BIDV announces pre-tax profit exceeding VND27.4 trillion in 2023

BIDV (HM:) is the last of the four major banks to announce its 2023 results, with consolidated profits exceeding VND27.4 trillion, ranking second among the four state-owned commercial banks. Financial Bank BIDV Announces Pre-tax Profit Exceeds VND 27.4 Trillion in 2023 Tram Anh • {Publication Date} BIDV is the last of the Big Four banks to announce its operating results in 2023, with consolidated profits exceeding VND 27.4 trillion, among 4 states Ranked second among state-owned commercial banks.

The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV – Code: BID) has just organized a meeting to deploy the 2024 business plan tasks.

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At the meeting, the bank announced that its personal pre-tax profit in 2023 will reach VND 26.75 trillion, and its comprehensive pre-tax profit will exceed VND 27.4 trillion. BIDV said its subsidiaries’ pre-tax profit reached VND1.29 trillion, while the joint venture unit’s pre-tax profit was VND945 billion.

Compared with the same period last year, the bank’s individual profits in 2022 increased by 18.6% year-on-year, and comprehensive profits increased by 18.8%. Based on the above results, BIDV is the Big4 with the second highest profit margin, second only to Vietcombank (HM:) (over VND 40 trillion), slightly higher than Agricultural Bank of China (VND 25,300 to 25,400 billion) and VietinBank (completed plans ).

Therefore, by the end of 2023, the bank’s total assets will reach VND 2.26 million; it will continue to maintain its status as the largest joint-stock commercial bank in Vietnam by total assets. Funds raised reached VND 1.89 million, an increase of 16.5%. The credit balance reached 1.75 million VND, an increase of 16.66%, ensuring the limit issued by the National Bank. According to the 11/2021/TT-NHNN notice, the bad debt rate is controlled at 1.1%.

BIDV stated that the bank has made adequate risk provisions in accordance with regulations. The bad debt coverage ratio (credit risk fund balance/bad debt balance) reached 192%. In 2023, BIDV also paid more than 6.2 trillion VND to the national budget and belongs to the leading group of companies paying corporate income tax.

By 2024, BIDV sets a target for the outstanding credit balance, which is expected to grow by 14%, based on the limits set by the National Bank. Mobilize funds according to the purpose of funds to ensure liquidity, and the bad debt rate is lower than 1.4%.

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