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Home / Economy / Banking & Finance
VPBank announced pre-tax profit of US$114.2 million in first quarter
Nguyen Tung 14:05, 2018/04/21
VPBank`s pre-tax profit is posted at VND2.6 trillion (US$114.2 million) in the first quarter, up 36% year on year, according to the bank`s consolidated financial report.
VPBank's core business line of credit-investment has brought VND6 trillion (US$263.7 million) in revenue for the first quarter, up 25% compared to the same period of last year. 
VPBank announced pre-tax profit of US$114.2 million in first quarter.
VPBank announced pre-tax profit of US$114.2 million in first quarter.
Additionally, services accounted for VND314 billion (US$13.8 million), increasing 3.3% year on year, while foreign exchange related service recorded losses at VND19.5 billion (US$857,025), slightly increase compared to the loss of VND14.4 billion (US$632,880) in the first quarter of 2017; and brokerage services posted at VND177 billion (US$7.7 million), 2.4 times higher than the first quarter of 2017. 
Other services accounted for VND1.13 trillion (US$49.6 million) from January to March, 5.5 times higher than the first quarter of 2017.
As at March 31, VPBank's total assets worth VND284.3 trillion (US$12.5 billion), up 2.4% compared to the year beginning. The lender kept its bad debt at 4.1%. 
VPBank's equity is at VND31.6 trillion (US$1.38 billion) as at March 31, up 6.5% compared to the year beginning; deposits at VND143.1 trillion (US$6.2 billion), up 7.2%. 
VPBank set target for pre-tax profit in 2018 at VND10.8 trillion (US$476.2 million), up 33% year-on-year, following the draft resolution of the general meeting of shareholders 2018. 
Consequently, total assets of the Vietnamese lender is estimated at VND360 trillion (US$15.8 billion), increasing 29% yearly, while its credit balance is expected to reach VND243 trillion (US$10.7 billion), an increase of 23% over the last year period; keeping bad debts under 3%. 
To achieve the target of pre-tax profit at VND10.8 trillion (US$476.2 million), VPBank aims for 30% growth in revenue in traditional banking services, and 40 - 50% for FE Credit. 
Under this estimation, growth rates on return on equity (ROE) and return on asset (ROA) will be at 27.5% and 2.5%, respectively. VPBank's leaders discussed risk management to be on par with international standard, at the same time to increase the FE Credit's point of sale to 12,000. 
VPBank plans to have 600,000 customers using its digital banking services, 15 times higher the number of 40,000 3 years ago.
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