HCM City (VNA) - The Asia Commercial Joint Stock Bank (ACB) has set a growth target of over 10 percent in pre-tax profit to more than 10.6 trillion VND (461.5 million USD) this year.

ACB also expects its total assets, customers’ deposits and credit growth to rise 10 percent, 9 percent and 9.5 percent, respectively, while strives to keep its bad debts under 2 percent.  
More than 540 million bonds will be issued, with the aim of lifting the bank’s charter capital to over 27 trillion VND from the current level of 21.61 trillion VND.

According to ACB Chairman Tran Hung Huy, this year, ACB will continue to implement its operation strategy in the 2019-2024 period to become a leading retail bank with high growth in total incomes and positive growth in ROE (return on equity) of at least 20 percent per year, and bring good experiences to customers.

The bank will focus on investment in technology and changing its operation method to keep up with customers' need and behavior, Huy said.

By the end of the first quarter of 2021, ACB’s pre-tax profit was estimated to hit over 3.1 trillion VND, posting a year-on-year surge of more than 61 percent, equivalent to 29.2 percent of the target set for the year.

Last year, the bank’s total assets rose by 15.9 percent to 445 trillion VND.

It mobilised 353 trillion VND from customers, up 14.6 percent year on year, while its total credit outstanding balance stood at 311 trillion VND, up 15.9 percent. Meanwhile, bad debts were kept at 0.59 percent.

ACB’s consolidated pre-tax profit reached nearly 9.6 trillion VND last year, up 28 percent year-on-year./.