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Vietnam's BIDV posts 16% YOY drop in Q4'16 profit as provisions rise

Joint Stock Commercial Bank for Investment & Development of Vietnam, or BIDV, reported a 16% year-over-year decline in net profit for the fourth quarter of 2016 as provisions for bad loans increased.

The bank's fourth-quarter net profit fell to 1.564 trillion Vietnamese dong from 1.863 trillion dong in the quarter ended Dec. 31, 2015.

Net interest income for the quarter rose to 7.031 trillion dong from 5.596 trillion dong in the prior-year period. Net fee and commission income also increased to 781.82 billion dong from 727.15 billion dong.

Operating profit came in at 4.278 trillion dong, up from 4.130 trillion dong.

The bank's allowance and provision expenses for credit losses increased to 2.301 trillion dong from 1.717 trillion dong.

For the full year ended Dec. 31, 2016, BIDV reported net profit of 6.248 trillion dong, down 2% year over year from 6.377 trillion dong.

As of Jan. 25, US$1 was equivalent to 22,592.50 Vietnamese dong.