Eximbank earns $24.5 million in profits

Tuesday, Dec 15, 2015 18:57

An Eximbank transaction office. The bank posted a pre-tax profit of $24.5 million during the first 11 months of this year. — Photo cafef.vn

HCM CITY (Biz Hub) — The Viet Nam Export Import Commercial Joint Stock Bank (Eximbank) posted a pre-tax profit of VND552 billion (US$24.5 million) during the first 11 months of this year.

A shareholders' meeting of the bank was told on December 15 in HCM City that the profit represented only 55.2 per cent of the target it had set for 2015.

While profits from business activities reached some VND1.7 trillion ($76 million), the spending on bad debt settlement amounted to about VND1.2 trillion ($52 million).

The bank is expected to continue to establish provisional funds against non-performing loans during the rest of this year, after the soured loans reached VND1.54 trillion ($68 million) in 11 months.

The bad loans fell by 28 per cent from the figure recorded at the end of last year, accounting for 1.8 per cent of the bank's outstanding loans.

Eximbank's lending totaled VND96 trillion in the first 11 months of the year, representing 88.3 per cent of the annual target, while deposits at the bank reached VND101.3 trillion ($4.5 billion).

On November 31, its total asset value was VND127 trillion ($5.7 billion), down 21.2 per cent over the end of last year.

At the meeting, Eximbank shareholders discussed regulations for voting members of the bank's management and supervisory boards for the 2015-20 tenure, besides hearing the business results.

Last week, Eximbank announced the appointment of Tran Tan Loc as its acting general director. The bank's management board nominated Loc, previously the bank's standing deputy general director, to replace Pham Huu Phu, who resigned after finishing his tenure. — VNS

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