Tuesday, February 19 2019

VietNamNews

NCB’s pre-tax profit triples in 2018

Update: January, 22/2019 - 09:00

HÀ NỘI — The National Citizen Commercial Joint Stock Bank (NCB) recorded net profit of more than VNĐ39 billion (US$1.67 million) in 2018, a year-on-year increase of 79 per cent.

As of December 31, 2018, NCB had total assets of more than VNĐ72.43 trillion, up one per cent compared to the beginning of the year. The bank’s customer loans increased by 11 per cent to exceed VNĐ35.28 trillion, 87 per cent of the yearly plan.

Total customer deposits were nearly VNĐ 47.15 trillion, 74 per cent of the year’s plan.

Net profit from business reached VNĐ227 billion, down 14.5 per cent year-on-year. The reason for this decline was net interest income dropped by more than 12 per cent to VNĐ981 billion, and activities such as foreign exchange trading as well as investment securities lost more than VNĐ20 billion.

However, thanks to a drastic reduction from nearly VNĐ173 billion to more than VNĐ72 billion (58 per cent reduction) in costs according to a banking restructuring project, the bank’s profits increased sharply.

Most business activities such as service fees and net revenue from services achieved good growth at 40 per cent compared to 2017 and from other activities increased to VNĐ261 billion (in 2017 this profit was only VNĐ6.4 billion).

NCB’s pre-tax profit increased three times compared to the previous year, reaching nearly VNĐ91 billion and after-tax profit reached more than VNĐ39 billion, an increase of 79 per cent compared to 2017.

Business growth results in 2018 have continued to affirm customers’ trust with NCB.

In 2018, NCB received the Vietnamese Excellent Brand Award of the online newspaper Vietnam Economic Times and achieved many other prestigious domestic and international awards, such as the bank with the best working environment in Việt Nam 2018 and bank with social responsibility presented by Global Business Outlook Magazine; Top 50 famous Vietnamese brands; Top 500 largest enterprises in Việt Nam.

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