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Banking & Finance

Vietcombank posts 2014 results

Released at: 09:07, 20/01/2015

Vietcombank posts 2014 results

Tasks for 2015 also announced at recent conference.

The Bank for Foreign Trade of Vietnam (Vietcombank) held a conference recently to announce its 2014 business results and tasks for 2015.

As at December 31, 2014, its bad debts were VND7.407 trillion ($352.71 billion), with an non-perfoming-loan (NPL) ratio of 2.29 per cent, or 0.4 per cent less than at the end of 2013.

Balance sheet debt collection in 2014 was VND1.905 trillion ($90.47 million), 147% of the plan and more than double the figure in 2013, according to data published by Vietcombank,

While profits were still fairly high, growth was much lower than at the Bank for Investment and Development of Vietnam (BIDV). Pre-tax profits stood at VND5.68 trillion ($270.47 million), an increase of 2 per cent compared to 2013 but significantly lower than the 20 per cent growth recorded by BIDV.

Vietcombank’s ROE stood at 10.5 per cent, while operating margins reached 107.17 per cent of the plan. Total capital was VND419.97 trillion ($20 billion), 25.94 per cent higher than the previous year, while credit growth since mid-March was 17.68 per cent.

Export and import payments totaled $48.14 billion, an increase of 15.79 per cent against 2013. Import payments represented 16.32 per cent, or 0.7 per cent higher than in 2013. 2014 was the first year Vietcombank increased its market share after years decline due to competition from other banks.

Vietcombank Chairman Mr. Nghiem Xuan Thanh said that in 2015 the bank will continue to strengthen and develop to satisfy its customers, increase its market share, and efficiently control its assets. The bank will also ensure safe operations and aim for higher growth than in 2014, while continuing to accelerate the deployment of advanced project management capacity.

Overall, Vietcombank met its 2014 plans, with significant credit growth and all services recording profits.

Speaking at the conference, State Bank Governor Nguyen Van Binh said he hopes that Vietcombank will become the Number One bank in Vietnam in terms of quality, capacity, and market share.

Hung Nguyen

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