Lien Viet Post Commercial Joint Stock Bank (LienVietPostBank) has just announced its Q2/2019 financial statement with a pre-tax profit of 605 billion dong, 5.5 times higher than that of Q2/2018.
LienVietPostBank earned 1.563 trillion dong of net income from the credit sector in the last quarter, up to 39 percent.
Meanwhile, the service sector brought in 69.3 billion dong of net income, three times higher. The foreign exchange brought about 10.9 billion dong of net profit, far from the net loss of 35.5 billion dong in the same period last year. Investment securities segment recorded a net loss of 27.8 billion dong, down from the net loss of 107 billion dong in the same period last year.
Other activities brought in net profit of 6.3 billion dong, equal to one sixth of the same period.
At the end of the second quarter of 2019, LienVietPostBank’s net profit was 661 billion dong, 2.7 times higher than the same period last year. However, due to a sharp drop in provisioning on net profit to 8.5 percent (from 54.8 percent in Q2/2018), LienVietPostBank’s profit before tax increased by 5.5 times, reaching 605 billions dong.
Accumulated in the first half of 2019, the bank’s pre-tax profit stayed at 1.116 trillion dong, an increase of 81 percent compared to the same period last year.
By the end of June 30, 2019, LienVietPostBank’s total assets were 189.954 trillion dong, an increase of 8.5 percent compared to the beginning of the year. Loan outstanding reached 129.209 trillion dong, up 8.4 percent. Internal bad debt ratio was at 1.48 percent.
Regarding capital, equity of LienVietPostBank reached 11.877 trillion dong at the end of June 30, 2019, up 16.4 percent compared to the beginning of the year. Customer deposits were 130.052 trillion dong, up 4.1 percent.
