Vietcombank’s Q1 compound profit up 34pct y-o-y

17-May-2011 Intellasia | CafeF | 9:15 PM Print This Post

Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank-VCB) has recently announced the compound business results in the first quarter of this year with compound after tax profit at 1.441 trillion dong.

Particularly, the bank’s net profit from services slipped 13% to 245.5 billion dong, net profit from foreign exchange activities at nearly 400 billion dong, nearly 2-fold increase against the same period last year.

Meanwhile, the bank posted a loss of 2.67 billion dong from securities trading activities while the lender gained nearly 165 billion dong profit from this field in last Q1.

VCB’s net profit from other activities was 36 billion dong, down 25% year on year and its profit from stake purchase at 80.78 billion dong, three times higher than that of last Q1.
VCB’s operation costs in Q1 were 1.27 trillion dong, up 79% year on year.

Also in Q1, Vietcombank spent over 400 billion dong on its credit risk backup fund, so its compound pre tax profit in Q1 was nearly 1.895 trillion dong, up 34% from last Q1.

The bank’s earnings per share (EPS) in Q1 reached 816 dong.
Previously, VCB reported the pre tax profit of the holding bank in Q1 at over 1.775 trillion dong.

VCB now has five subsidiaries, three of which with 100% stake held by Vietcombank include Vietcombank Financial Leasing Ltd Co, Vietcombank Securities Ltd Co and Vietnam Finance Ltd Co and two with 75% stake held by Vietcombank include Vietcombank Tower 198 and VCB-Money Co (specialises in remittance transfer).

According to the report on profit structure by operation fields, in Q1 2011, VCB gained nearly 1.84 trillion dong in pre tax profit (accounting for 97% of the total compound profit), VCBS reached nearly 9.5 billion dong of pre tax profit and 16.94 billion dong pre tax profit from non-banking financial institutions.

Till March 31, 2011, VCB’s total outstanding loans reached 197.931 trillion dong, rising 12% from the end of 2010.


Category: Finance

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