The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) recently published its financial report for 3Q 2024, indicating continued stability, safety, and efficiency in its business activities.

 

The bank has adhered to its yearly targets, ensuring balanced capital mobilization, strong credit growth, and effective performance indicators compared to the same period last year.

Stable and effective performance

At the end of Q3/2024, BIDV achieved positive business results in various aspects.

Total consolidated assets surpassed VND2.58 quadrillion (USD103 billion), maintaining its position as the largest bank by total assets in the market.

Mobilized capital fully met capital demand, ensuring system liquidity safety. As of 30 September 2024, capital mobilized from organizations and residents reached VND2.07 quadrillion (USD82.8 billion), a year-to-date increase of 8.8 percent. Deposit growth was notably strong in the retail segment, contributing to a stable capital base.

Credit activities posted notable growth above the banking sector average. Outstanding credit reached VND1.96 quadrillion (USD78.4 billion), an increase of 9.8 percent from the beginning of the year with a credit structure focusing on sustainable development. The retail segment grew by 21 percent compared to the end of 2023, and the FDI segment grew by 19.4 percent.

Non-performing loan (NPL) ratio according to State Bank’s Circular 31/2024/TT-NHNN is in line with the direction, targeted at ≤1.4 percent by 31 December 2024. BIDV fully implements risk provisioning as per regulation. Safety indicators meet the State requirements.

In the first nine months of 2024, BIDV achieved increased profits compared to the same period last year, with a consolidated net operating income of VND36,246 trillion (USD1.45 billion). Consolidated pre-tax profit reached VND22,047 trillion (USD882 million), an increase of 11.6 percent year-on-year.

Thanks to the positive results, BIDV has received various awards and accolades from both domestic and international organizations in Q3/2024. BIDV is the bank with the largest revenue in the banking industry honored in the “Top 50 best listed companies in Vietnam 2024” (Forbes); “Top 10 Most Valuable Brands in Vietnam 2024” (Brand Finance); “Top 10 Excellent Brands in Vietnam 2023-2024” (Vietnam Economic Times); “Leading Issuing Bank in the last decade” (ADB); “Best Digital Bank in Vietnam” (Euromoney); “Best Workplace in Asia 2024” (HR Asia Magazine), among others.

Affirming green banking

BIDV continues to affirm its pioneering position in establishing a “Green Bank” brand and making increasingly significant contributions to the National Green Growth Strategy for 2030, with a vision for 2050.

BIDV has refined its legal framework following government and central bank guidelines to support Vietnamese businesses in creating a green economy. Recently, alongside launching a Sustainable Loan Framework, Green Bond Framework, and others, BIDV introduced the Environmental and Social Risk Management Framework (ESMS), marking a pioneering step toward supporting Vietnamese businesses engaged in sustainable global trade. 

BIDV continues to lead the market in issuing ESG Bonds domestically and became the first bank to successfully issue VND3 trillion (USD120 million) in sustainability bonds aligned with the International Capital Market Association (ICMA) guidelines. This funding will support projects with positive environmental and social impacts. Earlier, in 2023, BIDV issued VND2.5 trillion (USD100 million) in green bonds, becoming the first Vietnamese commercial bank to do so. These bond issuances reaffirm BIDV’s commitment to becoming a “Green Bank” and its contributions to the national sustainable development strategy.

In addition, BIDV demonstrates a strong social responsibility by actively implementing green initiatives in gender equality and supporting climate resilience in communities.

With these achievements, BIDV has made it to the "Top 20 Companies with the Highest Sustainability Scores" on the Vietnam Sustainability Index (VNSI) in 2024, as announced by the Ho Chi Minh City Stock Exchange.

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In the coming time, BIDV will closely monitor the system, steering its business operations towards safe and effective credit growth, focusing on increasing non-interest income, enhancing digital banking services, maximizing revenue sources, and controlling costs to fulfill its 2024 business plan.