In its annual report 2019, Orient Commercial Joint Stock Bank (OCB) aims to scale its total assets in 2020 to 150 trillion dong, an increase of 27 percent compared to the end of last year. In particular, deposit growth is expected to be 21 percent and outstanding loans will rise by 25 percent based on the approval of the State Bank of Vietnam (SBV).
Profit before tax is planned to reach 4.4 trillion dong, up 36 percent over the previous year. The bank aims to pay a dividend of 25-27 percent in 2020.
The Board of Management sets the goal of promoting the size of total assets, building alliances with foreign strategic partners to take advantage of opportunities to expand business activities, and provide services to new customers.
At the same time, the bank will continue to promote retail and digital development, OCB OMNI digital bank.
By the end of the first quarter, the bank’s profit before tax was 1.107 trillion dong, up 107 percent over the same period last year, equivalent to 25 percent of the year target. Total assets stood at 118.958 trillion dong, up 0.6 percent compared to the beginning of the year. Loans to customers increased by 8.6 percent to 76.423 trillion dong. Deposits from customers rose by four percent to 71.952 trillion dong. Bad debt stood at 1.299 trillion dong, down slightly from the beginning of the year. Bad debt ratio decreased from 1.83 percent to 1.88%. This year, OCB aims to complete its charter capital increase through a private placement to foreign partners.
In mid-March, SBV approved OCB to increase its charter capital from 7.899 trillion dong to over 8.767 trillion dong, after the bank’s shareholders approved a private placement of nearly 86.9 million shares, equivalent to 11 percent of charter capital, to Aozora Bank of Japan. The entire amount of capital collected will be supplemented by the business investment and loans.
