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Annual Report 2016

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Annual Report 2016 ANNUAL REPORT 2016 ANNUAL REPORT BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM JSC BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM JSC Head oce: Address: 35 Hang Voi, Hoan Kiem, Hanoi Tel: (84) 4 2220 5544 Fax: (84) 4 2222 5302 Hotline: 19009247 Visit website: www.investor.bidv.com.vn or scan QR code: Download Apps at: IOS/Android: Type and search keyword "BIDV annual report 2016" Years Founded under the name of Bank for Construction of Vietnam under the Ministry of Finance, BIDV has after 60 years become the largest commercial bank in Vietnam by assets. As of 31 December 2016, BIDV had total assets of over VND1 quadrillion (equivalent to nearly USD50 billion), topping the commercial banks in Vietnam, among Top 30 ASEAN banks and Top 500 banks globally, Top 2000 world’s largest and most powerful listed companies as voted by Forbes Magazine (USA). BIDV is the bank with the most valuable bank brand according to Brand Finance’s report. BIDV’s total operating capital reached nearly VND940 trillion (or nearly USD46 billion) , accounting for about 13% of market share of Vietnam’s banking sector. Total outstanding loans and investments reached nearly VND950 trillion (equivalent to nearly USD47 billion), accounting for 13.6% of market share of Vietnam’s banking sector. BIDV has been among Top 10 Vietnamese enterprises contributing the most to the State Budget for years. 26/04/1957 - 26/04/2017 BIDV’s Annual Report 2016 was prepared in accordance with the Ministry of Finance’s Circular 155/2015/TT-BTC dated 06 October 2015 on information disclosure. BIDV also comprehensively integrated a Sustainable Development Report in the annual report in compliance with guidance of the Global Reporting Initiative on preparing sustainable development report - version G4 issued in 2013. CONTENT REPORT FROM THE BOARD OF 2016 MESSAGE 01 2016 CORPORATE PROFILE 02 04 CORPORATE GORVERNANCE 06 MANAGEMENT 02 Message from the Board of Directors 17 General Information 84 The Board of Directors 05 10 highlights in 2016 17 Credit Ratings 66 Business environment and results in 2016 90 Performance of the Supervisory Board in 2016 10 Key performance indicators 18 Formation and Development Milestones 67 Financial Performance 92 Trading transactions, remunerations and benets of the Board of Directors and Supervisory Board 12 Awards and recognitions 20 Business sectors and geographical distribution 68 Improvement in organizational structure, corporate governance and management policy 22 Organizational structure 72 2017 business plan 24 Board of Directors 28 Board of Management 32 Supervisory Board EVOLVING EXPANDING 33 Development Orientation for 2016-2020 INNOVATION 35 Risk factors GLOBALLY SHAPING VALUES OUTSTANDING GROWTH 2016 BUSINESS PERFORMANCE 03 DIRECTORS’ REPORT 05 SUSTAINABLE DEVELOPMENT REPORT 42 2016 Business Operation 76 Operation results in 2016 96 Overview 45 Human resources 80 Board of Management’s performance evaluation 99 Message from the BOD on sustainable development 48 Investments and the performance of projects 80 Board of Directors’ orientation for 2017 100 Sustainable economic growth 62 Financial performance 105 Investment for community development 63 Ownership Structure and Changes in Shareholders’ Equity 116 Contribution to improve the environment 120 Information Announcement under GRI4 SPREADING standards VALUES FINANCIAL REPORTS HEIGHTENING 127 Financial reports POSITION CONTENT REPORT FROM THE BOARD OF 2016 MESSAGE 01 2016 CORPORATE PROFILE 02 04 CORPORATE GORVERNANCE 06 MANAGEMENT 02 Message from the Board of Directors 17 General Information 84 The Board of Directors 05 10 highlights in 2016 17 Credit Ratings 66 Business environment and results in 2016 90 Performance of the Supervisory Board in 2016 10 Key performance indicators 18 Formation and Development Milestones 67 Financial Performance 92 Trading transactions, remunerations and benets of the Board of Directors and Supervisory Board 12 Awards and recognitions 20 Business sectors and geographical distribution 68 Improvement in organizational structure, corporate governance and management policy 22 Organizational structure 72 2017 business plan 24 Board of Directors 28 Board of Management 32 Supervisory Board EVOLVING EXPANDING 33 Development Orientation for 2016-2020 INNOVATION 35 Risk factors GLOBALLY SHAPING VALUES OUTSTANDING GROWTH 2016 BUSINESS PERFORMANCE 03 DIRECTORS’ REPORT 05 SUSTAINABLE DEVELOPMENT REPORT 42 2016 Business Operation 76 Operation results in 2016 96 Overview 45 Human resources 80 Board of Management’s performance evaluation 99 Message from the BOD on sustainable development 48 Investments and the performance of projects 80 Board of Directors’ orientation for 2017 100 Sustainable economic