The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) said it has reached the target of 1 billion USD in profit one year ahead of schedule.

Vietcombank General Director Pham Quang Dung speaks
at the conference on January 10 (Photo: VNA)

At a conference to launch tasks for 2020 on January 10, Vietcombank General Director Pham Quang Dung reported that in 2019, the bank earned 22.717 trillion VND (nearly 980 million USD) in pre-tax profit, up 26 percent from 2018 and equivalent to 114 percent of the target. Meanwhile, its consolidated pre-tax profit hit 23.155 trillion VND (nearly 1 billion USD), equivalent to 115.8 percent of the plan.

The return on assets and return on equity were at 1.6 percent and 25 percent, respectively, higher than the banking sector’s average.

As a result, Vietcombank’s profit rose 3.5-fold from 2015, when the bank’s restructuring plan for 2015-2020 began.

Vietcombank now owns the total asset value of 50 billion USD and has become the bank with the largest market capitalisation in the stock market and the most corporate income tax payment in Vietnam, Dung noted.

Last year, this bank mobilised over 1 quadrillion VND of capital, rising 14.1 percent from 2018. Its outstanding credit balance reached over 735 trillion VND, up 15.9 percent.

It also brought the rate of non-performing loans to 0.77 percent at the end of 2019, down from 0.97 percent at the end of 2018, the bank said.

For 2020, Vietcombank aims to raise its asset value and mobilised capital by 12 percent, increase credit by 14 percent, keep the rate of non-performing loans at under 0.8 percent, and boost pre-tax profit by 15 percent.