Hanoi (VNA) – The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has reported an impressive pre-tax profit of 17.3 trillion VND (740.1 million USD) in the first half of 2022.

In the January-June period, the bank’s bad debt provision rate reached a record of over 500%, the highest in the market.

As of June 30, Vietcombank’s total asset was valued about 1.6 quadrillion VND, a rise of 13.4% over that at the end of 2021. Particularly, its credit growth hit 14.6% in the period to over 1.1 quadrillion VND.

Also by the said date, the bank’s bad debts were over 6.69 trillion VND, up 9.4% over the beginning of the year.

With the results, Vietcombank rose to the top position of the industry in terms of profit in the first half of this year. Earlier, the position belonged to VPBank with over 15.32 trillion VND.

Vietcombank has remained the lender with the largest market capitalisation among the credit institutions listed on Vietnam's stock market. With a market capitalisation of 15.5 billion USD, Vietcombank is currently ranked 1,205th among the largest listed companies globally according to the latest statistics of Reuters. It is the only Vietnamese enterprise in the list of the 1,000 largest enterprises in the globe, according to the latest assessment of Forbes in May 2022.

At 9:27 am on July 26, the price of each Vietcombank’s share was 73,400 VND./.