The Hanoitimes – VietinBank’s consolidated pre-tax profit in 2017 reached VND9.2 trillion (US$405 million), equivalent to 105% of its annual target, making it the second largest bank in Vietnam in term of profit, after Vietcombank. Total asset of VietinBank is reported at US$48.4 billion, an increase of 15.3% over the last year’s figure, said Le Duc Tho, CEO of VietinBank at the 2017 year-end meeting and mission for 2018. VietinBank is the second largest bank in Vietnam in term of profit. Notably, Vietnamese lender’s outstanding loans reached VND839 trillion (US$37 billion), up 18% year on year, while total capital mobilization is projected at US$44 billion, up 16% compared to last year and 105% higher-than-expected plan. 2017 also marks a change in the bank’s major focus of investment toward small and medium enterprises (SMEs) instead of big corporations. Consequently, 53% of the bank’s outstanding loan – VND243 trillion (US$10.6 billion) – has been allocated for SMEs. In addition to traditional lending activities, total fee earned from the bank’s services witnessed a surge of over 20%, which is equivalent to VND4 trillion (US$175 million). Pre-tax profit generated from subsidiaries and office branches abroad totaled VND560 billion (US$24.6 million), a sharp increase of 39% compared to 2016. As both the bank’s return on equity (ROE) and return on assets (ROA) reached 12% and 1%, respectively, VietinBank has increased employee’s average wage for an additional of 10%. In 2018, VietinBank set for an increase of 15 – 17% in total assets, capital mobilization… [Read full story]
Commercial joint stock banks in Vietnam posted high profit growth in the first eight months of 2007 in the context of Vietnam's burgeoning financial market, Securities Investment reported Monday. So far, large-sized banks have posted unprecedented record profit. Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), one of only two listed banks on the Vietnam's stock market, behind ACB, earned VND900 billion (US$56.25 million) in pretax profit, soaring from VND543 billion last year. The bank will soon surpass the set target of VND1.4 trillion in 2007, said Sacombank chairman Dang Van Thanh. ACB, the largest commercial joint stock bank, obtained…... [read more]
At the year-end meeting January 15, Le Quang Thung, general director of the Vietnam Rubber Group (VRG) said they sold 326,000 tons of rubber, including 160,000 tons for export, fulfilling 100 per cent of yearly plan. The VRG netted VND3.914 trillion profit on gross revenue of VND12.9 trillion. Among its members, Dau Tieng Rubber Co. reported a profit of VND730 billion; Dong Nai Rubber Co., VND605 billion; Binh Long, VND324 billion; Phu Rieng, VND306 billion; and Phuoc Hoa, VND297 billion. The VRG set target at VND3.2 trillion in pre-tax profit, including VND2.6 trillion from rubber sales. The group said it…... [read more]
Hotel services in Vietnam have posted high profit in recent time proved that the sector has a very bright prospect, said a survey by Grant Thornton Vietnam Auditing and Financial Consultancy. In 2006, hospitality companies posted average net profit/total revenue ratio of 21.1 per cent for four-star hotels, 39.7 per cent for five-star hotels, much higher than that of three-star hotels. Ho Chi Minh City alone still lacks 14,000 internationally-standardized hotel rooms by 2010, bringing more opportunities for local and foreign investors to invest in the service. The 3-5 star hotel price increased by 15 per cent in the recent…... [read more]
BIDV posts the record high of 8.8 trillion VND (387.2 million USD) in pre-tax profit in 2017. (Photo: BIDV) Hanoi (VNA) – Vietnam’s commercial banks reported solid results for 2017 with the total after-tax profit estimated to grow 44.5 percent from the previous year, according to an independent report of the National Financial Supervisory Commission. The Bank for Investment and Development of Vietnam (BIDV) has posted the record high of 8.8 trillion VND (387.2 million USD) in pre-tax profit last year. By the end of 2017, the lender’s total asset reached 1,176 trillion VND (51.74 billion USD), an increase of…... [read more]
The Bank for Investment and Development of Vietnam (BIDV) has posted the record high of VND8.8 trillion (US$387.2 million) in pre-tax profit last year. By the end of 2017, the lender’s total asset reached VND1,176 trillion, an increase of 16.7% from 2016, affirming itself as one of the country’s largest banks. Its capital mobilisation expanded 17.9% year-on-year to over VND1,106 trillion, including more than VND934 trillion in deposit from businesses and individuals, up 17.4%. The Bank for Foreign Trade of Vietnam (Vietcombank) also announced the record profit of about VND10 trillion in 2017, up 20% and 8.7% higher than the…... [read more]
