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Banks report handsome profits

Many local banks have released impressive business results, with many of them being confident that their pretax profits would exceed their targets for 2019.



An individual counts Vietnamese banknotes. Many banks have reported handsome profits - PHOTO: VNA



Specifically, the Bank for Foreign Trade of Vietnam (Vietcombank) earned a record pretax profit of VND17.25 trillion as of the third quarter of this year, surging 51.9% year-on-year and reaching 85.4% of the full-year target, the Vietnam News Agency reported.

According to Vietcombank’s leaders, the bank will beat its pretax profit target of VND20 trillion for this year, reaching some VND22 trillion.

Meanwhile, Le Duc Tho, chairman of Vietnam Bank for Industry and Trade (VietinBank) at a recent meeting with Japan’s Bank of Tokyo Mitsubishi UFJ, Ltd, stated that VietinBank would reach and even beat its profit target for 2019.

The bank had earlier set a pretax profit target of VND9.5 trillion for this year, marking a rise of 41% over the previous year.

By September 30, VietinBank reported a pretax profit of nearly VND8.5 trillion, 11% higher year on year and reaching 89% of the target for 2019.

The Vietnam Bank for Agriculture and Rural Development has exceeded its full-year pretax profit target in only 10 months, hitting VND10.35 trillion. The bank expected to generate a minimum profit of VND11 trillion this year.

In addition, Saigon Thuong Tin Commercial Bank has announced its estimated pretax profit at VND3.2 trillion this year, surpassing the target by 20%.

At Vietnam Technological and Commercial Joint Stock Bank, pretax profit was pegged at VND8.9 trillion in the January-September period, meeting 75% of its full-year target.

A leader of Orient Commercial Bank said the bank had earned more than VND2 trillion in pretax profit in the nine-month period and is confident of fulfilling its pretax profit target of VND3.2 trillion for the whole year. SGT

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