Hanoi, 22 October 2016 – The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) held an extraordinary general meeting of shareholders (EGMS) 2016, attended by more than 400 shareholders representing 24,042 shareholders as of 22 September 2016. The EGMS approved the proposal on changes to the bank’s charter and regulation on organization and operation of the board of directors. The notable change is that the bank’s chief executive officer is the legal representative.

 

 

Business performance

As of the end of the third quarter of this year, BIDV achieved positive results, closely following the policies of the Government and the State Bank of Vietnam, and basically fulfilling the set business targets, particularly:

As of 30 September 2016, total assets reached VND956 trillion, up 11.5% YTD. Total deposits were over VND887 trillion of which capital mobilized from economic organizations and individuals reached VND754 trillion, up 14.22% YTD. Deposits from residents reached more than VND427 trillion, up 20% YTD, representing 57% of total deposits. Total credit and investment scale reached over VND912 trillion, up 14.2% YTD of which outstanding loans were over VND698 trillion, up 12.7% YTD. The bank’s credit market share accounted for 13.6%, up 0.4% yoy.

Profit before tax improved, reaching VND5,623 billion, up 6.9% compared to the same period last year, fulfilling 71% of the year’s business plan; of which net service income was VND2,685 billion, up 13.3% yoy. Provisions were made in accordance with the regulation, with NPL ratio being 1.72%.

BIDV received prestigious awards from organizations: The biggest taxpayer in Vietnam; TOP global 2,000 largest public companies as voted by Forbes magazine; 11 fixed income poll awards from Asiamoney magazine; The Best Retail Bank in Vietnam 2016 as voted by The Asian Banker; Highly commended award: Excellence in Social Media – Customer relations & Brand engagement as voted by Retail Banker International and the Vietnam Excellent Brand awarded by Vietnam Economic Times.

Following the policy of the Government and the State Bank regarding supporting businesses, BIDV has been actively taking measures to support enterprises to get access to bank loans.

On 18 October 2016, BIDV announced more short-term lending rate cuts for prioritised sectors to support businesses and households. The lending rate cut is 1 percent against the current lending rate.

Specifically, maximum lending rates for the five prioritised sectors will be 6 percent per year. Maximum short-term VND-denominated lending rates for startups, environmental enterprises, and companies that have had good financial status and credit ties with BIDV for more than three years will be 6 percent per year.

BIDV is also offering a lower lending rate of 5.5 percent per year for firms, individuals and households affected by the recent floods in the central provinces of Vietnam. Other preferential credit packages with lending rates from 4.5 percent - 6 percent per year are being offered to key importers and exporters to and from Russia, Myanmar, Laos, Cambodia and countries joining the Eurasian Customs Union. A short-term VND-denominated credit package valued at VND40,000 billion (USD1.8 billion) with a lending rate from 5.5 percent per year is also applicable to new customers of certain status including SMEs, FDIs, importers, exporters and micro-enterprises.

​BIDV affirmed that it would meet the 2016 business plan as approved by the 2016 annual general shareholders meeting, specifically: credit growth at 18%, deposit growth at 19% and PBT at VND7,900 billion.

Dividend payment

On 21 October 2016, the board of directors of BIDV released information on the dividend payment for 2015; accordingly the dividend payout ratio is 8.5% per share and will be paid in cash. The record date is 4 November 2016 and the payment date is 21 November 2016.

For more information, please contact:

Bank for Investment and Development of Vietnam JSC (BIDV)

Branding and Public Relations

Tel: +84.4.22205256;

Website: www.bidv.com.vn