BIDV’s audited consolidated profit at over 3.199tr dong in 2011

Commercial Joint Stock Bank for Investment and Development of Vietnam (BIDV) has recently reported its audited consolidated business performance for the fiscal year 2011 with nearly 12.639 trillion dong worth of net interest income or core business, up 38 percent against a year earlier.

The bank gained over 2.157 trillion dong profit from services and 314 billion dong profit from forex trading activities, up 21 percent and 9 percent year-on-year respectively.

In 2011, the lender suffered nearly 418 billion dong loss from securities trading activities, increasing strongly against the loss of 290 billion dong in 2010.

In addition, BIDV spent over 6.652 trillion dong on its business activities and spent over 4.844 trillion dong on its credit risk backup fund, over 2.7 times higher than that of 2010.

Therefore, it’s after tax profit for the whole year was 3.199 trillion dong, down 561 billion dong (15 percent) on year.

As of December 31, 2011, the bank posted total assets of 405.755 trillion dong, rising 11 percent from early 2011, total deposits from customers at over 240.507 trillion dong, down slightly from early 2011, total outstanding loans at 288.079 trillion dong, up 16 percent on year with bad debts ratio at 2.9 percent.

The shareholders’ meeting also agreed some targets for 2012 such as total deposit growth at 18 percent, credit growth at 17 percent, pre tax profit growth at 36 percent against 2011, bad debts ratio at less than 2.8 percent, return on assets (ROA) at 1 percent, return on equity (ROE) at 17 percent and dividend at 14 percent.

 

Category: Finance