VISITORS
Financial statements
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.
- 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.
- 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.
- 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.
- 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.
- FINANCIAL PERFORMANCE
Unit: million dong
|
Targets |
31/12/2005 |
31/12/2006 |
31/12/2007 |
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|
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 |
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