Outstanding loans decrease by 4pct, 9-month profit plummets in Bao Viet Bank

28-Nov-2019 Intellasia | VnEconomy | 6:02 AM Print This Post

Financial statements for Q3/2019 of Bao Viet Commercial Joint Stock Bank (Bao Viet Bank) said that by the end of the period, the bank’s total assets reached 53.662 trillion dong, declined more than 2.2 trillion dong compared to the beginning of the year.

Debit balance to customers at the end of Q3/2019 stood at 24.721 trillion dong, equivalent to negative loan growth of 3.98%. In which, bad debt accounted for 1.088 trillion dong, rose from 1.023 trillion dong at the beginning of the year. As a result, the ratio of bad debts to balance increased from 3.9 percent to 4.4 percent at the end of Q3/2109.

Customers’ deposits also dropped from 27.042 trillion dong at the beginning of the period to 25.81 trillion dong, declined by 4.5%.

Regarding business results, only in Q3/2019, Bao Viet Bank’s net interest income reached 216.9 billion dong, 24 percent higher over the same period last year. Along with that, the net profit from service activities and trading of trading securities also increased sharply by 45 percent and 148%, respectively, pushing the net profit from banking activities up.

However, the bank increased its provision for credit risk provisions to 143 billion dong (the same period last year was 61.2 billion dong), causing a 22 percent decrease in profit before tax to 7.1 billion dong.

In the first nine months, Bao Viet Bank’s profit before tax reached 18.4 billion dong, declined 45 percent compared to the same period last year.

 


Category: Finance, Vietnam

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