Vietcombank earns 1 bln USD in profit ahead of schedule
Monday, January 13,2020AsemconnectVietnam - The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) said it has reached the target of 1 billion USD in profit one year ahead of schedule.
At a conference to launch tasks for 2020 on January 10, Vietcombank General Director Pham Quang Dung reported that in 2019, the bank earned 22.717 trillion VND (nearly 980 million USD) in pre-tax profit, up 26 percent from 2018 and equivalent to 114 percent of the target. Meanwhile, its consolidated pre-tax profit hit 23.155 trillion VND (nearly 1 billion USD), equivalent to 115.8 percent of the plan.
The return on assets and return on equity were at 1.6 percent and 25 percent, respectively, higher than the banking sector’s average.
As a result, Vietcombank’s profit rose 3.5-fold from 2015, when the bank’s restructuring plan for 2015-2020 began.
Vietcombank now owns the total asset value of 50 billion USD and has become the bank with the largest market capitalisation in the stock market and the most corporate income tax payment in Vietnam, Dung noted.
Last year, this bank mobilised over 1 quadrillion VND of capital, rising 14.1 percent from 2018. Its outstanding credit balance reached over 735 trillion VND, up 15.9 percent.
It also brought the rate of non-performing loans to 0.77 percent at the end of 2019, down from 0.97 percent at the end of 2018, the bank said.
For 2020, Vietcombank aims to raise its asset value and mobilised capital by 12 percent, increase credit by 14 percent, keep the rate of non-performing loans at under 0.8 percent, and boost pre-tax profit by 15 percent.
Business activities of securities companies in May 2023
Banks improve costs to income ratio thanks to digital transformation
Binh Duong's wood businesses exert great efforts to overcome difficulties
Indian businesses explore opportunities in southern region
OCB AGM: Target VND6,000 billion profit before tax and increase capital to VND20,548 billion in 2023
Hodeco (HDC): Profit decreased by 67.9% to VND31.49 billion in Q1/2023
Dabaco Vietnam (DBC): Record loss of VND320.73 billion in Q1/2023
Vingroup (VIC) reached VND4,264 billion consolidated pre-tax profit in Q1/2023, up 121% yoy
MBBank (MBB) will increase capital to VND53,683 billion
Ha Do (HDG) estimated to reach VND250 billion profit after tax in Q1/2023
PNJ achieved VND749 billion profit after tax in Q1/2023
VietinBank will increase charter capital to VND60,387 billion or over VND66,000 billion
KienlongBank (KLB) aims to reach VND700 billion pre-tax profit in 2023
Bao Viet Securities (BVSC) target VND155.7 billion profit after tax in 2023
Plan on implementing national strategy on climate change ...
Actively and effectively adapting, reducing vulnerability, loss and damage due to climate change; reduce greenhouse gas emissions ...Scheme on attracting, restructuring and improving quality ...
Urban development plan of Binh Phuoc province in a period ...
Plan on implementing Decision No. 327/QD-TTG dated March ...
Hung Kings Temple Festival 2023 kicks off
The Hung Kings Temple Festival 2023 and the Culture and Tourism Week of Ancestral Land 2023 kicked off in the northern province of Phu Tho ...Vietnam trounce Palestine at AFC U-17 Women's Asian ...
Phu Tho: Festival honours UNESCO intangible cultural ...
Saigontourist Group Food and Culture Festival 2023 opens
Vietnam’s top swimmer Huy Hoang to hold Vietnamese flag at ...