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Banking & Finance

Banks post 2014 results

Released at: 16:38, 14/01/2015

Banks post 2014 results

A number of major and smaller banks have already announced official results for last year.

Several major banks released their 2014 business results in the first week of the new year.

Agribank recorded pre-tax profits of VND3.2 trillion ($152.3 million), an increase of 6 per cent compared to 2013 and representing 101 per cent of its annual plan. Its total liabilities were VND762.86 trillion ($36.32 billion) as at December 31, an increase of 10.08 per cent against 2013. Owner's equity reached VND690.191 billion ($32.86 billion), increasing 10.2 per cent.

Total loans (including in convertible foreign currencies) stood at VND605.32 trillion ($28.82 billion), 8.8 per cent higher than in 2013, while loans to agriculture and rural areas were VND411.29 trillion ($19.58 billion), an 8.5 per cent increase and accounting for 74.3 per cent of total loans. Total revenue from service activities reached VND2.8 trillion ($137 million), growing 19.6 per cent compared to the end of 2013 and accounting for 104 per cent of the 2014 plan.

BIDV announced total assets of VND655 trillion ($31.19 billion), for 18 per cent growth against 2013. Its credit balance was VND461 trillion ($21.95 billion), an increase of 18.9 per cent, with its credit structure and growth focused on priority areas in accordance with directions from the government and the State Bank of Vietnam.

Its bad debt ratio fell to only 1.8 per cent; well under the prescribed 3 per cent. Its ROE was 14.4 per cent, ROA 0.8 per cent, and EPS VND1.700 ($0.08) per share.

Vietcombank has not officially announced its results for 2014 as yet but according to Vietcombank Securities (VCBS), pre-tax profit is estimated at VND5.68 trillion ($270.47 billion), an increase of 2 per cent compared with 2013, with main business sectors growing healthily and its bad debt ratio being under control.

Loans increased 18 per cent while its NIM was 2.35 per cent. Its NPL ratio fell to 2.3 per cent compared with 2.7 per cent in 2013. The bank sold VND2.6 trillion ($123.80 billion) in bad debts to the Vietnam Asset Management Company (VAMC) during 2014.

Some smaller banks also announced their results for 2014, such as Tien Phong Bank, which recorded pre-tax profit of VND536 billion ($25.52 million), 22 per cent higher than planned. Total assets reached VND51.5 trillion ($2.45 billion) and credit grew 50 per cent. Its NPL ratio was only at 1 per cent at the end of the year. Total deposits were VND47 trillion ($2.23 billion), or 5 per cent higher than the plan.

NamABank released an estimated pre-tax profit figure of VND243 billion ($11.57 million) for 2014, an increase of 15 per cent compared to its plan, and it expects to list on the stock market during 2015.

Nguyen Hung

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