SHB's profit in first quarter at US$22 million
SHB posted profit at VND502 billion (US$22 million) in the first quarter, making it feasible for the lender to reach its pre-tax profit target of VND2 trillion (US$87.7 million) in 2018.
The said target would be 6.5% higher than that of in 2017, said the bank at its annual general meeting on April 21.
SHB's profit in first quarter reached US$22 million.
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More importantly, the bank's strategy will be based on its existing advantages of cooperating with foreign financial corporation and investment funds, in turn attract investment capitals for local small and medium enterprises.
As at March 31, total assets of SBH are worth VND286.8 trillion (US$12.57 billion), while the bad debt is kept under 3%.
SHB set its total assets to worth VND315.5 trillion (US$13.8 billion), up 10.3% year on year; equity reaching VND13.2 trillion (US$580.1 million), up 18.25%; capital mobilization from institutions and individuals of VND250.6 trillion (US$11 billion, up 18.82%; while credit growth is expected to increase 15%, equivalent to VND223.8 trillion (US$9.8 billion).
As the bank is on course for healthy development, the State bank of Vietnam (SBV)'s Governor has given permission for SHB to establish 5 additional branches in Son La, Hai Duong, Nam Dinh, Binh Thuan, and Vinh Long, informed SHB on its website.
Additionally, the bank is allowed to open 20 transaction offices under its branches across the country. SHB currently has a network of 500 transaction offices in Vietnam, Laos, and Cambodia, serving nearly 4 million customers.
SHB set the goal of becoming Vietnam's top 3 largest commercial banks by 2020, while the bank is currently in the top 5.
The lender has successfully issued more than 83.92 million shares to pay dividends, raising its charter capital from VND11.2 to VND12 trillion (US$490-528 million), according to the State Securities Commission on March 7.
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