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| Bac A Bank had to spend only VND7 billion for provisions, down sharply from VND86 billion in Q3 last year. — Photo Bac A Bank |
HA NOI — Bac A Bank's pre-tax profit in Q3 surged five times against the same period last year to VND115 billion thanks to a sharp drop in provisions for risk loans.
In Q3, the bank had to spend only VND7 billion for provisions, down sharply from VND86 billion in Q3 last year. Its operation costs also inched down to VND149 billion.
The bank's bad debt ratio by the end of September was at 0.72 per cent.
Following promising results in Q3, the bank posted pre-tax profit of VND387 billion in nine months, up 30 per cent year-on-year.
In the first nine months, the bank's credit growth rose 7.3 per cent to VND44 trillion, while its deposits increased 11 per cent to VND58 trillion.
According to the bank's consolidated financial report, total assets by the end of September reached more than VND68 trillion, up eight per cent against the same period last year. — VNS