According to the Q1 financial report, most of the bank's business segments improved. Net interest income reached over 282 billion VND, an 8.11% increase; net service income reached 54,2 billion VND, up 7.1%. Foreign exchange and securities trading activities also recorded positive growth.
Credit activities remained stable, with total outstanding loans reaching nearly 59,000 billion VND, an 11.34% increase year-on-year. Within this, customer loan balances grew by 20.57%. The bank stated it continues to tightly control risks, focusing on individual customers and small and medium-sized enterprises, while prudently appraising collateral.
Concurrently, BaoVietBank proactively narrowed its financial investment portfolio, reducing its bond holdings compared to the previous year. This move is part of an asset restructuring roadmap, aiming to decrease the proportion of indirect investments and focus resources on core operations.
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A teller assists customers with consultations. Photo: BaoVietBank |
A teller assists customers with consultations. Photo: BaoVietBank
On the capital mobilization front, total deposits increased by 23.18% year-on-year, contributing to ensuring liquidity and regulatory safety ratios. As a result, while total operating income rose sharply, operating expenses increased by just over 4%, leading to a 166% surge in pre-tax profit compared to the same period last year.
The bank stated it continues to accelerate digital transformation and optimize operations to improve business efficiency, while also implementing credit programs to support customers.
Specifically, BaoVietBank launched a 1,000 billion VND credit package for individual customers with interest rates starting from 5% per year for short-term loans for consumption or business production. For medium and long-term loans, interest rates apply from 8.5% per year for the first 12 months or 9.5% per year for the first 18 months, applicable for needs such as construction, home purchases, car purchases, and more. Notably, customers of Bao Viet Life Insurance receive an additional reduction of up to 0.5% per year compared to standard interest rates.
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BaoVietBank launched an online lending feature on the BaoViet Smart app. Photo: BaoVietBank |
BaoVietBank launched an online lending feature on the BaoViet Smart app. Photo: BaoVietBank
For corporate customers, the bank introduced a 600 billion VND credit package with interest rates starting from 7.5% per year, applicable throughout the loan term. This aims to help businesses proactively manage financial planning and control capital costs, meeting diverse needs across business sectors, from manufacturing and trade to services.
In digital banking, BaoVietBank introduced the EZ-Saving online loan feature, allowing customers to use existing savings deposits as collateral on the BaoViet Smart app. This feature enables customers to borrow funds online, meeting short-term financial needs without impacting their savings plans.
A bank representative stated that with the positive results in the first quarter, BaoVietBank continues to pursue a flexible business strategy, focusing on efficiency and sustainable growth amidst a volatile financial market.
Minh Ngoc
