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Banking & Finance

Bao Viet Holdings' 2017 net profit up 37%

Released at: 16:13, 12/04/2018

Bao Viet Holdings' 2017 net profit up 37%

Photo from baocongthuong.com.vn

Consolidated net profit at $1.5 billion in 2017, latest financials show.

by My Van

Bao Viet Holdings recorded consolidated net profit of VND32.7 trillion ($1.5 billion) in 2017, representing 113.4 per cent of its annual plan and up 37.6 per cent, according to its latest financial report. It yet again holds the leading position in Vietnam’s insurance market.

Total assets as at December 31, 2017 were VND91.4 trillion ($4 billion), up 25.2 per cent, while owners’ equity was VND14.4 trillion ($631.7 million), up 5.7 per cent against the end of 2016. After-tax profit on charter capital stood at 15.1 per cent.

Its stock (BVH) was one of the most stable in the VN30-Index. In the opening months of this year it increased sharply, closing at VND107,000 ($4.70) on April 9, for capitalization of over $3 billion. With stable business results, large capitalization, and high trading volumes, BVH has become a popular destination for cash flows from long-term investors and international investment funds.

Life insurance grew strongly, with total revenue at more than VND22 trillion ($1 billion). This was the second consecutive year Bao Viet Life has led the market, holding the Number 1 position in terms of market share of new revenue and total revenue. Bao Viet Life was also named Best Life Insurance Company in Vietnam by the prestigious World Finance magazine.

The non-life insurance sector surpassed its revenue target, reaching nearly VND10 trillion ($438,730). Some businesses grew handsomely and contributed significantly to new insurance revenue, such as motor vehicle insurance (up 29.8 per cent), voluntary health insurance, and fire insurance and special risk insurance (up 24.6 per cent).

The securities sector saw remarkable success in brokerage revenue. The Baoviet Securities Company (BVSC)’s brokerage market share was approximately 5 per cent, up nearly 40 per cent compared to 2016 and putting it in the Top 5 companies with the largest market share on the Ho Chi Minh Stock Exchange (HSX) for two consecutive quarters.

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