ABBANK profit rises 36 per cent

Saturday, Jan 18, 2020 08:30

ABBANK reports a 36 per cent increase in profit after tax in 2019. — Photo courtesy of the bank

An Binh Commercial Joint Stock Bank reported a profit after-tax of VND1.23 trillion (US$53.18 million) for 2019, an increase of 36 per cent from the previous year.

Its earnings from interest were VND2.44 trillion ($105.65 million), a 22 per cent increase.

It has deposits of VND74.78 trillion, an increase of 16 per cent, and loans outstanding of VND63.03 trillion, up 10 per cent.

It has assets of VND102.55 trillion, 14 per cent up from the end of 2018.

Non-performing loans were below the 2 per cent, while its return on assets was 1.4 per cent, return on equity was 17 per cent and capital adequacy ratio was 10.5 per cent.

Pham Duy Hieu, acting general director of ABBANK, said 2019 also marked a year with many major events such as improving governance with the Basel Project, digitising banking activities, aligning its image closer with family customers, and fine-tuning its brand identity in a youthful and modern style.

Its adoption of the risk-weighted assets system in accordance with the central bank’s Circular 41 is considered a strategic step to help improve profitability and risk management while creating an important foundation for business development, and speeding up the roadmap for the application of Basel II norms. — VNS

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