At the end of June, some commercial banks have updated their business results with high profit growth and the prospect of exceeding their full-year target.

Vietcombank (VCB), the biggest listed bank by market value, posted pre-tax profit of over VND 7.72 trillion (USD 340 million) in the first half, up 53 percent against the same period of last year and equivalent to 55 percent of its yearly target.

The financial indicators which measure the bank’s profitability, such as net interest margin (NIM), return on average asset (ROAA) and return on average equity (ROAE) have also outperformed the general market ratios and increased sharply compared to 2017.

Many big listed companies have reported positive earnings in the first half of this year.

In terms of profit growth, Tien Phong Bank (TPB) led the sector with first-half pre-tax profit of over VND 1 trillion (USD 44 million), a rise of 121 percent year-on-year and exceeding its six-month target by 12 percent.

The second-largest listed lender Vietinbank (CTG) also estimates its six-month pre-tax profit of about VND 5.2 trillion (USD 229 million), up over 8 percent against last year.

In the securities sector, Saigon Securities Inc. (SSI) was the first firm to report first-half profit, bringing in VND 885 billion (USD 39 million) and registering 20 percent growth.

The HCM City-based company continues to lead the brokerage market in both exchanges in HCM City and Hanoi. Its market share reached 20.91 in the first six months, far exceeding second-place Ho Chi Minh Securities Corp with 11.73 percent.

In the retail sector, Digiworld Corp (DGW) posted first-half earnings of VND 42 billion (USD 1.8 million) on total revenue of 2.63 trillion (USD 115.8 million), up 45 percent in profit and 69 percent in revenue against the same period of last year.

According to the company, strong growth in sales of mobile phones (up 345 percent) and office equipment (52 percent) drove its strong performance.

State-owned glass and construction material producer Viglacera estimates its pre-tax profit hit about VND 500 billion (USD 22 million), equivalent to last year’s first half number. But its second-quarter profit alone surged 33 percent to VND 353 billion (USD 15.5 million).

The company said it has faced strong competition from other domestic producers and import sources. However, as it is operating in both the construction and real estate sectors, the company still expects the full-year results to increase by 7 percent against last year.

Many other companies have also updated their shareholders with their estimates of first-half earnings, including Vicostone (VCS), PetroVietnam Technical Services Corp (PVS), Sao Ta Foods (FMC) and Vnsteel-Vicasa (VCA)

Source: VNA