Vietcombank reports record pre-tax profit

Saturday, 2018-01-13 10:57:30
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NDO/ VNA – The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) reported a record high pre-tax profit of more than VND11 trillion (US$482.5 million) in 2017.

This is the record pre-tax profit to be achieved by a Vietnamese bank, representing a rise of 32.9% during the same period in the previous year and 16% higher than Vietcombank’s set target.
Total deposits last year amounted to VND889.7 trillion (US$39.15 billion), up by 38.7% annually and 18% above the set target.

Vietcombank’s outstanding loans reached VND553 trillion (US$24.33 billion), an increase of 17.2%.

Credit quality was under control, with the ratio of non-performing loans at 1.11%, a drop of 0.35% over the end of 2016.

The bank allocated more than VND6.18 trillion (US$271.92 million) for provisioning last year.

Its trading of foreign currencies was worth US$45.1 billion, rising by 27.2%, while the transfer of remittances was worth US$1.9 billion, up by 14.9%.