Commercial banks report high profits in 2017

BIDV posts the record high of 8.8 trillion VND (387.2 million USD) in pre-tax profit in 2017. (Photo: BIDV) Hano​i (VNA) – Vietnam’s commercial banks reported solid results for 2017 with the total after-tax profit estimated to grow 44.5 percent from the previous year, according to an independent report of the National Financial Supervisory Commission. The Bank for Investment and Development of Vietnam (BIDV) has posted the record high of 8.8 trillion VND (387.2 million USD) in pre-tax profit last year. By the end of 2017, the lender’s total asset reached 1,176 trillion VND (51.74 billion USD), an increase of 16.7 percent from 2016, affirming itself as one of the country’s largest banks. Its capital mobilization expanded 17.9 percent year-on-year to over 1,106 trillion VND (48.66 billion USD), including more than 934 trillion VND in deposit from businesses and individuals, up 17.4 percent. The Bank for Foreign Trade of Vietnam (Vietcombank) also announced the record profit of about 10 trillion VND (440 million USD) in 2017, up 20 percent and 8.7 percent higher than the bank’s yearly target. It is the highest figure recorded so far. [Vietcombank’s total assets exceed 1 quadrillion VND] With the credit growth of 18 percent last year, it is natural for the banks to achieve such growths, said economist Nguyen Tri Hieu. Additionally, recent restructuring and improved risk management signaled another good year for the banking industry.-VNA

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