Vietcombank earns record high pre-tax profit

Vietcombank 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 this year, posting pre-tax profit record high of more than 4.3 trillion VND (189.4 million 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 percent against the same period in 2017, the highest quarterly growth rate gained by the bank so far. With this surge, the bank met one third of its annual plan by the end of March.

In the first quarter of this year, the bank’s credit segment brought in more than 6.19 trillion VND (272.6 million USD) of net profit, up 17S.5 percent compared to the same period last year. Its net profit in the service segment posted a surge of 35.5 percent to 881 billion VND (38.8 million USD). 

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

Vietcombank set aside 66.71 trillion VND (2.93 billion USD) in the first quarter to buy bills issued by the State Treasury and the State Bank of Vietnam, raising its total value of the investment channel to 68.71 trillion VND (3 billion USD) by the end of March.

The bank’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 731 trillion VND (32.2 billion USD), up 3.2 percent, while lending rose by 6.29 percent to 577.6 trillion VND (25.44 billion USD).

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