VN banks report large first quarter profits

Several commercial banks in Vietnam have reported big profits in the first quarter of this year.

VN banks report large first quarter profits

Vietcombank announced a huge profit of VND 5.9 trillion in the first quarter of this year.

At the annual shareholders' meeting, held on April 23, general director of the Vietnam Bank for Industry and Trade (VietinBank), Tran Minh Binh said that the bank made a profit of VND3.1 trillion (USD134.7 million), in the first quarter of 2019, an increase of 4 per cent over the same period of last year.

Binh said that the increase in profit came from the bank's restructuring on loan market and non-credit activities.

At the meeting, it was announced that Vietinbank aimed to hike its total assets by 2-5 per cent in 2019; total outstanding loans to rise by 6-7 per cent; total deposits to grow by 10-12 per cent, and bad debt below 2 per cent.

The lender’s consolidated pre-tax profit was expected to reach VND9.5 trillion (USD407.7 million) by end-year, up 41 per cent year-on-year, of which the parent bank’s pre-tax profits will be at least VND9 trillion.

The bank’s shareholders agreed that all dividends projected for 2018 would be paid by shares at the rate of 8.03 per cent, or to use all 2018 profits to raise charter capital.

The bank’s board of directors will decide on the profit distribution plan after getting approval.

 

At Asia Commercial Bank's (ACB) annual shareholders' meeting 2019, chairman Tran Hung Huy, said that the bank may have some VND600 billion from dealing with bad debts to add in its expected profit of VND 7.3 trillion this year.

"ACB's profit in this year's first three months reached VND 1.7 trillion," Huy said, adding that the State Bank of Vietnam has officially approved for the bank to follow Basel II standards.

Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) has also announced profit of VND 1.1 trillion in the first quarter, double last year's figure. The bank has reached 40 per cent of this year's profit target of VND 2.650 trillion.

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) announced a huge profit of VND 5.9 trillion in the first quarter of this year.

Vietcombank chairman Nghiem Xuan Thanh said that the bank targeted to make VND20.5 trillion in profit this year which is 12 per cent up on-year.

Nguoi Lao Dong/Dtinews

 
 

Other News

.
Equitisation doesn't necessarily mean a better future for SOEs
Equitisation doesn't necessarily mean a better future for SOEs
BUSINESSicon  10/10/2020 

Equitisation should be a magic wand to improve the performance of a State-owned enterprise (SOE), but in some cases, it is not.

Banks push bancassurance amid low credit growth
Banks push bancassurance amid low credit growth
BUSINESSicon  09/10/2020 

Banks are pushing the sale of life insurance products (bancassurance) in the context of low credit growth since the beginning of this year due to the impacts of the COVID-19 pandemic.

Sound direction for Vietnam’s chances of economic revival
Sound direction for Vietnam’s chances of economic revival
BUSINESSicon  09/10/2020 

Despite heavy aftermaths caused by the global health crisis, the Vietnamese economy remains in positive growth in the first nine months of the year on the back of the government’s sound responses to curb the pandemic return.

Reforms to cut unwanted administrative processes
Reforms to cut unwanted administrative processes
BUSINESSicon  09/10/2020 

In a bid to boost institutional reforms towards a modern market economy, further abolishing and reducing business regulations to create a bigger space for the private sector to develop will serve as a new driving force 

Rising handling charges neccessary to advance
Rising handling charges neccessary to advance
BUSINESSicon  09/10/2020 

International shipping lines are expected to face an increase of 12 per cent in domestic container handling service charges at Vietnamese seaports from early 2022, triggering concerns over a possible charge burden on local shippers.

Fish sauce producers in a tight spot
Fish sauce producers in a tight spot
BUSINESSicon  09/10/2020 

Traditional fish sauce is one of the most typical components in Vietnamese cuisine and while its nutritional value has been analysed thoroughly, getting EU customers to consume it more regularly remains a challenge.

