VISITORS
Financial statements
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 19th December, 2002, and with Circulars No. 24/TT-BTC, dated June 9th, 2003 and No. 72/2003/TT-BTC dated July 31st 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 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.
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 12th 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 31st 2003 |
December 31st 2004 |
December 31st 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
