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Financial statements

Updated: 2016-12-14 09:58:31

Financial statement in 2007

FINANCIAL STATEMENTS IN 2007

Financial statements are presented in Vietnam Dong(VND), adopting the accounting regime stipulated by the State Bank of Vietnam (SBV), consistent with Vietnam’s Accounting Standard and accounting principles generally accepted in Vietnam, with the financial management regulation issued in connection with Decision No 180/2002/QD-TTg by the Prime Minister on 19th December, 2002, and with Circulars No. 24/2005/TT-BTC, dated September 1th, 2005 by Ministry of Finance providing guidance on  VBSP’s   financial management regulation, which was issued in connection with Decision No 180/2002/QD-TTg  by the Prime Minister on 19th December, 2002.

VBSP’s fiscal year begins on January 1st and ends on December 31st of the calendar year.

 

Key principles

1. Income

VBSP’s income consists of income actually earned from its operations and other activities.

  1. Expense

Expenses are reasonable costs incurred in the period.

3. Conversion of Foreign Currencies

Transactions denominated in foreign currencies were converted to VND at the exchange rates prevailing on the date of transaction. The balances of assets and liabilities originally denominated in foreign currencies on the closing date of a fiscal year were converted to VND at the exchange rates announced by the SBV on that date. Gains (losses) as a result of such conversion were charged to the profit and loss account.

  1. Fixed assets and depreciation of fixed assets

Fixed assets are valued at the original cost minus the accumulated depreciation. The depreciation of fixed assets is calculated on the basis of the straight-line depreciation method and the estimated useful life of the assets, which are stipulated in Decision No. 206/2003/QD-BTC issued by the Minister of Finance on 12th December, 2003.

  1. Credit

The total outstanding loan is the aggregate of the unpaid principals of all loans at the end of the fiscal year subtract loss provision amount. Interest is calculated on cash basis. Loan loss provision is calculated by setting aside 0.02% of the average annual loan outstanding and  shall be used to cover losses that incur objectively in the course of lending to the poor and other policy-based beneficiaries.

  1. BALANCE SHEET

                                                                                                 Unit: million dong

Assets

 31/12/2005

 31/12/2006

31/12/2007

Cash in hand

         20,799

          18,217

          29,681

Deposits at the State Bank of Vietnam

         36,032

          79,071

          34,738

Deposits at domestic credit institutions.

    1,406,948

        403,075

        333,808

Loans to domestic economic entities and individuals

  17,304,937

   22,723,394

   33,150,153

Trust funds lending

       842,412

     1,091,985

     1,491,888

Frozen loans

       208,223

        236,154

        200,777

Assets

       334,896

        409,364

        462,014

Other assets

         86,713

        445,929

        350,268

Total assets

  20,240,960

   25,407,189

   36,053,327

Liabilities

 

 

 

Borrowings from the State Bank of Vietnam

    1,640,850

     1,621,239

     4,821,373

Borrowings from other credit institutions

    9,660,101

   12,533,665

   16,946,387

Deposits of clients                   

    1,718,828

     1,682,140

     2,000,358

Trust funds

    1,010,332

     1,203,492

     1,656,160

Other liabilities

       238,738

        338,039

        610,444

Liabilities subtotal      

  14,268,849

   17,378,575

   26,034,722

Equity and reserves

 

 

 

Charter capital              

    3,197,000

     4,788,000

     5,988,000

Others capital               

    2,697,574

     3,114,129

     3,804,378

Reserves                                 

         11,399

          77,872

          75,562

Total equity and reserves          

    5,905,973

     7,980,001

       9,86,940

Undistributed profit                  

         66,138

          48,613

        150,665

Total liabilities

  20,240,960

   25,407,189

   36,053,327

 

* Source:

- 2004: Report of State Audit of Vietnam on Financial Report of VBSP ;

- 2005: Audited Financial Report by State Audit of Vietnam;

- 2006: Financial Report of Vietnam Bank for Social Polices approved by the Chairman of Board of Directors.

 


  1. FINANCIAL PERFORMANCE

                                              

                                                                       Unit: million dong

Targets

 31/12/2005

 31/12/2006

31/12/2007

  1. Income

        1,730,391

        2,295,466

        2,901,382

Interest income from lending activities

         804,858

    1,186,889

    1,903,795

Other income from credit activities

             5,073

           7,918

         15,697

Interest income from deposits   

           26,043

         29,637

         35,705

Income from payment activities

               114

              346

              659

Income from treasury activities

                     1

                    2

                    3

Income from other activities      

4,950

10,860

17,581

Subsidy from State budget for minus interest spread and operational cost     

886,136

1,057,362

922,670

Other incomes              

3,216

2,452

5,272

  1. PHOTO ARTICLES

    LENDING INTEREST RATE

    Poor Households

    Lending to poor households 6,6%/year
    Lending to poor households in 64 poor districts as stipulated by the Government Resolution No.30a in 2008 3,3%/year

    Near Poor Households

    Lending to near poor households 7,92%/year

    Students

    Lending to disadvantaged students 6,6%/year

    People in need of loans for job creation

    Lending to business establishments owned by war invalids and handicapped persons 3,3%/year
    Others...

    DEPOSIT INTEREST RATE

    Term Deposit Rate
    Overnight 3,04%/year
    1 week 3,23%/year
    2 week 3,5%/year
    Others...

     

    Copyright by Vietnam Bank for Social Policies
    Address: No.169, Linh Duong Street, Hoang Liet Ward, Hoang Mai District, Ha Noi, Vietnam
    Email: icd@vbsp.vn, Tel: 84-4-36417 203, Fax: 84-4-36417 194

    Developed by the Information Technology Center of Vietnam Bank for Social Policies.