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VietNamNews

PVcomBank’s profits expected to decrease 8% in 2016

Update: June, 22/2016 - 10:25
Việt Nam Public Bank’s pre-tax profit is expected to fall by 8 per cent year-on-year to VNĐ65 billion (US$2.9 million), on a revenue of VNĐ5.5 trillion, in 2016. — Photo cafef.vn

HÀ NỘI — Việt Nam Public Bank’s pre-tax profit is expected to fall by 8 per cent year-on-year to VNĐ65 billion (US$2.9 million), on a revenue of VNĐ5.5 trillion, in 2016.

The bank, also known as PVcomBank, has announced the figures in a business report.

PVcomBank said it would continue to restructure itself over the next five years. Following Government approval last March, the Việt Nam Oil and Gas Group (PetroVietnam) will transfer its stake in the bank to the State Bank of Việt Nam.

PVcomBank says on its website that it has VNĐ100 trillion in total assets and VNĐ9 trillion in equity. PetroVietnam holds a stake of 52 per cent in the bank, and strategic shareholder Morgan Standley owns 6.7 per cent of its equity.

In May, the bank announced that it had provided financial services to PetroVietnam and its subsidiaries with a committed amount of up to $2.7 billion.

It also underwrote activities related to payment, tender and contract performance, as well as bond issuance and capital borrowing of other units in the oil and gas sector. — VNS

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