The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has announced its Q3 financial report. Accordingly, BIDV's business operations continued to be safe and smooth, closely following the annual business plan.

By the end of the third quarter of 2023, BIDV achieved positive business results, particularly:

Total consolidated assets reached over VND2.13 quadrillion, continuing to maintain position as the largest commercial bank by total assets in the market.

Mobilized capital fully met capital needs, ensuring system liquidity safety. As of 30 September 2023, customer deposits and valuable papers issued reached VND1.75 quadrillion, an increase of 7 percent compared to the beginning of the year. Capital mobilization grew well in both retail and wholesale segments, increasing the efficiency and stability of the capital base.

Outstanding loans have been channeled into production and priority areas and growth drivers according to the government’s policy and the State Bank’s direction. As of 30 September 2023, outstanding loans increased by 8.4 percent compared to the beginning of the year, of which loans to customers reached nearly VND1.65 quadrillion, an increase of 8.6 percent. Credit balance grew in both retail (8.6 percent) and wholesale (8.3 percent) segments.

Credit quality has been controlled within limits, with non-performing ratio according to the State Bank’s Circular 11/2021/TT-NHNN controlled at less than 1.4 percent. BIDV has made full risk provisions according to regulations. Operational safety indicators have been ensured according to the State regulations.

Difference in consolidated revenue and expenditure reached VND35,173 billion. Consolidated profit before tax reached VND19,763 billion, up 11.8 percent over the same period last year.

A milestone in the first nine months is that BIDV has successfully transformed its new core banking system. Given the strong digital transformation, BIDV recognizes that technological innovation is key to enhancing competitiveness, improving product and service quality, and better meeting the needs of customers. With high determination and efforts in more than 1,000 days of project implementation, BIDV’s new Core Banking Profile system has gone live on 3 September 2023, ensuring safety and accuracy of data information.

The successful implementation of the Core Banking Profile is expected to open a new chapter in the bank's development history, bringing comprehensive breakthroughs, especially in orientation, business development strategy, and mindset in developing products and services, governance and management models, and operational processes, contributing to improving the quality of products and services, and increasing customer satisfaction, thereby strengthening the bank's position in the future.