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Financial statements

Updated: 2016-12-14 09:53:55

Financial statements in 2006

Financial statements in 2006

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.

  1. 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.


I  Financial performance

                                              

                                                                 Unit: million dong

Targets

31/12/2004

31/12/2005

31/12/2006

  1. Income

    1,115,450

   1,730,391

2,295,074       

Interest income from lending activities

       602,872

      804,858

1,186,889       

Other income from credit activities

              529

          5,073

7,614

Interest income from deposits   

         14,120

        26,043

29,637

Income from payment activities

                31

             114

346

Income from treasury activities

                  1

                 1

2

Income from other activities      

              183

          4,950

10,860

Subsidy from State budget for minus interest spread and operational cost     

       494,108

      886,136

1,057,274

Other incomes              

           3,606

          3,216

2,452

  1. Expenses

    1,179,992

   1,662,615

2,246,561

Funds mobilization expenses    

       486,517

717,837      

1,049,874

Expenses associated with payment and treasury activities                      

           4,962

          8,697

11,114

Fees paid for entrusted lending services

       271,936

      258,781

331,592

Asset expenses           

         77,704

      194,453

262,630

Staff expenses

       209,542

      301,176

432,336

Managerial and operation expenses

         92,087

      140,820

140,068

Provisions                   

         36,108

        38,934

15,103

Other expenses

           1,136

          1,917

3,844

  1. Profit (Income - Expense).

        (64,542)

        67,776

48,513

 

Source:

- 2004 and 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. BALANCE SHEET

                                                                                                                                 Unit: million dong

Assets

31/12/2004

31/12/2005

31/12/2006

Cash in hand

         13.830

        20.799

18.217

Deposits at the State Bank of Vietnam

         16.192

        36.032

79.071

Deposits at domestic credit institutions.

    1.047.658

   1.406.948

403.075

Loans to domestic economic entities and individuals

  13.484.332

17.304.937

22.723.394

Trust funds lending

       518.091

      842.412

1.092.151

Frozen loans

       268.036

208.223

236.154

Assets

       142.981

334.896

407.582

Other assets

         38.288

86.713

445.393

Total assets

  15.529.408

20.240.960

25.405.037

Liabilities

 

 

 

Borrowings from the State Bank of Vietnam

    1.661.239

   1.640.850

1.621.239

Borrowings from other credit institutions

    6.732.646

   9.660.101

12.532.965

Deposits of clients                   

    1.491.428

   1.718.828

1.682.379

Trust funds

       721.146

   1.010.332

1.204.057

Other liabilities

       236.127

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: vbsp_icd@vbsp.vn, Tel: +84-24-36417 203, Fax: +84-24-36417 194

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