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Financial statements

Updated: 2016-12-13 14:32:52

Audited financial statement in 2005

Financial statement in 2005

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 19^th December, 2002, and with Circulars No. 24/TT-BTC, dated June 9^th, 2003 and No. 72/2003/TT-BTC dated July 31^st 2003 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 19^th December, 2002.

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

Key principles

1. Income

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

2. 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.

4. 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 12^th December, 2003.

5. Credit

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

BALANCE SHEET [1 Unit: million VND

	December 31^st2003	December 31^st2004	December 31^st 2005
Assets
- Cash in hand	9,166	13,830	20,799
- Deposits at the State Bank of Vietnam	5,984	16,192	36,032
- Deposits at domestic credit institutions.	222,600	1,047,658	1,406,948
- Loans to the poor entrusted through credit institutions, and domestic socio-political organizations	8,070,843	-	-
- Loans to domestic economic entities and individuals	2,003,408	13,484,332	17,304,937
- Trust funds lending	149,462	518,091	842,412
- Frozen loans	87,141	268,036	208,223
- Assets	88,797	142,981	334,896
- Other assets	94,644	38,288	86,713
*Total assets*	*10,732,045*	*15,529,408*	*20,240,960*
Liabilities
- Borrowings from the State Bank of Vietnam	1,531,239	1,661,239	1,640,850
- Borrowings from other credit institutions	3,961,874	6,732,646	9,660,101
- Deposits of clients	637,104	1,491,428	1,718,828
- Trust funds	534,752	721,146	1,010,332
- Other liabilities	190,786	236,127	238,738
*Liabilities subtotal*	*6,855,755*	*10,842,586*	*14,268,849*
Equity and reserves
- Charter capital	1,515,000	2,315,000	3,197,000
- Others capital	2,377,455	2,463,912	2,697,574
- Reserves	20,441	9,058	11,399
*Total equity and reserves*	*3,912,896*	*4,787,970*	*5,905,973*
Undistributed profit	(36,606)	(101,148)	66,138
*Total liabilities*	*10,732,045*	*15,529,408*	*20,240,960*

FINANCIAL PERFORMANCE [2] Unit: million dong

Targets

2003

2004

2005

Income

674,603

1,115,450

1,730,391

Interest income from lending activities

436,628

602,872

804,858

Other income from credit activities

130

529

5,073

Interest income from deposits

14,206

14,120

26,043

Income from payment activities

114

Income from treasury activities

Income from other activities

1,892

183

4,950

Subsidy from State budget for minus interest spread and operational cost

219,866

494,108

886,136

Other incomes

1,880

3,606

3,216

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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...