VPBank posts 246.8 million USD pre-tax profit
Vietnam Prosperity Joint Stock Commercial Bank (VPBank) posted a pre-tax profit of 5.6 trillion VND (246.8 million USD) in the first nine months of the year, a 79 percent year-on-year increase and reaching the top three of country’s banks following Vietcombank and Vietinbank.
VPBank posted a pre-tax profit of 5.6 trillion VND (246.8 million USD) in the first nine months of 2017 (Photo: VPBank)Hanoi (VNA) - Vietnam Prosperity Joint Stock Commercial Bank (VPBank) posted a pre-tax profit of 5.6 trillion VND (246.8 million USD) in the first nine months of the year, a 79 percent year-on-year increase and reaching the top three of country’s banks following Vietcombank and Vietinbank.
VPBank’s third-quarter business results included impressive growth in profit, total assets, equity, and capital adequacy ratio, showing that the bank is likely to reach its ambitious 7.2 trillion VND (317 million USD) profit target by year’s end.
Its profits have been mainly generated from total operating income, which increased by 48 percent compared with the same period last year and reached 17.5 trillion VND (771 million USD). Net interest and similar income in the first nine months was 14.9 trillion VND (656 million USD), up 41 percent year-on-year.
Meanwhile, operating expenses grew at a rate of only 33 percent, much below the growth rate of total operating income. The non-performing loans ratio of the bank remained at 2.6 percent.-VNA
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