Business

Commercial banks report high profits in 2017

Vietnam’s commercial banks reported solid results for 2017 with the total after-tax profit estimated to grow 44.5 percent from the previous year, according to an independent report of the National Financial Supervisory Commission.
Commercial banks report high profits in 2017 ảnh 1BIDV posts the record high of 8.8 trillion VND (387.2 million USD) in pre-tax profit in 2017. (Photo: BIDV)

Hano​i (VNA) – Vietnam’scommercial banks reported solid results for 2017 with the total after-taxprofit estimated to grow 44.5 percent from the previous year, according to anindependent report of the National Financial Supervisory Commission.

The Bank for Investment andDevelopment of Vietnam (BIDV) has posted the record high of 8.8 trillion VND(387.2 million USD) in pre-tax profit last year. By the end of 2017, thelender’s total asset reached 1,176 trillion VND (51.74 billion USD), an increase of 16.7 percentfrom 2016, affirming itself as one of the country’s largest banks.

Its capital mobilization expanded17.9 percent year-on-year to over 1,106 trillion VND (48.66 billion USD), including more than 934trillion VND in deposit from businesses and individuals, up 17.4 percent.

The Bank for Foreign Trade of Vietnam(Vietcombank) also announced the record profit of about 10 trillion VND (440 million USD) in2017, up 20 percent and 8.7 percent higher than the bank’s yearly target. It isthe highest figure recorded so far.

[Vietcombank’s total assets exceed 1 quadrillion VND]

With the credit growth of 18 percentlast year, it is natural for the banks to achieve such growths, said economistNguyen Tri Hieu.

Additionally, recent restructuringand improved risk management signaled another good year for the bankingindustry.-VNA
VNA
#commercial banks #after-tax profit #profit #2017 #National Financial Supervisory Commission #BIDV #Vietcombank #record high #total asset #banking #credit growth #English news about Vietnam #Vietnam news #news about Vietnam #English news #latest news on Vietnam #Vietnam #Vietnam breaking news #news VN #VN news #Vietnamplus #economy #business
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