ABBANK profit exceeds 2020 profit target in 11 months

Saturday, Dec 26, 2020 09:04

An ABBANK branch in Ha Noi. — Photo courtesy of the bank

An Binh Commercial Joint Stock Bank (ABBANK) achieved a pre-tax profit of VND1.37 trillion (US$59.3 million) in the first 11 months of the year, equivalent to 101 per cent of the target for the full year.

It gains positive growth in main business activities over the same period last year.

It had deposits of VND72.01 trillion ($3.1 billion) and total outstanding loans of VND65.05 trillion ($2.8 billion). Earnings from services were worth VND185 billion ($7.96 million).

Non-performing loans were worth 2.32 per cent.

The return on equity and return on assets rates were steady at 18.28 per cent and 1.6 per cent, and the lender’s capital adequacy ratio was 10.64 per cent as against a minimum of 8 per cent set by the State Bank of Viet Nam.

ABBANK said it focused on products and services that would foster digitisation, simplified loan procedures and upgraded its AB Ditizen app with the issuance of non-physical payment cards.

It has launched a package for super-small enterprises.

Le Hai, its CEO, said ABBANK was confident it would far exceed the business targets for the year.— VNS

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