Partly-equitised Vietcombank posted a creditable pre-tax profit of 2.8trillion VND (145.83 million USD) to June 30, up 7.3 percent against thesame six months of last year.
After-tax profit of 2.15 trillion VND (111.77 million USD) was up 8.7 percent.
"I'm pleased with the result and believe Vietcombank will be able tobeat its target of 4.5 trillion VND (234.38 million USD) in pre-taxprofit by year end," Vietcombank chairman Nguyen Hoa Binh told VietnamNews on July 28.
It would have been very difficult to make a higher profit.
The bank's net profit to June 30 was 4.19 trillion VND (218.12 millionUSD), up 40.7 percent against the first six months of last year.
Net income from non-credit services was up 15 percent to 475 billionVND (24.74 million USD). But revenue from the bank's foreign exchangeservices was down 50.9 percent to 192 billion VND (10 million USD).
Credit services accounted for 80 percent of the total profit,Vietcombank Financial Statement Spokeswoman Phung Nguyen Hai Yen toldVietnam News.
The non-credit and foreign exchange services provided the remainder.
Vietcombank had wanted to raise its profit from non-credit services but the effort failed.
The Hanoi-based bank increased its risk provision 39.6 percent againstthe first half of last year to 350 billion VND (18.22 million USD).
Its total assets as of June 30 was 246.33 trillion VND (12.83 billion USD).
The bank is now increasing its charter capital from 12.1 trillion VND(630.2 million USD) to 13.22 trillion VND (688.7 million USD) throughthe issuing of 112.28 million shares to existing shareholders -including the State - at a ratio of 1,000:92.79.
The StateBank of Vietnam - the State's holder of Vietcombank shares -transferred 1.02 trillion VND (53.02 million USD) from the support fundfor the reorganisation and equitisation of State-owned enterprises tobuy additional shares on July 26. The State now holds almost 1.1billion or 90.72 percent of Vietcombank shares.
Vietcombank has sold 5 million shares or 0.57 percent of its stake inEximbank and 19 percent of its stake in Gia Dinh Bank to reorganise itsinvestment portfolio.
It now holds an 8.19-percent stake in Eximbank and 11 percent in Gia Dinh Bank.
The sales were also intended to help Vietcombank raise its minimumcapital adequacy ratio to 9 percent - instead of the previous 8 percent -and lower its ownership of other credit institutions to 11 percent inaccordance with central bank regulations, explained general directorNguyen Phuoc Thanh.
Vietcombank shares, VCB on the HCM Stock Exchange, closed down 0.1 percent at 36,900 VND each July 28./.
After-tax profit of 2.15 trillion VND (111.77 million USD) was up 8.7 percent.
"I'm pleased with the result and believe Vietcombank will be able tobeat its target of 4.5 trillion VND (234.38 million USD) in pre-taxprofit by year end," Vietcombank chairman Nguyen Hoa Binh told VietnamNews on July 28.
It would have been very difficult to make a higher profit.
The bank's net profit to June 30 was 4.19 trillion VND (218.12 millionUSD), up 40.7 percent against the first six months of last year.
Net income from non-credit services was up 15 percent to 475 billionVND (24.74 million USD). But revenue from the bank's foreign exchangeservices was down 50.9 percent to 192 billion VND (10 million USD).
Credit services accounted for 80 percent of the total profit,Vietcombank Financial Statement Spokeswoman Phung Nguyen Hai Yen toldVietnam News.
The non-credit and foreign exchange services provided the remainder.
Vietcombank had wanted to raise its profit from non-credit services but the effort failed.
The Hanoi-based bank increased its risk provision 39.6 percent againstthe first half of last year to 350 billion VND (18.22 million USD).
Its total assets as of June 30 was 246.33 trillion VND (12.83 billion USD).
The bank is now increasing its charter capital from 12.1 trillion VND(630.2 million USD) to 13.22 trillion VND (688.7 million USD) throughthe issuing of 112.28 million shares to existing shareholders -including the State - at a ratio of 1,000:92.79.
The StateBank of Vietnam - the State's holder of Vietcombank shares -transferred 1.02 trillion VND (53.02 million USD) from the support fundfor the reorganisation and equitisation of State-owned enterprises tobuy additional shares on July 26. The State now holds almost 1.1billion or 90.72 percent of Vietcombank shares.
Vietcombank has sold 5 million shares or 0.57 percent of its stake inEximbank and 19 percent of its stake in Gia Dinh Bank to reorganise itsinvestment portfolio.
It now holds an 8.19-percent stake in Eximbank and 11 percent in Gia Dinh Bank.
The sales were also intended to help Vietcombank raise its minimumcapital adequacy ratio to 9 percent - instead of the previous 8 percent -and lower its ownership of other credit institutions to 11 percent inaccordance with central bank regulations, explained general directorNguyen Phuoc Thanh.
Vietcombank shares, VCB on the HCM Stock Exchange, closed down 0.1 percent at 36,900 VND each July 28./.
