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For the first time, a Vietnamese bank has total assets exceeding US$100 billion
The Joint Stock Commercial Bank for Investment and Development of Việt Nam (BIDV) reported to have a total consolidated assets reaching nearly VNĐ2.576 quadrillion (US$101.6 billion) as of September 30, up 12 per cent over the beginning of this year, making it the biggest bank in the country.
Customers queue for gold transactions at BIDV. BIDV has total assets exceeding USS$100 billion as of the end of September, making it the largest bank in Việt Nam. — VNA/VNS Photo Thanh Vũ
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According to its third-quarter financial report announced recently, this is the first time any Vietnamese bank has total assets exceeding the $100-billion threshold, accounting for around 12 per cent of the total assets of the entire banking system.
BIDV is currently the leader in term of asset value in the banking system in Việt Nam, around VNĐ350 trillion higher than Vietinbank, in second place, and VNĐ544 trillion higher than Vietcombank in third.
BIDV’s total assets are around 2.5 times higher than private banks such as MB, Techcombank and VPBank.
The bank has a total outstanding loans worth almost VNĐ1.6 quadrillion, as of the end of September, accounting for the largest proportion in the bank’s total assets and up 9.9 per cent over the beginning of the year. Non-performing loans are estimated at nearly VNĐ33.39 trillion, or 1.74 per cent of the bank’s total outstanding loans, up 49 per cent.
The second largest asset of BIDV is deposits and gold at other credit institutions, estimated at nearly VNĐ245.52 trillion and investments in securities at VNĐ252.24 trillion.
Deposits at BIDV reached nearly VNĐ1.874 quadrillion as of the end of September, up 9.9 per cent.
The bank reported a pre-tax profit of nearly VNĐ6.5 trillion in the third quarter, up 10 per cent over the same period last year. For the nine-month period, BIDV’s pre-tax profit reached VNĐ20.05 trillion, up 11.6 per cent.
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