Tuesday, January 28 2020


Vietcombank earns record high pre-tax profit

Update: April, 26/2018 - 16:59
Vietcombank’s pre-tax profit in Q1 2018 skyrocketed by 59.3 per cent to US$189.4 million. - Photo Vietcombank
Viet Nam News

HÀ NỘI — Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) continued its impressive performance in the first quarter of this year, posting pre-tax profit record high of more than VNĐ4.3 trillion (US$189.4 million).

According to the accumulated financial report of Vietcombank, which had posted a record pre-tax profit of more than VNĐ11 trillion last year, its pre-tax profit in the first quarter of 2018 skyrocketed by 59.3 per cent against the same period in 2017, the highest quarterly growth rate gained by the bank so far. With this surge, the bank met one third of its annual plan by the end of March.

In the first quarter of this year, the bank’s credit segment brought in more than VNĐ6.19 trillion of net profit, up 17.5 per cent compared to the same period last year. Its net profit in the service segment posted a surge of 35.5 per cent to VNĐ881 billion. 

Net profits from other services accounted for VNĐ1.6 trillion from January to March, 2.8 times higher than the first quarter of 2017, while capital contribution and share acquisition were estimated at VNĐD351 billion, 3.5 times higher than that of the first quarter.

Vietcombank set aside VNĐ66.71 trillion in the first quarter to buy bills issued by State Treasury and State Bank of Việt Nam, raising its total value of the investment channel to VNĐ68.71 trillion by the end of March.

The bank’s equity was at VNĐ56 trillion as of March 31, 2018, up 6.7 per cent compared to the start of the year. Its deposits were at VNĐ731 trillion, up 3.2 per cent, while lending rose by 6.29 per cent to VNĐ577.6 trillion.

The bank expects its total assets to grow by 14 per cent and capital mobilisation and credit to grow by 15 per cent, while keeping bad debt to less than 1.5 per cent. — VNS



Send Us Your Comments:

See also: