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
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