ABBANK shrugs off pandemic to grow profits

Tuesday, May 05, 2020 10:11

ABBANK achieves a pre-tax profit of VND362 billion ($15.5 million) for the first quarter despite facing challenges caused by the Covid-19 pandemic. — Photo courtesy of the bank

An Binh Commercial Joint Stock Bank reported pre-tax profit of VND362 billion (US$15.5 million) for the first quarter.

It has deposits of VND71.6 trillion ($3.07 billion) as of March 31, a 21 per rise year-on-year but 4 per cent down from the previous quarter.

Its outstanding loans were VND59.2 trillion ($2.54 billion), up 18 per cent and down 6 per cent.

It has total assets of VND95.3 trillion ($4.09 billion).

Its bad debts ratio was 2 per cent, or within the safety threshold prescribed by the State Bank of Vietnam.

Le Hai, acting general director of the lender, said: “ABBANK’s business results in the first quarter, despite being impacted by the Covid-19 pandemic, was positive in the context of both the domestic and global economies facing many difficulties. This shows our investment in enhancing operational efficiency and operations last years was right.

“ABBANK will adjust its key business strategies to cope with the pressure but still practise risk management to ensure safe, stable and sustainable operations.”

It has supported businesses by reducing or even waiving interest and restructuring their debts, he said.

“We believe economic activities will improve in the second quarter and make a steady recovery in the third quarter, which will create opportunities for the bank to continue developing.”

The bank has delayed its annual general meeting until June. — VNS

Comments (0)