Vietcombank management board members presented themselves at a shareholder meeting late last month. — Photo Vietcombank.com.vn

HÀ NỘI — Vietcombank posted VNĐ1.1 trillion (US$52.4 million) in after-tax profits in the first quarter of this year, a decline of 15.8 per cent over the same period last year, financial website cafef.vn reported.

Foreign exchange trading activites generated a profit of VNĐ476 billion ($22.7 million) over the period, a year-on-year increase of 34.8 per cent, and profits from services doubled to VNĐ373 billion ($17.8 million). Securities trading profits reached VNĐ6 billion ($286,000), only one-fourth of the level of the same period last year.

Deposits at the bank rose by 4.6 per cent but its lending was down 0.8 per cent. Of VNĐ238 trillion ($11.3 billion) lent to customers, bad debts accounted for 3.2 per cent or VNĐ7.6 trillion ($362 million).

"Bad debt ratios always correctly and transparently reflect our lending quality. We've always attached special importance to recovering debts and solving bad debts for the last few years," a bank shareholder meeting heard late last month.

Vietcombank chairman Nguyễn Hia Binh said the bank would concentrate on improving organisation and management and business capacity over the next five years.

It would also boost lending growth and quality, tightly control bad debts and gradually expand its international network as it planned to become a multi-function banking and finance group. — VNS