Orient commercial bank ups before-tax profit this year
The Orient Commercial Bank has targeted increasing before-tax profit by over 60 percent to nearly 780 billion VND this year, as heard an annual shareholders’ meeting held in Ho Chi Minh City on April 19.
HCM City (VNA) – The OrientCommercial Bank (OCB) has targeted increasing before-tax profit by over 60percent to nearly 780 billion VND (33.91 million USD) this year, as heard anannual shareholders’ meeting held in Ho Chi Minh City on April 19.
An OCB executive said the target isbased on a credit growth of 14 percent, deposit growth of 34 percent and rateof bad debts below 2 percent, in line with its 2016-2020 plan of restructuringcredit organisations as directed by the State Bank of Vietnam (SBV).
This year, OCB will raise its chartercapital to 5 trillion VND, pay a dividend of 10 percent, including 5 percent incash and the remaining in stock, as well as put into operation 9 transactionoffices and open other 8.
Last month, the SBV allowed theestablishment of an international money transfer company – an affiliate of OCBwhich will be helmed by OCB Deputy General Director Truong Dinh Long asChairman and Trinh Hoai Nam as General Director.
In 2016, OCB posted a before-tax profitof nearly 484 billion VND, 8 percent higher than the set target. - VNA
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Illustrative image (Source: Orient Commercial Bank) 
