OCB reports 1.12 trillion VND in pre-tax profits in H1
The Orient Commercial Joint Stock Bank (OCB) earned almost 1.12 trillion VND (48.22 million USD) in pre-tax profits in the first half of 2019, with net revenue from business operation reaching over 2.74 billion VND, equivalent to 106 percent of the result in the same time last year.
Illustrative image (Source: OCB)Hanoi (VNA) - The Orient Commercial Joint Stock Bank (OCB) earned almost 1.12 trillion VND (48.22 million USD) in pre-tax profits in the first half of 2019, with net revenue from business operation reaching over 2.74 billion VND, equivalent to 106 percent of the result in the same time last year.
The bank’s net revenue from service activities rose 77 percent in the period, and earnings from foreign currency trading were also up nearly 50 percent year on year.
At the same time, the bank’s cost-to-income ratio (CIR) stood at 43 percent.
At the end of the second quarter of 2019, OCB’s total assets reached 108.11 trillion VND (4.66 billion USD), up 8.1 percent over the same time in 2018.
Outstanding loans as of June 30, 2019 exceeded 67.5 trillion VND (2.9 billion USD), a rise of 20 percent, while total mobilised capital was over 79 trillion VND (3.4 billion USD), surpassing last year’s figure by 12 percent.
A representative from the bank attributed the result to the strong performance in operational cost, increasing income from services, improvement of productivity and promotion of retail in recent years.
Meanwhile, the OCB’s counterparty risk assessments (CRA) and counterparty risk rating (CRR) were raised to Ba3 level by Moody’s in early July. Moody’s also praised the liquidity of the bank, added the representative.
In 2018, the OCB was ranked among top banks with high return on assets (ROA) and return on equity (ROE) indexes, which was a great advantages for the bank to pursue the goal of improving both scale and quality and completing its yearly target for 2019.-VNA
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