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Home / Economy / Banking & Finance
Vietcombank posts record-high profit in first quarter
Nguyen Tung 14:05, 2018/04/21
Vietcombank`s pre-tax profit set a new height at VND4.3 trillion (US$189 million) in the first quarter, up 59% year on year, according to the bank`s consolidated financial report.
The figure is equivalent to one third of the year plan, in which Vietcombank's core business line of credit-investment has brought VND6.2 trillion (US$272.5 million) in revenue for the first quarter, up 17.5% compared to the same period of last year. 
Vietcombank posts record-high profit in first quarter.
Vietcombank posts record-high profit in first quarter.
Additionally, services accounted for VND881 billion (US$38.7 million), increasing 36% year on year, while foreign exchange related service brought VND614 billion (US$27 million), slightly down 4.2%, and brokerage services posted at VND277 billion (US$12.1 million), 2.7 times higher than the first quarter of 2017. 
Other services accounted for VND1.6 trillion (US$70.3 million) from January to March, 2.8 times higher than the first quarter of 2017, while capital contribution and shares acquisition are estimated at VND350 billion (US$15.3 million), 3.4 times higher than that of the first quarter. 
As at March 31, Vietcombank's total assets worth VND1,000 trillion (US$43.95 billion), down 3.1% compared to the year beginning. The lender kept its bad debt at 1.37%. 
Vietcombank's equity is at VND56 trillion (US$2.46 billion) as at March 31, up 6.7% compared to the year beginning; deposits at VND731 trillion (US$32.1 billion), up 3.2%, including demand deposits of 29.2%. 
Following its document in prepared for the annual general meeting, Vietcombank set its pre-tax profit at VND13 trillion (US$570 million) in 2018, up 14.6% compared to 2017.
Vietcombank expected its total assets to grow 18%, capital mobilization and credit growth at 15%, while bad debt is kept at under 1.5%. 
For the period from 2018 to 2023, Vietcombank set plan for its assets to grow at an average 13% per year; credit growth at 16% per year; capital mobilization at 15% per year; return on equity (ROE) at 15%; and bad debt at the maximum of 1%; 
Notably, the State Bank of Vietnam (SBV)has approved Vietcombank's plan for equity increase in equivalent of 10% its charter capital, the bank announced. 
Under the bank's restructuring plan until 2020, the bank set its total assets value to reach US$60 billion, with owners' equity of US$4.5 billion. 
In Vietnam, foreign ownership in state banks is capped at 30%. Vietcombank is among the small number of banks that have a 9.12% stake reserved for foreign investors, stated Saigon Securities Research.
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