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Wednesday, June 19, 2024

BIDV’s non-performing loans surge in Jan-Sept

The Saigon Times

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HCMC – Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) reported a concerning 50% spike in non-performing loans in the first nine months of 2023.

According to its latest financial report, the bank’s doubtful debt soared to VND9.1 trillion from VND2.7 trillion in January-September. Subprime debt also soared by 41% to VND4.4 trillion.

BIDV’s net interest income declined by a slight 2% year-over-year to VND13.8 trillion, while non-interest income fluctuated significantly.

BIDV’s profits from forex trading skyrocketed 110% to VND1.7 trillion in 2023, while profits from banking services increased 22% to nearly VND1.8 trillion. Profits from stock trading leapt 20-fold to VND114 billion. However, other non-interest income fell 30% to VND741 billion

As of September 30, BIDV’s total assets stood at over VND2.13 quadrillion, with loans to customers accounting for 77% of the bank’s total assets.

BIDV’s credit portfolio remained aligned with government priorities, supporting sectors like manufacturing and those outlined in the Government’s directives and the State Bank of Vietnam’s guidance.

As of September 30, the bank’s outstanding loans increased by 8.4% compared to the beginning of the year. This credit growth spanned both retail (8.6%) and wholesale (8.3%) segments.

Its BID shares inched down by 0.5% to VND40,000, with a matching volume of 350,900 shares.

With 319 winners and 177 losers, the VN-Index of the Hochiminh Stock Exchange added 11.47 points, or 1.12%, to reach 1,039.66 points.

Trading volume dropped by 10% and value decreased by 13% compared to the previous session, with 679.9 million shares valued at VND13 trillion changing hands.

Securities stocks VIX, SSI, and VND were the most actively traded on the southern market, with a respective matching volume of nearly 38.9 million, 31 million, and 24.3 million shares.

The HNX-Index rose by 3.48 points, or 1.69%, to 209.65 points. The Hanoi Stock Exchange saw 100 stocks rising and 61 others dipping, with a total trading volume of 98.6 million shares worth VND1.5 trillion.

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