Joint Stock Commercial Bank for Investment and Development of Vietnam ( BIDV - HoSE: BID) has just announced its consolidated financial statements for the fourth quarter and accumulated year 2023.
Accordingly, at the end of the fourth quarter of 2023, BIDV recorded net interest income of VND 14,869 billion, up slightly by 3% over the same period last year.
Non-interest income recorded positive growth with net profit from service activities reaching VND 1,617 billion, up 12.8% over the same period last year; net profit from foreign exchange trading activities reaching VND 1,567 billion, up 39%.
Notably, during the period, investment securities trading activities helped BIDV earn a profit of VND3,138 billion, 22 times higher than the same period last year.
On the contrary, other business activities caused BIDV to lose nearly 677 billion VND, while in the same period last year, this segment brought the bank a profit of 364 billion VND. Net profit from trading securities fell 61% to 11.7 billion VND.
As a result, BIDV's total operating income reached VND20,602 billion, up 17.3% year-on-year. The bank's operating expenses remained almost flat compared to the previous year, pushing its net operating profit to VND12,772 billion, up 30% year-on-year.
During the period, the bank's risk provisioning costs increased to VND4,885 billion. However, the increase was insignificant compared to the large profits earned from business activities, so as a result, BIDV earned pre-tax profit of VND7,887 billion, up 50.3%; after-tax profit of VND6,191 billion, up 48.9% over the same period.
Accumulated for the whole year of 2023, BIDV recorded net interest income of nearly VND 56,136 billion, a slight increase of 0.3% compared to 2022. Similar to the fourth quarter, the bank's investment securities interest also recorded a sudden growth, up 1,013%, 11 times higher than the previous year to VND 2,872 billion.
The bank reported pre-tax profit of nearly VND27,650 billion, up 20.6%; after-tax profit of VND22,027 billion, up 20.1% over the previous year.
In 2023, BIDV aims to increase pre-tax profit by 10-15% compared to 2022, equivalent to VND 25,360 billion to VND 26,520 billion, depending on market developments, the bank's capacity and the approval of State agencies. Thus, at the end of the year, the bank has exceeded the set profit target.
As of December 31, 2023, BIDV's total assets were recorded at VND 2.3 million billion, up 8.5% compared to the beginning of the year. Customer loans reached VND 1.78 million billion, up 16.8% compared to the beginning of the period. Customer deposits reached VND 1.7 million billion, up 15.7%.
Regarding loan quality, at the end of the year, BIDV's bad debt was VND22,229 billion, a significant improvement compared to the previous 3 quarters. The bank's bad debt ratio was 1.25%.
The number of bank employees increased by 1,562 people compared to the beginning of the year to 29,997 people, with an average income of 41.3 million VND/person/month .
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