12:44 (GMT +7) - Monday 22/07/2019

Banking & Finance

Baoviet Holdings' 1H revenue up 37.8%

Released at: 16:45, 31/07/2018

Baoviet Holdings' 1H revenue up 37.8%

Photo: Duc Anh

Business results for first half reveal consolidated revenue of $890 mn.

by Van Dao

Baoviet Holdings has released its business results for the first half of the year (before review), showing total consolidated revenue of VND20.7 trillion ($890.18 million), up 37.8 per cent year-on-year.

Bao Viet Life’s total revenue was VND14.9 trillion ($640.7 million), up 46.3 per cent against the same period last year, while Bao Viet Insurance’s was VND5.3 trillion ($227.8 million), up 25.6 per cent and representing 51.2 per cent of the annual plan.

Total revenue of the parent company was estimated at VND770 billion ($33.1 million). Preferred shares were issued to employees in an ESOP this year. Chartered capital has increased to nearly VND7 trillion ($300.9 million); a 3 per cent increase.

The Bao Viet Fund (BVF) is estimated to have recorded nearly VND60 billion ($2.5 million) in total revenue, up 22.1 per cent year-on-year. The Bao Viet Holdings Fund (BVBF), meanwhile, continued to record good results, with growth of 9.56 per cent.

Bao Viet Securities (BVSC) saw total revenue of VND280 billion ($12.03 million), up 19.9 per cent.

Baoviet Holdings will close the list of shareholders to receive cash dividends at a rate of 10 per cent, equivalent to VND700 billion ($30.08 million), on August 3, payable from August 31, raising the total amount of cash dividends paid since 2007 to nearly VND7.5 trillion ($322.3 million).

According to the Vietnam Insurance Association, as at the end of June, total revenue in Vietnam’s life insurance market is estimated at VND37.2 trillion ($159.8 million), up 31 per cent year-on-year. Revenue from the non-life insurance market is estimated at VND 22.2 trillion ($954.09 million), an increase of 12 per cent. Bao Viet continues to lead in market share in both life and non-life insurance.

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