NCB records 16-time increase in profit year-on-year

16-Oct-2021 Intellasia | To Quoc | 5:02 AM Print This Post

National Citizen Commercial Joint Stock Bank (NCB, stock code: NVB) is the first bank to announce its financial statement for the third quarter (Q3) of 2021.

The bank’s financial statement showed that by the end of September, the total assets of NCB reached over 81.1 trillion dong, down by 9.6 percent compared to the beginning of the year. the outstanding loans to customers increased by over 2.6 percent to over 41.3 trillion dong, while customers’ deposits declined by 3.7 percent to 69.501 trillion dong.

In Q3/2021, NCB’s business results recorded a strong growth. Specifically, the net interest income of NCB reached 439 billion dong, up by 25.2 percent year-on-year. In addition, service activities achieved a profit of 12.25 billion dong, up by 34.6 percent year-on-year. the trading of investment securities also brought a profit of up to 54.6 billion dong, more than four times higher than the same period of last year.

However, NCB’s foreign exchange trading recorded a loss of 860 million dong. Other activities unexpectedly suffered a loss of 43.8 billion dong while it was a profit of over nine billion dong in the same period of last year.

The Q3 total operating income of NCB was over 461 billion dong, up by 20.7 percent year-on-year. the Operating expenses rose by 21.7 percent to 250 bllion dong. Accordingly, the net profit from business activities (before provisioning for risks) was 211 billion dong, up by 19.5 percent year-on-year.

NCB’s provisioning expenses in Q3/2021 was 132 billion dong, up by 66 times year-on-year. However, in the same period of last year, NCB had to provision at 170 billion dong for the items handled under the restructuring scheme.

By the end of September, the on-balance sheet bad debts of NCB were 800 billion dong, up by 191 billion dong compared to the beginning of the year. The bank’s bad debt ratio increased from 1.51 percent to 1.94%.

In addition to the positive business performance, the salaries and bonuses of NCB’s employees also rose sharply. Specifically, the bank’s average income in the first three quarters of 2021 was 18.5 million dong per month, up by three million dong per month over the same period of 2020.

 

Category: Finance, Vietnam

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