VPBank posts US$246.8 million pre-tax profit
Vietnam Prosperity Joint Stock Commercial Bank (VPBank) posted a pre-tax profit of VND5.6 trillion (US$246.8 million) in the first nine months of the year, a 79% year-on-year increase and reaching the top three of country’s banks following Vietcombank and Vietinbank.
VPBank’s third-quarter business results included impressive growth in profit, total assets, equity, and capital adequacy ratio, showing that the bank is likely to reach its ambitious VND7.2 trillion (US$317 million) profit target by year’s end.
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| VPBank posted a pre-tax profit of VND5.6 trillion (US$246.8 million) in the first nine months of 2017 (Photo: VPBank) |
Its profits have been mainly generated from total operating income, which increased by 48% compared with the same period last year and reached VND17.5 trillion (US$771 million). Net interest and similar income in the first nine months was VND14.9 trillion (US$656 million), up 41% year-on-year.
Meanwhile, operating expenses grew at a rate of only 33%, much below the growth rate of total operating income. The non-performing loans ratio of the bank remained at 2.6%.
