and credit risk provisions increased by 9% and 10.7% to VND14.14 trillion ($580.77 million) and VND20.64 trillion ($847.9 million), respectively, resulting in a pre-tax profit of over VND17.4 trillion ($714.77 million), up 10% year-on-year and reaching 75% of the annual plan.
At the end of the third quarter, VietinBank’s total assets increased by 4% from the beginning of the year to nearly VND1,890 trillion ($77.6 billion). Of this, cash decreased 14% to VND9.47 trillion ($388.9 million) and customer loans increased 9% to nearly VND1,390 trillion ($57.1 billion).
Customer deposits expanded 5% to VND1,310 trillion ($53.8 billion). Government and SBV deposits dropped 80% to VND21.58 trillion ($886.3 million), and those from other credit institutions surged 76% to VND247.17 trillion ($10.15 billion).
Total bad debt as of September 30 was VND18.94 trillion ($778 million), an increase of 20% from the beginning of the year. The ratio of bad debt to outstanding loans rose from 1.24% to 1.37%, with doubtful debt three times higher.
On the stock market, BID and CTG closed the Monday session at VN41,800 ($1.72) and VND28,550 ($1.17) per share, respectively.
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