Vietcombank sees 47% rise in Jan-Sep pre-tax profit
As of September 30, state-run Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)`s total assets were valued at VND995.11 trillion (US$42.47 billion), down 3.9% compared to the beginning of the year.
In the first nine months of 2018, Vietcombank, Vietnam's largest lender by market value, posted a pre-tax profit of VND11.68 trillion (US$498.73 million), up 47% year-on-year, according to the lender's quarterly consolidated financial statement.
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During the July - September period, the Hanoi-based lender posted a pre-tax profit of VND3.66 trillion (US$156.26 million), up 37% year-on-year.
The result was partly thanks to the bank's core business line of credit-investment with revenue of VND20.42 trillion (US$871.89 million) in the January - September period, up 26% year-on-year, while net revenues from services reached VND2.62 trillion (US$111.86 million), up 34% year-on-year.
Meanwhile, revenue from other activities amounted to VND3.03 trillion (US$129.36 million), doubling the figure recorded in the same period last year, and trading of foreign currencies brought VND1.6 trillion (US$68.31 million), down 6%.
In this period, trading securities posted revenue at VND316 billion (US$13.49 million), down 19% year-on-year.
As of September 30, Vietcombank's total assets were valued at VND995.11 trillion (US$42.47 billion), down 3.9% compared to the beginning of the year.
The lender's current outstanding loans stood at VND627.95 trillion (US$26.8 billion), up 15.6% against the beginning of the year. Bad debt accounted for 1.18% of the total loans.
The bank's equity as of September 30 climbed 17% compared to the beginning of the year to VND61.52 trillion (US$2.6 billion). Customers' deposits at the bank amounted to VND773.4 trillion (US$33.01 billion), in which 28% were demand deposits.
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