Vietcombank reports pre-tax profits of VND8,212 billion

09:47 | 09/01/2017 Economy

Vietcombank’s pre-tax profits in 2016 rose by 23.4% to VND8,212 billion (US$361.3 million), exceeding its target for the year by 2.7%, the lender reported on January 7 at a ceremony to review its performance in 2016.

Vice President Dang Thi Ngoc Thinh at Vietcombank's conference

The lender mobilised nearly VND600 trillion (US$26.4 billion) from its depositors, up 19.4% from the previous year, while lending out an estimated VND470 trillion (US$20.7 billion), up 18.9%.

Vietcombank Chairman Nghiem Xuan Thanh said that in 2016 the bank had brought its rate of non-performing loans to 1.44%, down four basis points compared with the end of 2015.

The bank’s capital adequacy ratio, which measures its capital to its risk, was 10.29%, higher than the minimum of 9% set by the State Bank of Vietnam.

On a solid ground in 2016, the lender is targeting credit growth of 18% in 2017 and aiming to increase its total assets by 11% in 2017, to keep the bad debt rate below 1.5% and to earn pre-tax profits of VND9.2 trillion (US$404.8 million).

Speaking at the ceremony, central bank governor Le Minh Hung praised Vietcombank’s contributions to maintaining a stable banking system amid global uncertainty in the past year.

On the occasion of the ceremony, Vice President Dang Thi Ngoc Thanh awarded Labour Orders to a number of Vietcombank staff for their excellent performance during the 2011-2015 period.

Vietcombank also announced it would provide VND5 billion in sponsorship for the National Fund for Vietnamese Children.

Theo NDO