Vietcombank achieves 87.5% of annual pre-tax profit target

July 10, 2017 - 16:00

Vietcombank has achieved 87.5 per cent of its pre-tax profit target of VNĐ9.2 trillion (U$$403.5 million) for this year by the end of June.

Vietcombank’s CEO Phạm Quang Dũng reports the bank’s H1 business results. — Photo Vietcombank

Viet Nam News

HÀ NỘI — Vietcombank has achieved 87.5 per cent of its pre-tax profit target of VNĐ9.2 trillion (U$$403.5 million) for this year by the end of June.

At a meeting to report H1 business results on Saturday, Vietcombank’s CEO Phạm Quang Dũng said that the bank’s pre-tax profit in the first half of 2017 rose 12 per cent year on year, to nearly VNĐ8.06 trillion.

After deducting the provision for risky loans, the bank’s profit is VNĐ5.05 trillion, up 20.5 per cent against the same period last year.

With the provision of VNĐ3 trillion for risky loans, the bank’s provision fund by the end of H1 reached VNĐ10.75 trillion, equal to 136.4 per cent of the bank’s total non-performing loans (NPLs).

In 2017, Vietcombank is targeting a dividend payout of 8 per cent, bad debt ratios of below 2 per cent and a total asset rise of 11 per cent to VNĐ874.58 trillion. — VNS

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