Vietcombank looks to raise pre-tax profit by 12 percent in 2021
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) sets to increase pre-tax profit by 12 percent year-on-year to 25.2 trillion VND this year, said Director-General Pham Quang Dung at a Hanoi conference on January 11.
Vietcombank Chairman Nghiem Xuan Thanh. (Photo: VNA)
Hanoi (VNA) – The Joint Stock Commercial Bankfor Foreign Trade of Vietnam (Vietcombank) sets to increase pre-tax profit by12 percent year-on-year to 25.2 trillion VND this year, said Director-GeneralPham Quang Dung at a Hanoi conference on January 11.
The bank also aims to raise its total asset by 6 percentand mobilised capital by 8 percent while the credit growth is expected to pickup 12 percent, he said. The non-performing loans (NPLs) will be maintained atbelow 1 percent and Net Interest Margin (NIM) at 3.1 percent.
Last year, Vietcombank has launched a number of creditprogrammes to support borrowers affected by the COVID-19 pandemic and naturaldisasters, said Chairman Nghiem Xuan Thanh, adding that it has made a total offive lending interest rate cuts in 2020 to bring the rate to the lowest among lendersin the country. More than 441.7 trillion VND (19 billion USD) worth of loanshave benefited from reduced interest rates.
The bank has donated about 350 billion VND to socialwelfare activities, of which over 40 billion VND was contributed to theCOVID-19 response.
Vietcombank earned close to 22.53 trillion VND in pre-taxprofit and around 23.07 trillion VND in consolidated profit in 2020, slightlylower than 2019.
It provided a total of nearly 110 trillion VND worth ofloans last year, with credit growth reaching 13.95 percent, the highest amongdomestic banking institutes, compared to the sector’s average of 8 percent.
The NPL rate was kept at 0.61 percent, the lowest amongbanks.
It contributed 9 trillion VND to the State budget. Withstock market shares standing at 100,000 VND each on January 6, Vietcombankbecame the largest listed company, with capitalisation of around 390 trillionVND./.
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Vietcombank Chairman Nghiem Xuan Thanh. (Photo: VNA)
