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Economic Sector

Last updated: Tuesday, July 17, 2018

 

Vietnam's Commercial Banks Report High Profits in 2017

Posted: Monday, January 08, 2018


Vietnam’s commercial banks reported solid results for 2017 with the total after-tax profit estimated to grow 44.5 per cent from the previous year, according to an independent report of the National Financial Supervisory Commission.

The Bank for Investment and Development of Vietnam (BIDV) has posted the record high of VND8.8 trillion (US$387.2 million) in pre-tax profit last year. By the end of 2017, the lender’s total asset reached VND1,176 trillion, an increase of 16.7 per cent from 2016, affirming itself as one of the country’s largest banks.

Its capital mobilisation expanded 17.9 per cent year-on-year to over VND1,106 trillion, including more than VND934 trillion in deposit from businesses and individuals, up 17.4 per cent.

The Bank for Foreign Trade of Vietnam (Vietcombank) also announced the record profit of about VND10 trillion in 2017, up 20 per cent and 8.7 per cent higher than the bank’s yearly target. It is the highest figure recorded thus far.

With a credit growth of 18 per cent last year, it is natural for the banks to achieve such growth, said economist Nguyen Tri Hieu.

Additionally, recent restructuring and improved risk management signalled another good year for the banking industry.

NDO/VNA








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