VPBank’s total assets increase 9 per cent in H1
VPBank’s total assets increase 9 per cent in H1
Total assets of Viet Nam Prosperity Joint Stock Commercial Bank (VPBank) in the first half of this year reached VND249 trillion (US$10.9 billion), up nine per cent from the end of 2016.
VPBank recently announced business results for the first six months of 2017, which show positive performance and reaffirm its sustainable development.
Its deposits increased from VND172 trillion at the end of 2016 to VND195 trillion, equivalent to a growth rate of 13 per cent. Capital adequacy ratio was 12.17 per cent, remaining significantly above the requirement of the State Bank of Viet Nam.
Total operating income increased from VND7.6 trillion to VND11.3 trillion, up 47 per cent compared with the same period last year. Consolidated pre-tax profit reached VND3.26 trillion, exceeding the six-month plan by 10 per cent and increasing by 107 per cent year-on-year.
Consolidated after-tax profit reached VND2.6 trillion, increasing by 108 per cent thanks to customer expansion and service revenue growth.
Customer lending grew by 12 per cent, from VND144 trillion at the end of 2016 to VND162 trillion at the end of June 2017, while total revenue from services increased by 81 per cent, equivalent to VND30 billion.
Income from risk-treated loans was the highlight in the first half of the year, posting a year-on-year increase of 53 per cent, equivalent to VND404 billion. Non-performing loans fell to 2.65 per cent and consolidated non-performing loans fell sharply to 2.81 per cent in the second quarter of 2017.
With these positive business results, VPBank continues to strengthen its position as one of the most effective joint-stock commercial banks in Viet Nam. A representative of VPBank explained that differentiation between the operations of strategic segments has brought higher efficiency and strengthened VPBank’s position in the banking system.
