Vietnam's BIDV 2010 net profit up 33.3 pct

BIDV, Vietnam's third-largest lender by assets, said net profit in 2010 jumped 33.3 percent to 3.76 trillion dong ($181.2 million) as lending rose by nearly a quarter.

Total assets of the unlisted, Hanoi-based bank at the end of last year rose 23.6 percent to 366.27 trillion dong.

BIDV said in March it plans to step up its privatisation process. The plan has been on hold for several years.

In terms of assets, BIDV ranks after state-owned Agribank and VietinBank .

BIDV, or the Bank for Investment and Development of Vietnam, said its lending last year jumped 23.8 percent to 248.9 trillion dong, after setting aside funds for risk prevention.

Its credit growth was below the level across the banking sector nationwide of 27.7 percent in 2010.

The lender made profits from banking services and foreign exchange trading, but racked up losses of 290.74 billion dong from trading securities last year. ($1=20,750 dong).

reuters

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