BIDV reports 2020 pre-tax profit at nearly $390 mln, beating assigned target

The profit has exceeded the whole-year profit plan assigned by the State Bank of Vietnam, but it was lower than 2019 profit since the Vietnamese lender cut revenue by more than VND6,400 billion ($277 million) to implementing debt structure, lower interest rates and exempt interest and fees, a move to support pandemic-hit enterprises.

As of end-December, the bank’s total customer deposit reached VND1,270 trillion ($54.8 billion), twice from 2016, with an annual average growth of 12.5 percent in the 2016-2020 period. Total outstanding credit reached VND1,430 trillion ($61.8 billion), up 9 percent compared to 2019.

The lender’s number of individual customers in 2020 reached 11.6 million, up 14 percent. The number of individual customers using digital banking services reached nearly 4.4 million.

BIDV's 2020 charter capital increased 20 percent from 2016 to VND40,220 billion ($1.74 billion), becoming the bank with the largest charter capital in the commercial banking system in Vietnam.

Total assets as of end-December reached VND1,490 trillion ($64.4 billion), 1.5 times higher than 2016, average growth of 10.4 percent in the 2016-2020 period.

For 2021, the bank targets total assets to increase 9 percent, credit growth at 12 percent, deposit to grow 12-14.8 percent while bad debt ratio will be kept under 1.6 percent.