Export Import Commercial Joint Stock Bank (Eximbank, EIB) has released its financial statement in the second quarter (Q2) 2019.
In this period, Eximbank’s net interest income reached 834.5 billion dong, nearly equal to the same period of last year. Service activities also brought similar profit to the same period of last year with 79 billion dong.
While the bank’s net profit from foreign exchange trading was 20.2 billion dong, down by 70 percent over the same period of last year, the trading of securities and other activities recorded steady increase of above 108 percent. In addition, the bank also received a reversal of more than 36.3 billion dong of provisions for credit risks.
However, since Eximbank’s operating expenses in the period increased by 17 percent to 745.6 billion dong, its pre-tax profit fell by more than 61 billion dong over the same period of last year, reaching 300.7 billion dong.
In the first two quarter so the year, Eximbank’s pre-tax profit was 651 billion dong, down by 30 percent. Its total assets by the end of Q2 2019 reached 159 trillion dong, up by 6.975 trillion dong in the first six months of the year. In particular, the bank’s lending to customers accounted for 105.974 trillion dong, up by just nearly two percent in six months.
Deposits of customers accounted for 129.257 trillion dong, up by nine percent over the beginning of the year. Meanwhile, deposits and lending at/to other credit institutions were strongly reduced from 16.011 trillion dong to 10.260 trillion dong by the end of June 2019.
Regarding bad debts, Eximbank’s bad debts are currently 1.875 trillion dong, down by two percent over the beginning of the year. The bank’s bad debt ratio slightly declined to 1.7 percent.
Until now, Eximbank has not finalised its business plan in 2019 due to the failure to hold the annual shareholders meeting (AGM). On June 21st, EIB again held the 2019 AGM but was unsuccessful because there were not enough votes to conduct meetings according to regulations.
