According to the accumulated financial report of Vietcombank, which had posted a record pre-tax profit of more than VND 11 trillion (USD 484.5 million) last year, its pre-tax profit in the first quarter of 2018 skyrocketed by 59.3 percent against the same period in 2017, the highest quarterly growth rate gained by the bank so far. With this surge, the bank met one third of its annual plan by the end of March.

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Photo for illustration. Source: NDH.vn

In the first quarter of this year, the bank’s credit segment brought in more than VND 6.19 trillion (USD 272.6 million) of net profit, up 17.5 percent compared to the same period last year. Its net profit in the service segment posted a surge of 35.5 percent to VND 881 billion (USD 38.8 million).

Net profits from other services accounted for VND 1.6 trillion (USD 70.4 million) from January to March, 2.8 times higher than the first quarter of 2017, while capital contribution and share acquisition were estimated at VND 351 billion (USD 15.4 million), 3.5 times higher than that of the first quarter.

Vietcombank set aside VND 66.71 trillion (USD 2.93 billion) in the first quarter to buy bills issued by the State Treasury and the State Bank of Vietnam, raising its total value of the investment channel to VND 68.71 trillion (USD 3 billion) by the end of March.

The bank’s equity was at VND 56 trillion (USD 2.46 billion) as of March 31, 2018, up 6.7 percent compared to the start of the year. Its deposits were at VND 731 trillion (USD 32.2 billion), up 3.2 percent, while lending rose by 6.29 percent to VND 577.6 trillion (USD 25.44 billion).

The bank expects its total assets to grow by 14 percent and capital mobilization and credit to grow by 15 percent, while keeping bad debt to less than 1.5 percent.

Source: VNA