Vietcombank reports performance in Q1

Friday, April 25, 2008
Bank for Foreign Trade of Viet Nam (Vietcombank) recently announced that up to March 31, its total capital reached 195.587 trillion dong, 105.562 trillion dong in outstanding debts, up 10.1% against last year and the overdue debt rate was 1.4%.
In particular, the bank’s turnover from export and import payment sector gained US$8.428 billion in the first quarter of 2008, up 32.3% against the same period of last year or 24.9% of this year’s plan and accounting for 25.2% of the country’s export and import market share. In January-March, Vietcombank’s export turnover obtained US$4.799 billion and import spending was US$3.628 billion.

As for card sector, the bank launched 5,365 more international credit cards in the first quarter of the year, bringing the total figure to 26,207 international credit cards issued by Vietcombank. The lender also issued 242,687 cards of connect 24 and 12,197 MTV cards and Visa debit cards. Turnover from international card payments gained US$174 million or 32.5% of the year’s plan, and the turnover from using credit cards issued by Vietcombank was 484 billion dong, equalling to 12.7% of the year’s target.

As for field of trading foreign currency, the bank reached over US$7 billion, a year-on-year increase of 36%, of which, Vietcombank bought in US$3.481 billion, up 34% yoy and sold out US$3.551 billion, increasing 38% yoy. Foreign currency being sold out for importing petrol reached US$504 million, a higher level than US$399 million of the same period of previous year.

In the first quarter of 2008, Vietcombank’s after tax profit attained over 900 billion dong.

This year, the bank targets to keep outstanding debt below 30% and the bad debt at maximum of 2.6% and reach 158.861 trillion dong in total deposits from the economy and a chartered capital of 15 trillion dong.

The bank also plans to expand its network with branches in Hanoi, Thanh Hoa, Ha Tay, Tien Giang and Tay Ninh and 60 transaction offices nationwide.

With this target, Vietcombank expects to earn 4.537 trillion dong in revenue, up 13.94% on 2007, 2.339 trillion dong in revenue from other services and business activities, a year-on-year increase of 6.97% and 3.383 trillion dong in profit. (SBV)