OCB attributes rapid growth to focus on technology, customer

Monday, Oct 28, 2019 10:00

An OCB branch in HCM City. The bank reported 17 per cent growth in revenues in the first nine months of this year. — Photo Courtesy OCB

Orient Commercial Bank has reported excellent results in the first nine months of the year.

OCB reported year-on-year growth of 17 per cent in net revenues to nearly VND4.4 trillion (US$191 million). Of this, revenues from interest and services surged by 20 per cent and 87 per cent.

Pre-tax profit was over VND1.9 trillion ($82 million).

In the last two years, 2017 and 2018, its profits profit grew at over 100 per cent. Last year it was VND2.2 trillion ($95 million).

Total assets now are worth VND106.4 trillion ($4.6 billion), a 23 per cent rise from a year earlier.

Outstanding loans were worth nearly VND70 trillion ($3 billion), an year-on-year 27 per cent increase.

OCB is among the lenders with the highest growth rates in Viet Nam.

The bank said it was on course to achieve the year’s targets.

Its management attributed the success to policies focused on the customer and investment in technology to become the best retail bank in the country.

The bank has tied up with a number of players like IBM and Trend Micro to develop technology.

OCB, established in 1996, was the first bank in Viet Nam to successfully achieve Basel II capital norms. — VNS

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