OCB reports 106 per cent growth in revenue

The Orient Commercial Joint Stock Bank reported pre-tax profit of over VND1.1 trillion (US$47.2 million) in the first half on net revenues of VND1.7 trillion ($73 million).

 

The revenues were up 106 per cent year-on-year, with the lender saying revenues from services were up 77 per cent.

The revenues from its foreign exchange business rose by 50 per cent.

Its loans outstanding were VND67.5 trillion ($1.9 billion) and deposits were VND79 trillion ($3.4 million).

Total assets grew by 8.1 per cent from a year ago to VND108 trillion ($4.7 billion).

The bank attributed its performance in the first half to good management and digital banking services.

A spokesperson for the bank said in recent years, OCB has focused on risk management, expansion and preparations to develop retail banking, and the results were showing now.

Recently, its local and foreign currency counterparty risk ratings and counterparty risk assessment were upgraded to Ba3 by Moody's Investors Service, reflecting its improvement in terms of capital, assets and profitability.

The outlook for its long-term ratings remains stable, and overall liquidity is comfortable, with liquid resources representing 40 per cent of tangible banking assets at the end of 2018.

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