According to the financial statement of the third quarter of 2018 released by BIDV, as of 30 September, the bank continued to meet its business plan goals, laying solid foundations for achieving the 2018 target

The bank’s total assets as of 30 September reached VND1,268,413 billion, up 5.5 percent year to date, rising 12.67 percent year on year, thus it continued to maintain its leading position among joint stock commercial banks.

Customer deposits hit VND953,513 billion, up 10.9 percent year to date. Loans focused on manufacturing with short terms, retail and SME, reaching VND968,752 billion, up 11.75 percent year to date. The credit structure shifted positively towards increasing the proportion of the retail and SME segment with short terms, with a focus on the business and manufacturing sector in line with the directions of the Government and the State Bank of Vietnam.

Total operating income reached VND32,865 billion, up 18.3 percent over the same period last year, specifically: net interest income reached VND25,616 billion, up 11.31 percent year on year; net service income was VND2,541 billion, a growth of 18.74 percent year on year; income from foreign exchange activities reached VND797 billion, up 55 percent year on year; income from trading securities reached nearly VND682 billion, up 2.1 times year on year; income from trading investment securities reached VND221 billion; and income from other activities reached VND2,866 billion.

Difference between revenue and expenditure was VND 21,620 billion, an increase of 24 percent over the same period last year. BIDV increased risk provisioning based on the results of debt review and classification. Profit before tax increased by 30.6 percent year on year to VND7,254 billion, meeting 78 percent of the 2018 business target as approved by the General Assembly of Shareholders. Operational safety indicators have been ensured according to regulations.

BIDV stated that in the coming three months credit growth will continue to be closely associated with quality control and efficiency, deposit growth with reasonable and flexible costs, increasing non-interest income to ensure overall effectiveness; focusing resources on implementing the restructuring plan associated with the handling of bad debts for the period 2017-2020; as well as promoting the capital increase plan under the roadmap.

Highlights in the first nine months

Moody's Investors Service (Moody’s) upgraded the long-term local and foreign-currency deposit and issuer ratings of BIDV. BIDV’s credit ratings have improved with a one notch upgrade for long-term local and foreign-currency deposit and issuer ratings. The outlook for the local currency deposit and local and foreign-currency issuer ratings of BIDV was stable. In particular, long term bank deposits – local/foreign currency rating is now at Ba3/B1 and the local and foreign currency long term issuer rating is at Ba3.

Standard & Poor’s (S&P) has performed its annual review and affirmed credit ratings for BIDV.  For 2018, BIDV’s credit ratings remain unchanged with a ‘stable’ outlook, particularly: long-term issuer credit rating at B+; short-term issuer credit rating at B; and stable outlook. The “stable” outlook reflects S&P’s expectation that BIDV will maintain its strong franchise, satisfactory profitability, and improve its asset quality over the next 12 to 18 months.

BIDV has been honoured with prestigious awards, both domestic and international, specifically: Best Retail Bank in Vietnam for four consecutive years (Asian Banker); Leading Partner Bank in Vietnam for three consecutive years (Asian Development Bank), Best Bank for Fixed Income Bonds Vietnam and Best DCM House in Vietnam (Global Banking and Finance Review), SME Bank of the Year (Asian Banking & Finance), House of the Year (Asia Risk), Top 15 most valuable brands in Vietnam (Forbes Vietnam), and many others.