Economy
Fed’s foreseen rate cuts affect foreign exchange rate
1.
 |
| Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) recorded post-tax profit of more than VNĐ2.2 trillion (US$97 million). — Photo danviet.vn |
Viet Nam News
HÀ NỘI — Many commercial banks posted positive business performances in the first quarter of the year, earning high profits.
Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank) recorded post-tax profit of more than VNĐ2.2 trillion (US$97 million), up 20.1 per cent against the same period last year. The figure made the bank top the list in terms of profits in the first quarter.
Việt Nam Bank for Industry and Trade (Vietinbank) made pre-tax profit of VNĐ2.54 trillion ($111.9 million), up 5.8 per cent year-on-year, and post-tax profit of VNĐ2.04 trillion ($89.7 million). This is the strongest growth the bank has recorded since 2011, according to Vietinbank’s chairman of the management board Nguyễn Văn Thắng.
Bank for Investment and Development of Việt Nam (BIDV) earned nearly VNĐ2.3 trillion ($100.1 million) and VNĐ1.85 trillion ($81.3 million) in pre and post-tax profits, respectively, up over 9 per cent year-on-year.
Similarly, Việt Nam Technological and Commercial Joint Stock Bank’s (Techcombank) total pre- and post-tax profits were VNĐ1.32 trillion ($58.2 million), double the figure of the same period last year, and VNĐ1.06 trillion ($46.6 million), respectively.
Meanwhile, Military Bank (MB) recorded a year-on-year increase of 22 per cent to VNĐ1.06 trillion ($46.4 million) in pre-tax profit, or 25 per cent of the yearly plan. The bank hopes to post over VNĐ4.5 trillion ($199.4 million) in pre-tax profit this year.
Also during the reviewed period, Sài Gòn Thương Tín Commercial Joint Stock Bank (Sacombank) showed impressive performance with pre and post-profits hitting VNĐ309 billion ($13.6 million), and VNĐ210 ($9.24 million), up 50 per cent and 30 per cent, respectively.
Export-Import Bank (Eximbank) recorded a five-time increase to VNĐ170 billion ($7.48 million) in pre-tax profit and VNĐ136 billion ($5.98 million) in post-tax profit.
According to the Department of Statistics and Forecasting under the State Bank of Việt Nam, the banking system’s average growth is expected to rise by 13.4 per cent, higher than the percentage in 2016. – VNS
