Tuesday, 21 May 2019

Vietcombank sees 53% rise in H1 pre-tax profit

Updated at Sunday, 22 Jul 2018, 09:43
The Hanoitimes - As of June 30, Vietcombank`s total assets were valued at VND977.6 trillion (US$42.7 billion), down 5.6% compared to the beginning of the year.
In the first six months of 2018, Vietcombank's pre-tax profit reached VND8 trillion (US$349.4 million), up 53% year-on-year, according to the lender's quarterly consolidated financial statement. 
Illustration photo.
Illustration photo.
During the January - June period, the Hanoi-based lender posted profit before provisions for credit risks of VND11.2 trillion (US$489.2 million), up 36% year-on-year.

The result was partly thanks to the bank's core business line of lending with revenue of VND13 trillion (US$567.9 million), up 19% year-on-year. 

Meanwhile, net revenues from services reached VND1.73 trillion (US$75.57 million), up 32% year-on-year, while trading of foreign currencies brought VND1 trillion (US$43.68 million), down 2.3%.

In this period, trading securities posted revenue at VND486 billion (US$21.23 million), up 91% year-on-year. 

Net income from other activities amounted to VND2.38 trillion (US$103.9 million), nearly tripling the figure recorded in the same period of 2017.

As of June 30, Vietcombank's total assets were valued at VND977.6 trillion (US$42.7 billion), down 5.6% compared to the beginning of the year, mainly due to the bank's reduction in deposits at the State Bank of Vietnam (SBV) and other credit institutions. 

The lender's current outstanding loans stood at VND606 trillion (US$26.47 billion), up 11.5% against the beginning of the year. Of which, bad debts reached VND6.9 trillion (US$301.4 million), equivalent to a bad debt ratio of 1.15%, among the lowest in the banking system. 

The bank's equity as of June 30 climbed 11.5% compared to the beginning of the year to VND58.6 trillion (US$2.56 billion). Customers' deposits at the bank amounted to VND764.5 trillion (US$33.39 billion), up 7.9% year-on-year, in which 28% were demand deposits. 
Ngoc Thuy
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