On October 30, 2023, Bao Viet Group announced its business results for the first 9 months of 2023, accordingly, the parent company and its member units recorded positive growth in business results.
Revenue and profit both grew well
After the first 9 months of the year, consolidated pre-tax and after-tax profits reached VND 1,712 and VND 1,428 billion, respectively, up 10.2% and 14.1% over the same period in 2022. Total consolidated revenue reached VND 42,777 billion, up 6.2%. Total consolidated assets as of September 30, 2023 reached VND 215,293 billion, up 6.8% compared to December 31, 2022.
The parent company's total revenue reached VND 1,164 billion, profit after tax reached VND 826 billion, closely following the plan approved by the General Meeting of Shareholders. The parent company's total assets reached VND 18,278 billion, equity reached VND 18,090 billion, growth of 4% and 4.6% respectively compared to December 31, 2022.
Bao Viet Group has approved the payment of cash dividends at a rate of 9.54% of par value, equivalent to VND 708 billion, expected to be paid at the end of 2023, fulfilling its commitment to shareholders and increasing value for investors. The total amount of dividends paid to Bao Viet shareholders from equitization to the end of 2023 is expected to reach more than VND 12,400 billion.
Total non-life insurance revenue reached VND 8,575 billion
At the end of the first 9 months of 2023, Bao Viet Insurance Corporation achieved total revenue of VND 8,575 billion, up 2.4%; profit after tax reached VND 178 billion, up 3.8% over the same period in 2022.
With its relentless efforts, Bao Viet has been recognized for many consecutive years as the most prestigious non-life insurer in Vietnam, and has been recognized and awarded prestigious awards by many international organizations such as: "Digital Insurance Initiative of the Year" (Insurance Asia Awards), "Best Digital Insurance Transformation Initiative in Vietnam" (Global Business Outlook Awards 2022), Non-life insurance company bringing satisfaction and happiness to customers (Global Banking & Finance Review).
Towards the 60th anniversary of its establishment, Bao Viet Insurance is currently deploying a new beta version of its website at: https://beta.baovietonline.com.vn/, updating features to compare insurance programs, suggest suitable products that can be purchased together, insurance premium calculator... to help customers save time and be financially proactive.
In addition, Bao Viet Insurance is also implementing many insurance incentive programs, such as: 10% refund program or participating in 0% interest installment insurance for the whole year.
Total life insurance revenue reached 33,170 billion VND, up 8.5%
Bao Viet Life Corporation ended the first 9 months of 2023 with a positive total revenue growth of 8.5%, reaching VND 33,170 billion. Profit after tax reached VND 796 billion, up 9% over the same period in 2022.
Bao Viet Life continues to be the 7th leading unit in the Top 10 prestigious life insurance companies in Vietnam 2023 and was honored as the "inspirational enterprise" 2023 by Enterprise Asia - Asian Enterprise Association surveyed, evaluated and voted.
Efforts to overcome difficulties in the securities sector
After the first 9 months of 2023, Bao Viet Securities Company (BVSC) achieved 564 billion VND in revenue and 113 billion VND in profit after tax.
In the context of the volatile stock market, BVSC has organized a series of webinars "Pit-stop Wednesday", aiming to provide in-depth analysis of the market and key industries.
In addition, BVSC also offers a series of promotional programs on opening securities accounts, preferential margin interest rates, to attract both new and existing customers, maintain research activities, update the mobile app trading platform with many new features, support customers' investment process...
Recorded steady growth in fund management
Facing a difficult and challenging market economy, after the first 9 months of 2023, Bao Viet Fund Management Company (BVF) recorded positive business results with VND 119 billion in total revenue and VND 56 billion in profit after tax, up 24.3% and 45.3% respectively over the same period in 2022.
As of September 30, 2023, BVF's open-end funds showed remarkable performance results, such as: Bao Viet Dynamic Equity Investment Fund (BVFED) and Bao Viet Prospective Equity Investment Fund (BVPF) grew by 21.4% and 13.7% respectively, exceeding both the average growth of the market and the benchmark; Bao Viet Bond Investment Fund (BVBF) grew by 6.5%, nearly twice as high as the benchmark, which is the 6-month deposit interest rate of 4 banks (Vietcombank, BIDV, Vietinbank and MBBank).
In 2023, BVF also successfully launched the BVFVN DIAMOND ETF (BVFVND) simulating the VNDIAMOND premium index basket of the Ho Chi Minh City Stock Exchange. After 2 months since its launch, the BVFVND fund has achieved a growth rate of 13.4% compared to its par value. BVF also continued to receive the award for Best Fund Management Company in Vietnam 2023 by International Finance Magazine.
A representative of Bao Viet Group shared that, towards the 60th anniversary of its establishment (January 15, 1965 - January 15, 2025), the group is implementing a sustainable development strategy in its business strategy to create new values and share those values with the community.
In 2023, Bao Viet was recognized in the Corporate Sustainability Assessment (CSA) of S&P Global. To be included in the DJSI rankings, Bao Viet needs to meet strict requirements on many factors such as: corporate financial health, stock value, transparency, sustainable business operations, etc.
Ngoc Minh
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