Business
Banks report huge profits in the first nine months
  • | dtinews.vn | October 21, 2019 05:25 AM
Many commercial banks have reported big profits during the first nine months of 2019.


  

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Vietcombank's profit in the first nine months reached VND17.6trn (USD761m), a 50.6% increase compared to the same period last year. Return on average assets and return on average equity rates were 1.65% and 25.75%. With impressive growth, Vietcombank may meet the goals to reach VND20trn of profit and become one of the top 100 biggest banks in the region.

Military Bank reported nearly VND7.1trn (USD307m) of pre-tax profit. Revenues from banking services reached VND368.4bn. Long-term capital investment activities brought positive results as a loss of VND48bn last year became a VND160bn profit this year.

After two years of restructuring, Sacombank has reported many positive results. In the first nine months of 2019, its pre-tax profit was VND2.5trn, increased by 89.5% on last year. The total amount of deposit reached VND408.88trn and VND290.93trn amount of loans.

Meanwhile, the pre-tax profit at TP Bank was VND2.4trn, increased by VND790bn on last year and completed over 75% of the year plan. It also met many year goals after only three-quarters of operation. The total amount of deposit reached over VND138trn, an increase of 22.4% on last year and completed 97.3% of the year goal.

On October 16, Lien Viet Post Bank reported VND1.6trn (USD108m) of pre-tax profit, an increase of 61% on last year and completed 86% of the year plan. The profit in the third quarter along was VND519bn, increased by 49% compared to the same period last year.

Saigonbank also reported huge profits for the third quarter which improved their overall revenue in the first nine months. The pre-tax profit in the third quarter was VND132bn (USD5.7m), a 13-fold increase on last year. In the first half of 2019, Saigonbank's profit was only VND88bn but the surge in the third quarter helped improve the outlook.

Saigonbank's outstanding loans were VND14.5trn (USD626m) and the bad debt rate stayed at 2.2%.

Bad debts were reported to have decreased sharply. Statistics from the State Bank of Vietnam show that since August 15, 2017, to August 31, 2019, the banking system dealt with VND236trn (USD10bn) of bad debts.

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