Vietcombank looks to raise pre-tax profit by 12 percent in 2021

Vietcombank's Director-General Pham Quang Dung speaks at the conference. Photo: Bnews

The bank also aims to raise its total asset by 6 percent and mobilised capital by 8 percent while the credit growth is expected to pick up 12 percent, he said. The non-performing loans (NPLs) will be maintained at below 1 percent and Net Interest Margin (NIM) at 3.1 percent.

Last year, Vietcombank has launched a number of credit programs to support borrowers affected by the COVID-19 pandemic and natural disasters, said Chairman Nghiem Xuan Thanh, adding that it has made a total of five lending interest rate cuts in 2020 to bring the rate to the lowest among lenders in the country. More than 441.7 trillion VND (19 billion USD) worth of loans have benefited from reduced interest rates.

Vietcombank earned close to 22.53 trillion VND in pre-tax profit and around 23.07 trillion VND in consolidated profit in 2020. Photo: VCB

The bank has donated about 350 billion VND to social welfare activities, of which over 40 billion VND was contributed to the COVID-19 response.

Vietcombank earned close to 22.53 trillion VND in pre-tax profit and around 23.07 trillion VND in consolidated profit in 2020, slightly lower than 2019.

It provided a total of nearly 110 trillion VND worth of loans last year, with credit growth reaching 13.95 percent, the highest among domestic banking institutes, compared to the sector’s average of 8 percent.

The NPL rate was kept at 0.61 percent, the lowest among banks.

It contributed 9 trillion VND to the State budget. With stock market shares standing at 100,000 VND each on January 6, Vietcombank became the largest listed company, with capitalisation of around 390 trillion VND.

Source: VNA