AsemconnectVietnam - Orient Commercial Joint Stock Bank (Code: OCB) has just announced its business results for the second quarter of 2023 with positive growth momentum.

Accordingly, at the end of the first 6 months of 2023, OCB achieved a pre-tax profit of VND2,560 billion, up 47.2% over the same period last year. Total net revenue reached VND4,453 billion, up 16.8% over the same period. Notably, OCB's non-interest income doubled to VND884 billion in the first 6 months of 2023, contributing to the bank's positive business results.
Net service revenue grew by 4.2%, reaching VND374 billion thanks to cards and account management services, in line with the bank's revenue diversification orientation. In card products alone, international credit and debit card transaction sales recorded a growth of 142% over the same period in 2022. Products such as JCB Gold credit card, JCB Platinum credit card, credit card Mastercard Platinum… received great popularity from the market when the number of new cards issued in the first 6 months of 2023 increased dramatically over the same period.
Operating costs are also strictly controlled by OCB thanks to the strategy of promoting digital transformation, helping to optimize operations. Accordingly, the cost/income ratio (CIR) improved from 39.7% in the first half of 2022 to 31.9%. Digital bank OCB OMNI grew impressively with the number of transactions increasing by nearly 60% over the same period. As for the online home search and loan platform, Unlock Dream Home has connected nearly 30,000 brokers, added 40,000 properties; successfully put into operation a mobile app for brokers and a mobile app for customers get a loan. As of June 2023, there have been nearly 500,000 approaches and nearly 2,000 applications have been disbursed.
As of June 30, 2023, OCB's total assets reached VND 211,292 billion, an increase of 8.9% compared to the end of 2022. In which, customer lending reached VND 127,573 billion, up 6.5% compared to the end of 2022.
Total disbursement for production and business in the first 6 months of the year reached approximately 140% of the accumulated plan, the balance of production and business increased by 67% over the same period in 2022.
Deposit scale at OCB continued to grow significantly when the total deposit in market 1 reached VND147,218 billion, up 7.2% compared to the end of 2022. Customer deposits alone reached VND110,456 billion, an increase of 8, 1% compared to the end of 2022.
Market 1 credit outstanding increased by 6.8% compared to the end of 2022, reaching VND131,125 billion, higher than the industry average (4.7%).
The capital adequacy ratio (CAR), credit balance to mobilized capital (LDR) and bad debt ratio are controlled at a reasonable level, ensuring compliance with regulations of the State Bank. Net interest income ratio (NIM) effectively remained at 3.8%, up year-on-year.
In 2023, OCB sets a target of pre-tax profit of VND6,000 billion, up 37% compared to 2022. With the results of the first 6 months, the Bank has completed 42.7% of the whole year profit plan.
N.Nga
Source: VITIC/Tinnhanhchungkhoan