Vietcombank records 41 pct surge in H1 pre-tax profits

By Minh Son July 12, 2019 | 11:21 pm PT

A woman rides a bicycle past a logo of Vietcombank, in front of the State Bank building in central Hanoi. Photo by Reuters/Kham.

Vietcombank has made VND11.3 trillion ($488.36 million) in consolidated pre-tax profits in the first half of this year, a year-on-year increase of 41 percent.

As of the end of June, Vietcombank, the country's largest bank by market cap, had VND893 trillion ($38.59 billion) in deposits, up 8.4 percent compared to the end of last year.

Outstanding loans by the end of the second quarter amounted to VND697 trillion ($30.12 billion), up 9.7 percent year-on-year. By the end of June, retail credit accounted for 48 percent of total outstanding loans, compared to 45 percent one year ago.

In the first six months, Vietcombank recorded more pre-tax profits than all other commercial banks in Vietnam.

In the Forbes ranking of 2,000 largest listed firms in the world, released last May, Vietcombank jumped 198 spots to 1,096th with revenues of $3.1 billion and a market value of $10.9 billion.