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VietNamNews

ACB's net profit increases in 2014

Update: March, 03/2015 - 08:52
HA NOI (VNS)  — The Asia Commercial Bank (ACB) has reported that its revenue and net profit last year were VND6 trillion ($285.7 million) and VND952 billion ($45.3 million), increases of 7.2 and 15.2 per cent over 2013's numbers, respectively.

ACB also reported that its before-tax profit last year reached VND1.2 trillion ($57 million), an increase of 17.4 per cent over 2013's number and 2.1 per cent over 2014's targeted number.

However, ACB also raised its operation costs, as the bank was working to rebuild its brand and increase employees' wages and bonuses.

The bank increased its credit growth rate by 8.5 per cent over 2014 and by 4.3 per cent over 2013. Its net income margin (NIM) also increased from 2.9 per cent in 2013 to 3 per cent in 2014, which helped the bank raise its net profit by 8.6 per cent over 2013.

This year, ACB expects to increase its retail by 16 per cent, as it has a large network of branches and offices. The bank also predicts that its before-tax profit will reach VND1.4 trillion ($66.6 million), an increase of 18 per cent over last year. — VNS

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