PG Bank targets over $9m pre-tax profit this year
Petrolimex Group Commercial Joint Stock Bank (PG Bank) targets pre-tax profit of VND211 billion (US$9.06 million) in 2019 and total assets to reach nearly VND32.74 trillion by December 31, 2019, a year-on-year increase of 9 per cent.
Petrolimex Group Commercial Joint Stock Bank (PG Bank) targets pre-tax profit of VND211 billion (US$9.06 million) in 2019 and total assets to reach nearly VND32.74 trillion by December 31, 2019, a year-on-year increase of 9 per cent.
The figures were released in the recently published document of the annual shareholders’ meeting of the bank.
The bank said it would add enough resources to implement debt handling and debt recovery. It is expected to collect a total of VND715 billion; of which, bad debt is VND228 billion, debt sold to VAMC is VND424 billion, debt collection used for risk reserve is VND63 billion.
By the end of 2018, the bank's loan balance reached over VND22.05 trillion, up 3 per cent compared to the end of 2017; in which corporate loans were reduced by 3 per cent.
In addition, PG Bank's inter-bank business activity also reached only VND1.3 billion, down VND2.3 billion compared to 2017 due to the banks reducing transactions with PG Bank when having the information of merger approval to HD Bank.
PG Bank also plans to recruit about 350 people this year. PG Bank's report also said that the merger with HDBank took longer than expected, affecting the overall business development as well as the bank's outstanding loan growth in the past year.
The total number of employees at the end of 2018 of the bank was 1,504, a decrease of 108 people. A total of 385 people resigned, while the bank recruited 284. — VNS
