ACB profits jump as provisional funds fall

Friday, Mar 13, 2015 16:01

An ACB transaction point. The bank reported increased profits in 2014. — Photo

HA NOI (Biz Hub) — The Asia Commercial Bank (ACB) reported a pre-tax profit of VND1.22 trillion (US$58.10 million) and an after-tax profit of VND951 billion ($45.29 million) in 2014.

According to its latest business reports, both the figures were up 17.4 per cent and 15 per cent respectively, from the previous year.

The bank said the growth in profits was driven by a drop in risk provisional funds, which slipped by 39 per cent year-on-year in the fourth quarter alone, and due to better business performance.

Last year, the bank posted growth of 7.8 per cent in total assets, 11.9 per cent in deposits, and 8.5 per cent in outstanding loans. Excluding debts sold to the Viet Nam Asset Management Company, ACB's loan growth hit 10 per cent.

Net revenue totalled roughly VND4.77 trillion ($227.14 million), increasing 4.4 per cent year-on-year. Revenues expanded 44.3 per cent year-on-year in the fourth quarter alone, reaching some VND1.35 trillion ($64.29 million).

Services generated a profit of VND694 billion ($33.05 million) in 2014, up nearly 18 per cent over 2013. The profit earned from gold and foreign currency trading last year was VND183 billion ($8.71 million), while the activity had incurred a loss of VND78 billion ($3.71 million) in the previous year.

Bad debt ratio at the bank fell from 3.1 per cent to 2.2 per cent in 2014. — VNS

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