Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) continued its impressive performance in the first quarter of this year, posting pre-tax profit record high of more than VND4.3 trillion (US$189.4 million).
According to the accumulated financial report of Vietcombank, which had posted a record pre-tax profit of more than VND11 trillion last year, its pre-tax profit in the first quarter of 2018 skyrocketed by 59.3 per cent against the same period in 2017, the highest quarterly growth rate gained by the bank so far. With this surge, the bank met one third of its annual plan by the end of March.
In the first quarter of this year, the bank’s credit segment brought in more than VND6.19 trillion of net profit, up 17.5 per cent compared to the same period last year. Its net profit in the service segment posted a surge of 35.5 per cent to VND881 billion.
Net profits from other services accounted for VND1.6 trillion from January to March, 2.8 times higher than the first quarter of 2017, while capital contribution and share acquisition were estimated at VNDD351 billion, 3.5 times higher than that of the first quarter.
Vietcombank set aside VND66.71 trillion in the first quarter to buy bills issued by State Treasury and State Bank of Vietnam, raising its total value of the investment channel to VND68.71 trillion by the end of March.
The bank’s equity was at VND56 trillion as of March 31, 2018, up 6.7 per cent compared to the start of the year. Its deposits were at VND731 trillion, up 3.2 per cent, while lending rose by 6.29 per cent to VND577.6 trillion.
The bank expects its total assets to grow by 14 per cent and capital mobilisation and credit to grow by 15 per cent, while keeping bad debt to less than 1.5 per cent.
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