AsemconnectVietnam - Oriental Commercial Joint Stock Bank (HOSE: OCB) has just announced its business results for the first 9 months of 2024, recording VND2,553 billion in profit.

Specifically, at the end of the first 9 months of 2024, OCB's total net revenue reached VND6,851 billion, of which net interest revenue reached VND5,952 billion, up 9.5% over the same period last year from core business activities. Notably, OCB recorded net service revenue increasing in the third quarter by 32.4% to VND199 billion thanks to strong digital transformation activities.
Just 4 months after launching the new generation OCB OMNI application, as of September 30, the number of transactions on this platform increased by 71% over the same period, non-term deposits (CASA) increased by 26% and term deposits (eSaving) increased by 37%. The card business segment also had an impressive growth rate. In the first 9 months of 2024, international credit and debit card transaction turnover increased by 20% and net revenue increased by 27% over the same period in 2023. In addition, the number of international credit and debit card issuances in the third quarter of 2024 increased by 34% compared to the second quarter of 2024. Revenue from consulting services and insurance fees also maintained good growth. OCB's net non-interest income recorded a decrease of 39.5% in 9 months. In particular, net revenue from foreign currency trading increased quite positively in the context of the exchange rate gradually stabilizing, reaching 289 billion; however, net revenue from securities trading activities, specifically government bonds, recorded a decrease.
As a result, OCB recorded pre-tax profit for the first 9 months of VND2,553 billion.
As of September 30, 2024, OCB's total assets reached VND265,502 billion, an increase of 10.6% compared to the end of 2023. Market 1 mobilization reached VND176,287 billion; customer deposits maintained positive results at VND136,535 billion, an increase of 8.4% compared to the end of 2023.
OCB recorded a credit growth rate of market 1 at 10.4% in the first 9 months of 2024, higher than the industry average. In particular, outstanding credit balances are concentrated and increased sharply in two strategic segments: individual customers (RB) and small and medium enterprises (SME), with increases of 6.9% and 25.9%, respectively.
Accumulated provision expenses in the first 9 months of 2024 recorded an increase of VND773 billion over the same period, in order to increase the buffer, ensuring the bank's operations in the face of bad debt still tending to increase due to the general impact of the market.
In the first 9 months of the year, OCB prioritized adding human resources, the number of employees increased by 11%, while the average income increased by 10%, at VND28.5 million/month over the same period.
In addition to focusing on promoting and developing technology, OCB also invested in and expanded the scale of its nationwide network of operations. Specifically, the Bank has opened 17 new branches/transaction offices, relocated 20 units to locations, routes, and local centers, built transaction spaces according to international standards, modern and classy, bringing the total number of OCB transaction points to 176, in 48 key economic provinces and cities.
N.Nga
Source: VITIC/Tinnhanhchungkhoan