Illustrative image (Source: VNA)

Hanoi (VNA) - The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has announced its pre-tax profit in 2018 rose 11 percent year on year to 9.62 trillion VND (around 414.2 million USD).

According to BIDV, the figure has beaten its full-year pre-tax forecast by 3.5 percent. The forecast was made at 9.3 trillion VND (400.5 million USD) at the beginning of last year.

The banking division contributed 93 percent of the bank’s total pre-tax profit, equal to 8.96 trillion VND (385.7 million USD), which was up 12 percent year on year.

Associate and member companies such as BIDV Securities Corp and BIDV Insurance Corp contributed 666 billion VND (28.6 million USD) to the bank’s total figure.

At the end of last year, the bank recorded 1.28 quadrillion VND (55.11 billion USD) worth of total assets, which was up 9.1 percent from 2017 and helped BIDV remain Vietnam’s largest bank by assets.

Total lending and investment reached more than 1.2 quadrillion VND (51.67 billion USD), up 6.8 percent from 2017, of which lending value was up 13.3 percent year on year to more than 977 trillion VND (42 billion USD).

In 2018, BIDV’s total raised capital increased 9 percent yearly to more than 1.2 quadrillion VND, including 1.03 trillion VND (44.3 million USD) raised from savings.

The bank last year raised 4.58 trillion VND from bond issuance and signed a 300 million USD credit contract with the Asia Development Bank (ADB).

BIDV is listing more than 3.4 billion shares on the Ho Chi Minh Stock Exchange with code BID. The bank shares ended January 16 flat at 31,900 VND (1.37 USD) per share.-VNA