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Banks in Vietnam post significant profits in 2019
The Saigon Times Daily
Wednesday,  Jan 8, 2020,14:24 (GMT+7)

Banks in Vietnam post significant profits in 2019

The Saigon Times Daily

A bank teller counts Vietnamese banknotes. Several banks have reported high profits in 2019 - PHOTO: THANH HOA

HCMC – Banks in Vietnam have begun releasing their 2019 business results, with many of them recording handsome profits.

The Vietnam Bank for Industry and Trade (VietinBank) today, January 7, announced that its profit exceeded its target by over 26% and reached nearly VND11.5 trillion (US$496.2 million), surging 83% over 2018.

At a conference held in Hanoi to review the bank’s performance last year and discuss plans for this year, VietinBank General Director Tran Minh Binh said that most of the bank’s business targets had been beat, the local media reported.

Although its charter capital has yet to be increased as expected, the bank has adjusted its credit growth to meet the economy’s capital demand and improved its services.

Accordingly, its credit expanded 7.2% versus 2018. The bank’s net revenue from services soared by 43%.

In addition, VietinBank’s bad debt ratio was below 1.2%, way below 1.59% in 2018.

A representative of Orient Commercial Bank noted that 2019 was the third year that the bank has seen its pretax profit exceeding the target, hitting VND3.2 trillion, half as much as the figure in 2018.

Its compound annual rate growth was higher than 88% in the 2016-2019 period.

Meanwhile, Tien Phong Bank's pretax profit last year rocketed by 71.3% year-on-year to nearly VND3.9 trillion and was 21% higher than its estimate. This is the highest-ever profit recorded by the bank.

Moreover, the bank mobilized more than VND147 trillion last year, up 24%. Its credit reached VND102 trillion, growing over 20% and mainly being directed toward the retail sector.

Nghiem Xuan Thanh, chairman of the Bank for Foreign Trade of Vietnam, pointed out that the bank had generated a record profit in 2019, reaching its profit target of US$1 billion a year earlier than expected. Credit had expanded by 16%, the highest level among large credit institutions in Vietnam.

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