Vietcombank H1 Pretax Profit of VND2,450B Meets 75 per cent of Year's Target
The Joint Stock Bank for Foreign Trade of Vietnam (VCB) made pretax profit of VND2,450 billion in the first half this year, fulfilling 75 per cent of its yearly target, the state-run Securities Investment magazine reported, citing a VCB senior official.
Of the figure, income from lending activities made up for 70 per cent, said Nguyen Hoa Binh, chairman of Vietcombank.
As of June 30, the Hanoi-based lender had total assets of VND222 trillion, almost unchanged from VND221.95 trillion at the end of 2008.
Total deposits mobilized by Vietcombank had reached VND187 billion while its total outstanding loans were estimated at VND129 billion, including VND44 trillion disbursed under the government’s subsidy program.
Binh said the bank had cut bad debt to 4.1 per cent of loans from 4.6 per cent at the end of 2008, and its capital adequacy ratio stood at 9 per cent, above the 8 per cent rate considered safe by the country’s central bank.
This year, Vietcombank targets pretax profit of VND3.320 trillion, total assets of VND246.37 trillion, and total outstanding loans of VND133.09 trillion with bad debt ratio limited at 3.5 per cent.
VCB shares closed down 2.5 per cent at VND58,000 on 217,170 shares traded on July 2. (Securities Investment)
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