VPBank nearly reaches all of its set targets in the first nine months of the year. — VNS Photo

HA NOI (Biz Hub) – Viet Nam Prosperity Joint Stock Commercial Bank (VP Bank) has already met 90 per cent of its whole year target of capital mobilisation and issuance of valuable papers.

The bank reached VND166 trillion (US$7.4 billion) in the first nine months of the year.

VPBank yesterday announced its business operation had showed positive results. Accordingly, its assets were some VND206 trillion, or 84 per cent of this year's target.

The bank said it continuously implemented promotional programmes for depositors, while introducing flexible saving products.

Its loans to customers reached VND130 trillion, an 11 per cent year-on-year increase, meeting 83 per cent of the whole year's target.

VPBank's pre-tax profit in the nine-month period rose more than 90 per cent from the first half of the year to VND3.1 trillion. Its after-tax profit also increased by VND1.4 trillion to VND2.6 trillion. Its pre-tax and after-tax profits both rose nearly 40 per cent against the same period last year.

The bank's net income in January-September was VND11.8 trillion, increasing 40 per cent from the corresponding period last year thanks to continuous improvement of quality and asset scale, maximizing risk management system and effectively controlling spending.

The bank also paid attention to improving credit quality. Its bad debt rate slightly increased from 2.2 in the first half to 2.35 per cent in the nine months, ensuring it maintained a level of less than three per cent under the State Bank of Viet Nam's regulation.

It has made strong investment in the risk management system since the end of 2015 to serve its breakthrough business targets this year.

The positive results will help continue the momentum for the bank to fulfill its whole year's targets and maintain its position as one of top banks in Viet Nam. — VNS