Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) reported nearly 17.6 trillion VND (757.59 million USD) in consolidated profit in the first nine months of this year, surging 50.6 percent from the same time last year and reaching 85.8 percent of the yearly plan.

A transaction office of Vietcombank

The bank announced on October 7 that its before-tax profit reached 17.25 trillion VND, a year-on-year increase of 51.9 percent.

In the nine-month period, Vietcombank’s total capital mobilisation was estimated at 998.24 trillion VND while outstanding debt stood at 709.12 trillion VND, up 11.6 percent as compared to the same time in 2018.

The return on average assets (ROA) and the return on average equity (ROAE) were 1.65 percent and 25.75 percent, respectively, much higher than the previous year.

In addition, more than 2.86 trillion VND in the bank’s off-balance sheet debt was recovered during January-September, or 82 percent of the set plan.

This year, the bank targets to increase its total assets by 12 percent to more than 1.2 quadrillion VND, outstanding credit rising by 15 percent to over 735 trillion VND, and capital mobilisation growing by 11-13 percent.

It also projects a before-tax profit of 19.5 trillion VND and a consolidated before-tax profit of 20 trillion VND. Besides, the bank will work to keep its bad debt under 1 percent, ensure dividend payout rate at 8 percent, and recover over 3 trillion VND in off-balance sheet debt.

Last year, Vietcombank achieved a record profit of 18.2 trillion VND, or 61 percent higher than the amount seen in 2017.