VPBank posts 41% increase in profit in 9 months
Vietnam Prosperity Bank (VPBank)`s total asset value was reported at VND296.21 trillion (US$12.74 billion), up 17% year-on-year.
Hanoi-based VPBank posted its consolidated revenue in the first nine months of 2018 at VND22.11 trillion (US$951.28 million), resulting in pre-tax profit of VND6.12 trillion (US$263.31 million), up 41% year-on-year and equivalent to the figure recorded for the entire year of 2017, stated the bank.
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VPBank's total asset value was reported at VND296.21 trillion (US$12.74 billion), up 17% year-on-year.
In early August, the State Bank of Vietnam (SBV) released Instruction No. 4, affirming that the agency will not consider adjusting credit growth limits in the second half of 2018 (except for special cases).
As such, banks that have used up almost of their permitted level will have to find some ways to allocate remaining quota in the last quarters properly. This might be challenging as borrowing needs usually surge in the fourth quarter, according to Vietnam Dragon Securities Companies (VDSC).
Among banks, VPBank is included in group with moderate credit growth at 7.8%. VDSC stated that there is sufficient room left, so banks in this group can actively manage credit growth in the next quarters without being too concerned about the peak season in the fourth quarter.
"We hold the view that the effect of the SBV's new instruction on these banks will be minor," VDSC said.
VPBank's pre-tax profit in 2017 reached VND8.1 trillion (US$356.6 milion), up 65% over the last year's period, according to the bank's financial statement. The bank's total assets last year reached nearly VND278 trillion (US$12.2 billion), increasing 21% from the previous year.
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