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Banking & Finance

Vietcombank holds AGM 2015

Released at: 08:14, 26/04/2015

Vietcombank holds AGM 2015

Bank reports a healthy 2014 with solid growth targeted this year.

by Hung Nguyen

Vietcombank organized its 2015 Annual General Meeting on April 24.

Last year it recorded total assets of almost VND557 trillion ($25.79 billion), an increase of 23 per cent compared to 2013, credit mobilization increased 17.7 per cent, to over VND326 trillion ($15.09 billion), deposits increased 27 per cent to VND424 trillion ($19.63 billion) , non-performing loans were at 2.31 per cent, and profit before tax was VND5.87 trillion (271.83 billion), an increase of 2.3 per cent against 2013. Return on Assets (ROA) stood at 0.88 per cent, Return on Equity was 10.76 per cent, and its Capital Adequacy Ratio was 11.61 per cent.

In 2015 Vietcombank set a target of increasing its total assets to VND643 trillion ($29.77 billion), or 11.5 per cent higher, with credit to increase 13 per cent and mobilized capital 12 per cent, with non-performing loans to be managed at less than 2.5 per cent. Profit before tax is to reach VND5.9 trillion ($273.22 million), almost the same as 2014.

Vietcombank will pay out VND4.47 trillion ($207 million) in dividends in 2014 after setting risk provisions, with 10 per cent paid in cash.

In 2015 it also targets a dividend payout 10 per cent.

The bank also plans to sell VND1 trillion ($46.31 million) in bad debts to the Vietnam Asset Management Company (VAMC) but this may change depending on the market situation after Circular No. 02 and No. 09 take effect. Bank leaders are sure, however, that debts sold to VAMC will be less than those sold by the other three State-owned banks. 

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