VPBank posts $246.8m pre-tax profit
VPBank posts $246.8m pre-tax profit
Viet Nam Prosperity Joint Stock Commercial Bank (VPBank) posted a pre-tax profit of VND5.6 trillion (US$246.8 million) in the first nine months of the year, a 79 per cent year-on-year increase and reaching the top three of country’s banks following Vietcombank and Vietinbank.
VPBank’s third-quarter business results included impressive growth in profit, total assets, equity, and capital adequacy ratio, showing that the bank is likely to reach its ambitious VND7.2 trillion profit target by year’s end.
Its profits have been mainly generated from total operating income, which increased by 48 per cent compared with the same period last year and reached VND17.5 trillion. Net interest and similar income in the first nine months was VND14.9 trillion, up 41 per cent year-on-year.
Meanwhile, operating expenses grew at a rate of only 33 per cent, much below the growth rate of total operating income. The non-performing loans ratio of the bank remained at 2.6 per cent.
