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The logo of Vietcombank is seen at an ATM in downtown Hanoi. Photo by Shutterstock/Asia Images |
This made a nearly 20% year-on-year rise, according to its reports.
The bank’s accumulative pre-tax profit in the first nine months reached almost VND30 trillion, recording an 18% increase. Its assets reached VND1.7 quadrillion.
The figures reinforced Vietcombank’s position as the most profitable lender in the country.
Main reasons for its profit hike were drops in cost of expenses and allowance for credit losses: the former figure fell by 18%, while the latter fell by almost 50% reaching VND1.5 trillion.
Meanwhile, the bank’s interest expenses rose by over 56%. Its income from services dropped, while its incomes from currency and stock exchanges did not record much difference compared to the same period last year.
