BIDV announces first-half business results

AnH Duc

The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has released its semiannual financial report for 2021 with stable and safe business results amid the Covid-19 pandemic.

According to the report, as of 30 June 2021, BIDV’s positive business results were reflected in many aspects, particularly: total consolidated assets hit over VND1.642 quadrillion (USD71.4 billion), up 8.3 percent compared to the beginning of the year.

Customer deposits and issued valuable papers reached over VND1.391 quadrillion (USD60.5 billion), up 7.9 percent compared to the beginning of the year. Customer loans were over VND1.297 quadrillion (USD56.4 billion), an increase of 6.8 percent compared to the beginning of the year, closely equal to that of the same period in the previous years before the pandemic outbreak, and more positive than that in 2020. FDI, retail and SME segments saw good growth of 16.5 percent, 11.6 percent and 7.9 percent, respectively.

Credit quality improved positively with non-performing loan ratio under the central bank’s Circular 02 at 1.39 percent (down 0.15 percent compared to the beginning of the year). BIDV has fully made provision for risks according to debt classification. Safety criteria have been guaranteed according to regulations.

Non-interest income saw positive results: Net service income (excluding guarantee fee) reached VND3,199 billion (USD139.1 million), up 39 percent from the same period last year – the highest growth over the last three years. Service income from digital banking saw an impressive growth of 75 percent compared to the same period last year.

As one of the leading financial institutions in Vietnam, BIDV actively implemented activities to support customers and communities to ease the impact caused by the Covid-19 pandemic. The bank also joined to support Covid-19 pandemic response activities such as making donation to the Covid-19 Vaccine Fund, providing emergency support for localities and health officers, providing necessities to people across the country with a total of VND200 billion (USD8.7 million) in the past six months.

In the first half of 2021, BIDV received positive recognition from prestigious international and domestic organizations with awards and accolades such as: World’s Top 2,000 largest public companies (Forbes magazine); Top 300 most valuable banking brands in the world (Brand Finance); Best Retail Bank in Vietnam (The Asian Banker Magazine); Best SME Bank in Vietnam (The Asian Banking & Finance magazine); Wholesale Bank of the Year (Global Banking & Finance Review); Best Bank in Vietnam (The Alpha Southeast Asia magazine), among others.