Thursday, May 30,2024 - 20:11 GMT+7  Việt Nam EngLish 

OCB estimated to achieve about VND1,200 billion profit in Q1/2024 

 Friday, April 19,2024

AsemconnectVietnam - At the end of the first quarter of this year, OCB profit is estimated to reach about VND1,000 - VND1,200 billion in pre-tax profit.

Mr. Nguyen Dinh Tung, General Director of OCB, said that by the end of the first quarter of 2024, the Bank's credit growth would reach about 4.6%; Capital mobilization also increased by about 5%.
OCB profit in the first quarter of 2024 will reach about VND1,000 - VND1,200 billion before tax (in the first quarter of 2023, OCB recorded pre-tax profit of VND983 billion, an increase of 18% over the same period in 2022).
OCB will hold a shareholders' meeting (AGM) on the morning of April 15 in HCM City. According to the recently announced shareholder meeting documents, OCB plans for pre-tax profit in 2024 to reach VND6,885 billion, an increase of 66% compared to 2023 results. The goal is that by the end of 2024, total assets will reach VND286,562 billion, an increase of 19% % compared to the beginning of the year. Total capital mobilization in market 1 is expected to reach VND197,346 billion and total outstanding debt in market 1 is expected to reach VND177,592 billion, an increase of 17% and 20% respectively.
The indicators of return on capital (ROAE) and return on total assets (ROAA) are also targeted to increase sharply compared to 2023. Bad debt ratio is controlled below 3% according to regulations; The capital adequacy ratio according to Circular 41 (Basel II) reaches at least 11% (compared to the minimum regulation of 8%). In addition, at this general meeting, OCB also plans to submit to shareholders some adjustments to the Bank's charter and the powers of the General Meeting of Shareholders.
Recently, OCB announced its audited consolidated financial statements for 2023, with pre-tax profit reaching VND4,139 billion. Compared to the management report, OCB's pre-tax profit decreased by VND1,088 billion, due to an increase in provision costs of VND501 billion and adjustments to some income items actually collected from customers in 2023 to be accounted for in 2024.
According to data in the audit report, OCB's total assets at the end of 2023 are VND240,114 billion of which outstanding debt in market 1 reached VND148,005 billion. The bad debt ratio was recorded at 2.02%, demonstrating OCB's stable asset quality during the recent period of economic fluctuations.
Explaining the difference before and after the audit, OCB said it proactively set aside additional provision expenses to strengthen the credit risk reserve fund buffer.
N.Nga
Source: VITIC/Tinnhanhchungkhoan
 

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