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OCB reaches nearly VND4,000 billion pre-tax profit after the first 9 months of 2023 

 Tuesday, November 21,2023

AsemconnectVietnam - Orient Commercial Joint Stock Bank (OCB) has just announced business results for the first 9 months of 2023 with pre-tax profit of VND3,915 billion, an increase of 47.8% over the same period.

Specifically, at the end of the first 9 months of 2023, OCB recorded total net revenue of VND6,921 billion, an increase of 17.6% over the same period last year. The driving force comes from core business segments such as retail, corporate customers, card services, OCB OMNI digital bank...
Of which, interest income reached VND5,434 billion, maintaining a positive growth rate in the context of the economy showing many signs of recovery. Notably, non-interest income continued to be the highlight of OCB's growth when it increased by 94.6% to VND1,487 billion and contributed significantly 21% to total net revenue.
Operating costs were well controlled when OCB's cost/revenue ratio (CIR) decreased to 32.1% while the same period in 2022 was at 39.4%. Thus, after 9 months, OCB recorded pre-tax profit of VND3,915 billion, an impressive growth of 47.8% over the same period in 2022.
As of September 30, 2023, OCB's total assets reached VND216,755 billion, an increase of 11.7% compared to the beginning of the year. In particular, outstanding debt in market 1 also increased by 10.8% compared to the end of 2022, reaching VND136,105 billion, completing 92% of the 2023 plan thanks to actively implementing a series of loan packages with preferential interest rates and simple procedures.
Recently, OCB has focused on promoting businesses that benefit from public investment, household businesses and retail lending. These are industries and fields that are being prioritized by the state to promote economic growth.
OCB's total production and business disbursement in the first 9 months of the year reached 235% of the accumulated plan, the production and business balance increased by 119% over the same period in 2022. Focusing on the right customer segment and appropriate business segment have helped OCB maintain positive credit growth compared to the industry average.
The scale of mobilization continues to grow clearly when mobilization in market 1 reached 155,664, an increase of 13.3% compared to the end of 2022, completing 90% of the year's plan although mobilization interest rates in the market tend to decrease from the second quarter of 2023.
In addition, related indicators of risk management such as capital adequacy ratio (CAR), short-term capital ratio for medium and long-term loans, loan-to-deposit ratio (LDR), are always maintained at a safe level by OCB. Bad debt ratio is controlled at 1.94%, meeting all regulations of the State Bank. Stable liquidity index, adequate liquid asset buffer.
Compared to the beginning of 2023, up to the current period, OCB's new disbursement interest rate has decreased from 2 to 6%. With the need to borrow capital for production, business or consumption such as buying a house, real estate, car... customers will enjoy preferential interest rates from only 6.5%/year at OCB.
Deploying a credit package for businesses from only 6.79%/year, some specific businesses in the fields of Logistics, Healthcare, FMCG (fast-moving consumer goods), education, import-export, FDI... will receive Additional support of 0.2% annual interest rate and many other incentives.
N.Nga
Source: VITIC/Tinnhanhchungkhoan

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