Illustrative image (Source: Orient Commercial Bank)
 
HCM City (VNA) – The Orient Commercial Bank (OCB) has targeted increasing before-tax profit by over 60 percent to nearly 780 billion VND (33.91 million USD) this year, as heard an annual shareholders’ meeting held in Ho Chi Minh City on April 19.

An OCB executive said the target is based on a credit growth of 14 percent, deposit growth of 34 percent and rate of bad debts below 2 percent, in line with its 2016-2020 plan of restructuring credit organisations as directed by the State Bank of Vietnam (SBV).

This year, OCB will raise its charter capital to 5 trillion VND, pay a dividend of 10 percent, including 5 percent in cash and the remaining in stock, as well as put into operation 9 transaction offices and open other 8.

Last month, the SBV allowed the establishment of an international money transfer company – an affiliate of OCB which will be helmed by OCB Deputy General Director Truong Dinh Long as Chairman and Trinh Hoai Nam as General Director.

In 2016, OCB posted a before-tax profit of nearly 484 billion VND, 8 percent higher than the set target. - VNA