Orient commercial bank ups before-tax profit this year
The Orient Commercial Bank has targeted increasing before-tax profit by over 60 percent to nearly 780 billion VND this year, as heard an annual shareholders’ meeting held in Ho Chi Minh City on April 19.
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
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
You should also see
HCM City moves towards Net Zero
Ho Chi Minh City is building a project to restructure its industry towards sustainable development in the 2025-2030 period, with a vision to 2050, prioritising the use of high technology and reducing emissions towards net zero emissions by 2050.
See more
Business
Noi Bai, Da Nang named in world’s top 100 airports
Hanoi capital’s Noi Bai International Airport and the Da Nang International Airport in the central city of the same name have been listed among the world’s top 100 airports in 2024 by the UK–based aviation consultancy Skytrax.
Business
Vietnam earns 1.43 billion USD from rice exports in Q1
ietnam in the first quarter of 2024 exported 2.18 million tonnes of rice, earning 1.43 billion USD, an increase of 17.6% in volume and 45.5% in value year on year. Meanwhile, the average export rice price also increased by 23.6% to $653.9 per tonne.
Business
Old loans must endure higher interest rates temporarily: central bank
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
Business
Vietnam among top domestic infrastructure investors: Ambassador
Vietnam is one of the leading countries in Asia in terms of investment for infrastructure development, allocating 5.7% of its Gross Domestic Product (GDP) to projects in this field, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN).
Business
Vietjet adds more flights to Dien Bien
To meet the rising demands to visit Dien Bien of people and tourists during the celebration of the 70th anniversary of the Dien Bien Phu victory, Vietjet increased the frequencies of flights between Hanoi, Ho Chi Minh City and the northwestern province to 28 per week.
