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BIDV Q2 net profit falls 9.3% YOY

JSCB for Investment and Development of Vietnam, or BIDV, posted a 9.3% year-over-year drop in net profit for the quarter ended June 30.

The bank on July 24 said net profit declined to 1.801 trillion Vietnamese dong from 1.985 trillion dong in the prior-year period.

Net interest income grew to 9.138 trillion dong from 8.299 trillion dong, while net fee and commission income increased to 1.092 trillion dong from 976.02 billion dong. Operating profit for the quarter went up to 7.775 trillion dong from 6.497 trillion dong.

The Vietnamese lender booked allowance and provision expenses for credit losses of 5.524 trillion dong, up from 4.013 trillion dong a year earlier.

For the six months to June 30, BIDV's net profit declined 4.5% year over year to an aggregate of 3.826 trillion dong from 4.006 trillion dong.

As of July 24, US$1 was equivalent to 23,293 Vietnamese dong.