SHB posts 59.1 million USD pre-tax profit in 9 months

 

Hanoi (VNA) – Sai Gon-Hanoi Commercial Joint Stock Bank (SHB) on November 1 posted pre-tax profit of over 1.33 trillion VND (59.1 million USD) in the first nine months of the year.

This was an increase of 69 percent from the same period last year.

The bank said the high profit was due to its strong growth in services, especially bancassurance.

SHB’s financial report revealed that its other important financial criteria saw high growth rate from the corresponding period last year and were expected to surpass the set target for 2017.

Its total assets reached more than 265.3 trillion VND, while capital mobilisation was 212 trillion VND, meeting with 97.55 percent of the whole year’s target. The results have helped the bank ensure liquidity, stability and sustainable growth.

Its total outstanding loans were 191.7 trillion VND, up 18 percent from the beginning of the year. Loans were focused on sectors with less risk and prioritised by the Government, such as agriculture, export, processing, manufacturing and hi-tech industries.

The bank’s chartered capital reached nearly 11.2 trillion VND. The State Bank of Vietnam (SBV) allowed SHB to increase its chartered capital to over 12 trillion VND, which was approved at this year’s SHB shareholder meeting.

SHB said it had targeted safe and sustainable development as its first priority. Its safe indexes have always met the central bank’s standards.

Its Capital Adequacy Ratio reached 12.15 percent, which was higher than SBV’s stipulation.

SHB expanded its network this year to Ha Nam, Ha Tinh, Dak Lak, Binh Dinh and Tay Ninh provinces. The bank will also open a new representative office in Myanmar to increase its presence in Southeast Asia.

The bank currently has 7,000 employees and 500 transaction points in Vietnam, Laos and Cambodia to serve some four million customers.-VNA