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Bao Viet Group has released its Q1 2025 financial results, reporting consolidated pre-tax profit of 1,006 billion VND, up about 19% year-on-year. After tax, net profit reached over 814 billion VND.
Bao Viet said its profit growth continues to be supported by the financial segment. Gross profit from the insurance business was about 308 billion VND, down about 50% compared with the same period in 2025.
In Q1, Bao Viet’s financial operating profit reached nearly 2,959 billion VND, up more than 14% year-on-year. Financial operating revenue rose to over 3,990 billion VND, up more than 25%. The company attributed the performance to the scale of its investment portfolio, supported by a relatively attractive interest-rate environment.
Interest income remained the largest contributor. Income from deposits totaled nearly 2,291 billion VND, up 36% year-on-year and accounting for about 58% of total financial revenue. Interest income from bond investments reached over 1,401 billion VND, up nearly 15%, continuing as the second-largest source within the financial revenue structure. Together, deposit interest and bond interest contributed more than 92% of the group’s total financial revenue.
By the end of Q1 2026, Bao Viet Group’s financial investment portfolio stood at 290,399 billion VND. This was up more than 15,500 billion VND from the start of the year and represented over 94% of total assets, making it one of the largest investment portfolios in Vietnam’s insurance market.
The investment mix remains heavily weighted toward safe, fixed-rate assets, with a focus on deposits and bonds. Held-to-maturity investments totaled over 282,029 billion VND, accounting for 97% of total financial investments. Compared with end-2025, this portfolio grew by over 15,400 billion VND.
Deposits in banks were the largest component at nearly 166,922 billion VND, including more than 130,121 billion VND in short-term deposits and nearly 36,800 billion VND in long-term deposits. Compared with end-2025, deposits in Bao Viet’s investment portfolio increased by about 15,602 billion VND, roughly a 10.3% rise. This supports the more than 2,290 billion VND in deposit interest income recorded in Q1.
The bond portfolio also remained large at about 111,468 billion VND. Government bonds accounted for about 72,670 billion VND, while corporate bonds accounted for about 37,945 billion VND.
According to notes to the financial statements, Vietnamese dong deposits at Bao Viet’s financial institutions for terms of 3 months to under 1 year earn up to 8.5% per annum. For deposits over 1 year, interest rates range from 5.2% to 8.15% per year.
In the bond portfolio, Government bonds have maturities from 14 to 30 years, while corporate bonds have maturities from 7 to 10 years. The maximum interest rate on these bonds is 8.9% per year.
The trading securities portfolio has a cost base of 4,241 billion VND and is mainly listed equities with a cost of over 3,846 billion VND.
Bao Viet’s equity holdings focus on leading enterprises including Asia Commercial Bank (ACB), FPT, VietinBank, and Vinamilk. The cost basis for these holdings is reported as follows: ACB at 818 billion VND, FPT at 443 billion VND, VietinBank at 396 billion VND, and Vinamilk at 351 billion VND.
However, the fair value of several equity investments is lower than cost. In particular, the Vinamilk investment declined significantly, with fair value around 257 billion VND, down about 94 billion VND from its cost.
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