Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) has released the consolidated financial statement for the first quarter (Q1) 2020 with a profit-before tax of 230 billion dong, 2.3 times higher than the same period of last year.
The bank’s credit segment brought about 275 billion dong of net interest income in Q1, down by 3.8 percent compared to the same period of 2019.
In contrast, the bank’s non-credit income recorded very good growth in the previous quarter. Specifically, service segment earned 10.3 billion dong of net profit, nearly doubled, while the foreign exchange segment earned 12.6 billion dong of net profit, nearly nine times higher than the same period of last year.
Notably, in the period, VietBank recorded more than 158 billion dong of net profit from the trading of investment securities, 13 times higher than the same period of last year.
In addition, the bank also attained up to 64 billion dong of net profit from other activities, more than two times higher than the same period of 2019.
After deducting operating expenses, VietBank’s net profit was 259 billion dong in Q1 2020, 2.1 times higher than the same period of last year. After excluding the provisioning costs, the bank’s pre-tax profit remained 230 billion dong, 2.3 times higher than the same period of last year.
By the end of March 31st 2020, the total assets of VietBank were 69.358 trillion dong, slightly up by 0.6 percent compared to the beginning of the year. In particular, the outstanding credit reached 42.083 trillion dong, up by 2.8%.
At the same time, the bank’s equity was 5.188 trillion dong, up by 3.4 percent after three months. Customer deposits of VietBank were 52.007 trillion dong, up by 5.2%.
