Vietcombank reports 9-month profit up to 17.592 tril dong

09-Oct-2019 Intellasia | Vietnam Finance | 6:02 AM Print This Post

According to the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), in nine months of 2019, it recorded a separate pre-tax profit of 17.25 trillion dong, up to 51.9 percent compared to the same period last year and reached 85,8 percent of the whole year plan.

Consolidated profit reached 17.592 trillion dong, up 50.6 percent and completed 85.8 percent of the year plan.

The ratios of ROAA (return on average total assets ratio) and ROAE (return on average equity ratio) are respectively 1.65 percent and 25.75 percent, a sharp increase over the same period of 2018 and higher than the common ground.

By the end of September 30, 2019, the total capital mobilisation reached 998.247 trillion dong. Credit balance reached 709.128 trillion dong, an increase of 11.6 percent compared to the beginning of the year. Off-balance sheet debt collection reached 2.862 trillion dong, fulfilling 82 percent of the year-plan assigned by the Board of directors.

Vietcombank’s profit is expected to continue to maintain a high growth rate when, in a recent development, a source from Bloomberg said that the billionaire Richard Li’s FWD Group was about to pay about $400 million to Vietcombank based on the long-term insurance distribution deal through this bank.

FWD Groupan insurance group based in Hong Kongpaid a higher price than competitors, including Prudential.

A source of Bloomberg also said a part of the agreement was that FWD would buy Vietcombank Life Insurance CompanyCardif (VCLI).

Reportedly, Vietcombank currently holds a 45 percent stake in VCLI, the remaining 55 percent belongs to BNP Parias Cardifa wholly owned subsidiary of BNP Paribas Group.


Category: Finance, Vietnam

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