growth 62 Financial performance 105 Investment for community development 63 Ownership Structure and Changes in Shareholders’ Equity 116 Contribution to improve the environment 120 Information Announcement under GRI4 SPREADING standards VALUES FINANCIAL REPORTS HEIGHTENING 127 Financial reports POSITION EVOLVING INNOVATION 1 2016 MESSAGE MESSAGE FROM THE BOARD OF DIRECTORS 10 HIGHLIGHTS IN 2016 KEY PERFORMANCE INDICATORS AWARDS AND RECOGNITIONS BIDV - ANNUAL REPORT 2016 01 MESSAGE FROM THE BOARD OF DIRECTORS Dear valued shareholders, customers and partners, The year 2016 has concluded with the economy maintaining its momentum of recovery, successfully overcoming difficulties despite of many challenges due to natural disasters, environmental incident and soaring public debts amid the slow recovery of the world economy. Given these unfavourable economic situations, Vietnam’s banking sector has gained significant successes: securing the liquidity of credit institutions; stabilising interest rates; curbing inflation; achieving positive credit growth; and stabilising exchange rates and the gold market. Taking the pioneering role and proactively contributing to the renovation of the country and the banking sector, and with positive changes in governance, BIDV sustained a safe and effective pace of growth in 2016, ensuring the interests of employees and shareholders were met. At the end of 2016, BIDV became the first joint-stock commercial bank to achieve total assets of more than VND1 quadrillion, up 18.3% against 2015. The bank’s total fundings reached VND940,020 billion, of which deposits mobilised from residents and organisations reached VND797,689 billion, an increase of 21.1% from 2015 and accounting for 12.5% of the sector’s total market share; total outstanding loans to the economy reached VND751,448 billion, up 17.85% against 2015, making up 13.6% of the sector's market share; non-performing loan ratio was controlled at 1.95%; and profit before tax reached VND7,709 billion, up 3.16% from 2015. ROA and ROE were 0.67% and 14.7% respectively; dividend payout ratio is expected to be 7%; and capital adequacy ratio complies with regulator’s requirements. BIDV has expanded its network, currently operating 190 local branches, 01 branch in foreign country (Myanmar) and 815 transaction offices to better serve the needs of customers. Its retail customer base has grown in accordance with the bank’s retail strategy, up 10% compared to 2015, reaching over 8.7 million customers and representing around 9.5% of Vietnam's population. BIDV was voted as the “Best Retail Bank in Vietnam” by the Asian Banker magazine for the third consecutive year and is the only bank in Vietnam to 02 MESSAGE FROM THE BOARD OF DIRECTORS 2016 MESSAGE be honoured with the “Outstanding Retail Banking award in 2016” at Vietnam Banking Forum 2016. In addition, according to Nielsen Vietnam’s results, the relationship strength index (RSI) of BIDV jumped from “average” in 2015 to “strong” in 2016. BIDV’s joint ventures, affiliates and subsidiaries have seen strong changes in performance with profit meeting and exceeding set targets, delivering the task of preserving and growing capital. In 2016, BIDV successfully sold strategic shares of BIDV Finance Leasing Company to Sumitomo Mitsui Trust Bank; restructured BIDV Vietnam Partners Investment Management Joint Venture Company (BVIM); BIDV Securities Company achieved good results amid market volatility; BIDV Insurance Corporation continued to affirm its position amongst the Top 05 most prestigious insurance companies in Vietnam; and BIDV MetLife's bancassurance channel was successfully deployed across the system, making BIDV the bank with the most comprehensive insurance business in Vietnam. In 2016, BIDV continued to promote and achieve positive results in international business operations, contributing to strengthening economic and friendly relations between Vietnam and other countries. BIDV was the only Vietnamese bank approved to open a branch in Myanmar. The activities of BIDV's commercial presence in Laos, Cambodia, the Czech Republic, Russia and Taiwan (China) continue to be fine-tuned and remain positive. BIDV’s positive business results can be attributed to the successful restructuring of its portfolio of assets; its skilled control and handling of potentially risky assets and bad debts; the accelerated administrative reform; enhanced risk management capacity to meet Basel II standards; and its continued focus on restructuring and improving its governance capacity to meet international standards and practices. BIDV has attached importance to the application of modern information technology to its operations, maintaining the number-one position for the readiness of IT application in Vietnam. As a large commercial bank in the system, ensuring the highest rights
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