Customers and staff at an An Binh Bank (ABBank)
branch in Thai Binh province (Photo: VNA)
Financial reports from
banks showed that although two months still remain until the end of the year,
many banks have already met profit targets set for the whole of 2017.
According to the Orient Commercial Bank (OCB), it completed its whole year
profit plan within the first nine months, with pre-tax profit of 789 billion
VND (34.75 million USD) and completion rate of 101 percent.
As of September 30, 2017, OCB had total assets of 70.87 trillion VND,
accomplishing 83 percent of the year’s plan. Total mobilisation was nearly
56.34 trillion VND, achieving 85 percent of the plan; outstanding loans were
46.84 trillion VND, fulfilling 99 percent of the plan; and non-performing loan
(NPL) ratio was controlled at less than 2 percent.
Tien Phong Commercial joint Stock Bank (TPBank) also announced its financial
statement for the first three quarters of 2017, with nine-month accumulated
pre-tax profit of 807 billion VND, exceeding the whole year’s plan of 780
billion VND.
As of September 30, 2017, TPBank’s total assets were 114.5 trillion VND, up 28
percent year-on-year; outstanding loans were over 67 trillion VND, equal to
97.8 percent of the year’s plan and growing nearly 20 percent; capital
mobilisation improved nearly 21 percent from the beginning of the year, hitting
nearly 95 percent of the year plan; and NPL ratio was less than 0.8 percent.
An Binh Bank (ABBank) also posted its business results and became the next bank
to earn profit matching the whole year’s target in just nine months.
Specifically, in January-September 2017, ABBank attained pre-tax profit of 429
billion VND, up 122 percent year-on-year, and completed 132 percent of the
nine-month plan, equal to 95 percent of 2017’s target.
Prior to the above mentioned banks, the market also saw an unexpected profit
increase for HCM City Development Bank (HDBank), which exceeded the whole
year’s plan in just nine months.
LienVietPostBank came close to achieving its profit target for the whole year.
The announced business results made it clear that the year 2017 is unique as
for the first time since the Government applied an economic stimulus
package in 2009-12, Vietnamese commercial banks have witnessed such rapid
progress in profit generation.
Experts attributed banks’ high profits to rising capital demand. According to
statistics from the State Bank of Vietnam, credit growth in the first nine
months of this year rose 11.02 percent against December last year. The increase
was much higher than the rates of 10.78 percent and 10.46 percent in the same
period in 2015 and 2016.
Source: VNA
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