NCB performance upbeat in 2018, tripling pre-tax profit on-year
NCB performance upbeat in 2018, tripling pre-tax profit on-year
National Citizen Bank has just announced its 2018 financial statement with a sharp jump in its pre-tax profit to around VND91 billion ($4 million), almost tripling over-year and surpassing the full-year target by 160 per cen.
NCB’s post-tax profit came to VND39.2 billion ($1.7 million) last year, 13-times as much as last year.
As of December 31, 2018, the bank’s total asset value amounted to VND72.432 trillion ($3.15 billion), slightly up (1 per cent) compared to the beginning of the year.
The bank (NCB, ticker NVB) registered an 11 per cent growth in its total outstanding loan balance to VND35.282 trillion ($1.53 billion).
Its deposit volume totalled at VND47.149 trillion ($2.05 billion), up 3.1 per cent on-year.
Net earnings from business activities, however, fell by 14.5 per cent to VND227 billion ($9.9 million). This was attributed to a 12 per cent decline in the bank’s net interest income which fetched only VND981 billion ($42.7 million) last year.
Most of the bank’s business segments showed fair growth compared to 2017, such as the net earnings from services rising by 40 per cent to surpass VND25 billion ($1.09 million).
Early last month, NCB was approved by the State Bank of Vietnam to raise its charter capital from VND3.010 trillion ($130.8 million) to more than VND5 trillion ($217.4 million) through additional stock issuances to its employees and existing shareholders in light of the capital hike plan which was approved by the bank’s 2018 general shareholders’ meeting as well as the Board of Management.
