Business

State-owned banks maintain ground in first 6 months

The Bank for Investment and Development of Vietnam (BIDV) and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), two of the four state-owned banks in Vietnam, have reported positive financial results for the first half of 2015, confirming their leading positions in the market, according to a local newspaper.
The Bank for Investment and Development of Vietnam (BIDV) and the JointStock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), two ofthe four state-owned banks in Vietnam, have reported positive financialresults for the first half of 2015, confirming their leading positionsin the market, according to a local newspaper.

TheThoi bao Kinh te Vietnam (Vietnam Economic Times) quoted BIDV ChairmanTran Bac Ha as saying that the bank remains one of the largest listedbanks in the industry with total assets of around 730 trillion VND(33.46 billion USD), a surge of 25 percent against the same period lastyear and 14 percent from the beginning of 2015.

Itsaw a 31 percent lending growth and 33 percent deposit growthyear-on-year to 535 trillion VND (24.52 billion USD) and 574 trillionVND (26.3 billion USD), respectively.

Theseexpansions, 4-6 percent higher than the industry average, have helpedBIDV grab 12.7 percent of the lending market shares and 11.59 percent ofthe deposit market shares, up 1.1 percent and 1.28 percent,respectively, from 2014.

The lender’s pre-tax profitexceeded 3 trillion VND (137.5 million USD) in the first six months ofthe year, up 25 percent annually, while its two subsidiaries, BIDVInsurance Corporation (BIC) and BIDV Securities Company (BSC), alsoposted pre-tax profit increases of 40 percent.

Bothof the subsidiaries are seeking strategic investors to expand theirbusiness. Canada-based Fairfax Financial Holdings has purchased a 35percent stake in the BIC this year.

Vietcombank hasenjoyed strong growth in non-interest income during the same period. Itsrevenues in international and domestic card transactions rose by 17percent and 50 percent annually, respectively, surpassing the yearlytargets, said Vietcombank Chairman Nghiem Xuan Thanh.

Deposits at the bank hit 455.7 trillion VND (20.9 billion USD) whiletotal loans were pegged at 345.1 trillion VND (15.8 billion USD), anannual increase of 7.67 percent and 17.56 percent, respectively.

The bank reported a bad debt rate of 2.43 percent of its total loans.-VNA
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