Friday, March 29, 2024 3:31:17 AM - Markets open
VN-INDEX 1,290.18 +7.09/+0.55%
HNX-INDEX 243.92 +1.07/+0.44%
UPCOM-INDEX 91.48 +0.30/+0.33%
State-owned banks maintain ground in first 6 months
vietnamplus.vn - 7/23/2015 1:38:20 PM
 (0 ratings. You must sign in to rate.)
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 Thoi bao Kinh te Vietnam (Vietnam Economic Times) quoted BIDV Chairman Tran Bac Ha as saying that the bank remains one of the largest listed banks in the industry with total assets of around 730 trillion VND (33.46 billion USD), a surge of 25 percent against the same period last year and 14 percent from the beginning of 2015.

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

These expansions, 4-6 percent higher than the industry average, have helped BIDV grab 12.7 percent of the lending market shares and 11.59 percent of the deposit market shares, up 1.1 percent and 1.28 percent, respectively, from 2014.

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

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

Vietcombank has enjoyed strong growth in non-interest income during the same period. Its revenues in international and domestic card transactions rose by 17 percent and 50 percent annually, respectively, surpassing the yearly targets, said Vietcombank Chairman Nghiem Xuan Thanh.

Deposits at the bank hit 455.7 trillion VND (20.9 billion USD) while total loans were pegged at 345.1 trillion VND (15.8 billion USD), an annual 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.
Newer News
28/03 Deposit interest rates to remain low until mid-2024: analysts
20/03 Central bank required to take urgent measures to stabilise gold market
20/03 Banks given advantages to CASA ratio
18/03 Việt Nam to revise gold market regulations: amendments to Decree 24/2012/NĐ-CP underway
18/03 Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
15/03 PM urges further rate cuts, improved credit access to remove obstacles, promote growth
14/03 Insurance premium revenue rebounds in the first two months
14/03 Foreign exchange rate cools after central bank’s intervention
14/03 Lukewarm reception for VNĐ120 trillion credit package
14/03 Banks remain reluctant in disclosing interest rates
Older News
23/07 MDB to be merged into Maritime Bank
23/07 Will Vietnamese banks pass the stress test?
23/07 DongABank, Eximbank delay votes on key positions
22/07 People scramble for cheaper gold
21/07 Domestic gold prices continue to decline
21/07 State bank official allays fears of further devaluation of dong
20/07 SBV steps in as banks overcharge
20/07 Interbank market debt dips after surge in banking capital
20/07 M&A picks up speed in banking
17/07 Dollar forecast to rise against dong
 
Newsletter Signup
Top Stories
Shares sustain gains on strong investor confidence
Banks given advantages to CASA ratio
Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
VN-Index corrects, liquidity stays high
Stock Market Upgrade Journey: overcoming hurdles and reaching new heights
Market Update
Last updated at 3:05:00 PM
VN-INDEX 1,290.18 +7.09/+0.55%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.