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BIDV's pre-tax profit stood at US$108.1 million
Nguyen Tung 09:52, 2018/05/02
BIDV posted its pre-tax profit at VND2.48 trillion (US$108.1 million) in the first quarter, up 9.1% compared to the same period of last year, said the bank`s quarterly consolidated financial statement.
Specifically, BIDV's core business line of credit-investment has brought VND9.16 trillion (US$399.8 million) in revenue for the first quarter, up 35% compared to the same period of last year. 
 
​BIDV's pre-tax profit stood at US$108.1 million in the first quarter.
​BIDV's pre-tax profit stood at US$108.1 million in the first quarter.
Additionally, services accounted for VND745 billion (US$32.5 million), increasing 30% year on year, while foreign exchange related service brought VND214 billion (US$9.3 million), up 75%.

In the first quarter, brokerage services posted revenue at VND528 billion (US$23 million), 5 times higher than the first quarter of 2017. 

Other services accounted for VND597 trillion (US$26 million) from January to March, nearly tripling the figure in the first quarter of 2017.

As at March 31, BIDV's total assets worth VND1,226 trillion (US$53.4 billion), up 2.1% compared to the year beginning, in which credit balance reached VND878.7 trillion (US$38.3 billion), up 1.4% and bad debt is kept at 1.62%. 

The bank's equity at the end of March is estimated at VND50.8 trillion (US$2.21 billion), up 4% compared to the year beginning. Customers' deposits at the bank are accounted at VND910 trillion (US$39.6 billion), up 5.8%;, in which demand deposit accounted for 17%. 

BIDV set its pre-tax profit at VND9.3 trillion (US$408 million) in 2018, up 7.3% year on year.
Concurrently, the lender will focus on increasing its equity from issuing shares to foreign investors, said BIDV's documents in a prepared for the annual general meeting released on April 13.

In 2017, BIDV has attained all of its business targets set by the shareholders. Specifically, the bank's total assets worth VND1,202 trillion (US$52.7 billion), up 19.5% compared to last year's figure; maintaining its leading role in term of business scale among commercial banks. 

Capital mobilization growth rate is reported at 17.4%, while credit growth accounted for 21.4%. Additionally, its bad debt is kept under control at 1.44%, and pre-tax profit reached VND8.6 trillion (US$377.1 million).

The bank set its maximum credit growth target at 17% in 2018, which is within the limit instructed by the State Bank of Vietnam, along with mobilization rate of 17%, and bad debt under 2%. The bank also set its dividend payment in 2017 with 7% in cash. 

As plan going forward, BIDV will prioritize developing digital banking in all bank's operation, which is currently considered a growing trend among Vietnamese banks.
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