Profits down year-on-year in first three quarters.
The KienLong Commercial Joint Stock Bank (KienLongBank) has released its financial report for the first three quarters, with total assets reaching VND23.95 trillion ($1.07 billion), an increase of 4 per cent since the beginning of the year. Deposits were VND19.67 trillion ($881.41 million), 19 per cent higher. Deposits and borrowings from other credit institutions, however, were significantly lower, falling from VND2.78 trillion ($124.57 million) to VND580 billion ($25.98 million).
Net interest income in the first three quarters stood at VND606 billion ($27.15 million), a slight decline of 2 per cent against the same period last year. Expenses rose 7 per cent to VND392 billion ($17.56 million), and the bank set VND66 billion ($2.95 million) in risk provisions in the period.
Profit before tax in the first three quarters was VND186 billion ($8.33 million), a decline of 29 per cent year-on-year and representing just 48 per cent of the annual plan.
Profit after tax in the third quarter reached VND21.6 billion ($967,896), 45 per cent less than in the same period last year, for a year-to-date figure of VND145 billion ($6.49 million), a fall of 30 per cent year-on-year.
Lending increased 12 per cent to VND15.14 trillion ($678.42 million) while non-performing loans fell 23 per cent to VND204 billion ($9.14 million).