Tra fish famers, exports hit hard by Covid-19 pandemic
Tra fish famers, exports hit hard by Covid-19 pandemic
BUSINESSicon  09/10/2020 

Tra (pangasius) fish prices have dropped to their lowest levels in 11 years since exports have been hit by Covid-19, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

September surprise: fruit prices soar to record high
September surprise: fruit prices soar to record high
BUSINESSicon  09/10/2020 

Passion fruit, pomelo, dragon fruit and fresh coconut have been exported to Europe in large quantities under the EVFTA, which took effect this year.

Mystery businessmen pours VND150 billion into ITA, Dang Thi Hoang Yen makes surprise move
Mystery businessmen pours VND150 billion into ITA, Dang Thi Hoang Yen makes surprise move
BUSINESSicon  09/10/2020 

The ITA shares of the Tan Tao Group unexpectedly witnessed an impressive trading session with a record high trading volume.

VN rice exporters gear up to penetrate EU arena
VN rice exporters gear up to penetrate EU arena
BUSINESSicon  08/10/2020 

Vietnamese companies have been stepping up investment to boost rice exports to Europe – however, it remains a challenging task penetrate the market efficiently.

VRDF highlights advantages of value chain development
VRDF highlights advantages of value chain development
BUSINESSicon  08/10/2020 

Amid the heavy impact the pandemic has had so far on Vietnam’s economy, possible solutions to overcome the crisis and come out even stronger have been under discussion at this year’s Vietnam Reform and Development Forum.

Plastic stocks surge in two months, boosted by low production cost
Plastic stocks surge in two months, boosted by low production cost
BUSINESSicon  08/10/2020 

Listed plastic companies have seen their market values expand 15-50 percent in the last two months on low oil prices and increased consumption.

Husbandry to undergo modernisation
Husbandry to undergo modernisation
BUSINESSicon  08/10/2020 

New technologies from the fourth Industrial Revolution will be applied in livestock breeding in order to produce safe and high-quality output while improving the husbandry sector’s competitive edge,

Businessman leaves after 16 years of building fortune
Businessman leaves after 16 years of building fortune
BUSINESSicon  08/10/2020 

The long battle inside the biggest construction company in Vietnam has come to an end with the departure of a successful businessman.

VN issues action plan to implement National Energy Development Strategy
VN issues action plan to implement National Energy Development Strategy
BUSINESSicon  08/10/2020 

Vietnam aims to raise its renewable energy sources to 15-20 per cent of the total energy supply by 2030 and 25-30 cent by 2045.

Trade surplus reaches $7.2 billion
Trade surplus reaches $7.2 billion
BUSINESSicon  07/10/2020 

Vietnam’s total import-export turnover for agricultural, forestry and fishery products in January-September was estimated at nearly US$52.8 billion, making for a trade surplus of $7.2 billion,

Additional economic relief packages in the pipeline
Additional economic relief packages in the pipeline
FEATUREicon  07/10/2020 

The Government is drafting second economic relief packages aimed at assisting the national economy, especially businesses, in the face of the ongoing COVID-19 crisis.

Local manufacturing industry enjoys solid growth in September
Local manufacturing industry enjoys solid growth in September
BUSINESSicon  07/10/2020 

Manufacturing sector returned to growth in September as concerns around the outbreak of the COVID-19 pandemic in the country eased. Both output and new orders increased, while business confidence strengthened, and the rate of job cuts softened.

Agriculture: Backbone of Vietnam’s economy
Agriculture: Backbone of Vietnam’s economy
BUSINESSicon  07/10/2020 

Agriculture has long been the backbone of Vietnam’s economy and has posted a range of achievements in the 30 years since the country’s economic reform (Doi Moi) process got underway.

Negotiations on Vietnam-UK FTA expected to be completed late this year
Negotiations on Vietnam-UK FTA expected to be completed late this year
BUSINESSicon  07/10/2020 

Vietnam and the United Kingdom are speeding up negotiations on a new-generation free trade agreement between the two sides, which is expected to be completed at the end of this year.

 
 
 
Leave your comment on an article

OR QUICK LOGIN