Business

Vietcombank earns record high pre-tax profit

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) continued its impressive performance in the first quarter of this year, posting pre-tax profit record high of more than 4.3 trillion VND (189.4 million USD).
Vietcombank earns record high pre-tax profit ảnh 1Vietcombank posts record pre-tax profit of more than 4.3 trillion VND (189.4 million USD) in Q1 of 2018 (Photo: VNA)


Hanoi (VNA) - The Joint Stock Commercial Bank for Foreign Trade of Vietnam(Vietcombank) continued its impressive performance in the first quarter of thisyear, posting pre-tax profit record high of more than 4.3 trillion VND (189.4million USD).

According to the accumulated financial report of Vietcombank,which had posted a record pre-tax profit of more than 11 trillion VND (484.5 million USD) last year,its pre-tax profit in the first quarter of 2018 skyrocketed by 59.3 percentagainst the same period in 2017, the highest quarterly growth rate gained bythe bank so far. With this surge, the bank met one third of its annualplan by the end of March.

Inthe first quarter of this year, the bank’s credit segment brought in more than6.19 trillion VND (272.6 million USD) of net profit, up 17S.5 percent comparedto the same period last year. Its net profit in the service segment posted asurge of 35.5 percent to 881 billion VND (38.8 million USD). 

Netprofits from other services accounted for 1.6 trillion VND (70.4 million USD) fromJanuary to March, 2.8 times higher than the first quarter of 2017, whilecapital contribution and share acquisition were estimated at 351 billion VND(15.4 million USD), 3.5 times higher than that of the first quarter.

Vietcombankset aside 66.71 trillion VND (2.93 billion USD) in the first quarter to buybills issued by the State Treasury and the State Bank of Vietnam, raising itstotal value of the investment channel to 68.71 trillion VND (3 billion USD) bythe end of March.

Thebank’s equity was at 56 trillion VND (2.46 billion USD) as of March 31, 2018,up 6.7 percent compared to the start of the year. Its deposits were at 731trillion VND (32.2 billion USD), up 3.2 percent, while lending rose by 6.29 percentto 577.6 trillion VND (25.44 billion USD).

Thebank expects its total assets to grow by 14 percent and capital mobilisationand credit to grow by 15 percent, while keeping bad debt to less than 1.5 percent.-VNA

VNA
#Joint Stock Commercial Bank for Foreign Trade of Vietnam #Vietcombank #pre-tax profit of Vietcombank #banking system of Vietnam #credit growth #updated Vietnam news #Vietnamplus #Vietnam News Agency
Follow VietnamPlus

Related News

Vietcombank looks to earn 570-mln-USD profit in 2018

Vietcombank looks to earn 570-mln-USD profit in 2018

The largest local commercial bank, Vietcombank (VCB), has set to increase their profit to between 12.5 trillion VND (548.7 million USD) and 13 trillion VND (570.7 million USD) in 2018, up about 15 percent against 2017, said VCB Chairman Nghiem Xuan Thanh.

See more

Vietnam and the US hold the second negotiation session of the bilateral agreement on reciprocal trade in Washington D.C from May 19 to 22. - Illustrative image (Photo: VNA)

Vietnam, US look to boost bilateral economic, trade cooperation

Dien stated that Vietnam has a strong and stable demand for US products, equipment, and services, especially in hi-tech and energy sectors. He affirmed Vietnam’s commitment to fostering a transparent and healthy trade environment, noting that Vietnam stands ready to boost coordination with the US side in combating trade fraud, origin fraud, and illegal transshipment.

Ba Son bridge connects downtown Ho Chi Minh City with Thu Thiem urban area (Photo: VNA)

New development momentum for Vietnam’s economic locomotive

For over five decades, the Southeast region has been recognised as Vietnam’s economic and growth engine. At its core is HCM City, flanked by Binh Duong and Ba Ria – Vung Tau, together forming key growth poles not only for the Southeast but for the entire country.