Vietcombank posts H1 profit of over $740 million

Thursday, Jul 28, 2022 12:41

Transactions at Vietcombank. — Photo Vietnam+

The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) has reported an impressive pre-tax profit of VND17.3 trillion (US$740.1 million) in the first half of this year.

In the January-June period, the bank’s bad debt provision rate reached a record of over 500 per cent, the highest in the market.

As of June 30, Vietcombank’s total assets were valued about VND1.6 quadrillion, a rise of 13.4 per cent over that at the end of last year. Particularly, its credit growth hit 14.6 per cent in the period to over VND1.1 quadrillion.

Also by the said date, the bank’s bad debts were over VND6.69 trillion, up 9.4 per cent over the beginning of the year.

With the results, Vietcombank rose to the top position of the industry in terms of profit in the first half of this year. Earlier, the position belonged to VPBank with over VND15.32 trillion.

Vietcombank has remained the lender with the largest market capitalisation among the credit institutions listed on Vietnamese stock market. With a market capitalisation of $15.5 billion, Vietcombank is currently ranked 1,205th among the largest listed companies globally according to the latest statistics of Reuters.

It is the only Vietnamese enterprise in the list of the 1,000 largest enterprises in the globe, according to the latest assessment of Forbes in May. — VNS

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