Vietcombank posts record-high profit in first quarter

Thursday, 2018-04-26 11:53:33
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NDO – The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) reported a record high pre-tax profit of more than VND4.3 trillion (US$189 million) in the first quarter.

It is the record pre-tax profit to be achieved by the bank, representing a rise of 59.3% from the same period in the previous year.

The figure is equivalent to one third of the year plan, in which Vietcombank's core business line of credit-investment has brought in VND6.19 trillion (US$272.5 million) in revenue for the first quarter, up 17.5% compared to the same period of last year.

Additionally, the net profit gained from its credit activities reached VND881 billion (US$38.7 million), increasing 35.5% annually, while its net profit from brokerage services posted at VND277 billion (US$12.1 million), 2.7 times higher than the first quarter of 2017.

Vietcombank's equity was at VND56 trillion (US$2.46 billion) as of March 31, up 6.7% compared to the start of the year, whilst deposits were at VND731 trillion (US$32.1 billion), up 3.2%, including demand deposits of 29.2%.

In particular, other services accounted for VND1.6 trillion (US$70.3 million) from January to March, 2.8 times higher than the first quarter of 2017, while capital contribution and shares acquisition were estimated at VND351 billion (US$15.3 million), 3.5 times higher than that of the first quarter.

Vietcombank expects its total assets to grow 14%, capital mobilisation and credit growth at 15%, while bad debt is to be kept at less than 1.5%.