BIDV Q4 net profit declines 41.6% YOY

JSCB for Investment and Development of Vietnam posted a 41.6% year-over-year decline in net profit for the fourth quarter ended Dec. 31, 2020.

The bank, known as BIDV, posted a 2020 fourth-quarter consolidated net profit of 1.696 trillion dong, down from 2.903 trillion dong in the prior-year period, according to an earnings report recently obtained by S&P Global Market Intelligence.

Net interest income for the quarter grew to 10.565 trillion dong from 9.580 trillion dong, while net fee and commission income climbed to 1.593 trillion dong from 1.248 trillion dong. Operating profit rose to 9.158 trillion dong from 7.334 trillion dong.

Allowance and provision expenses for credit losses came to 7.006 trillion dong, up year over year from 3.630 trillion dong.

For the 2020 full year, BIDV's net profit fell 13.9% year over year to 7.363 trillion dong from 8.548 trillion dong.

As of Feb. 2, US$1 was equivalent to 23,221 Vietnamese dong.