Vietcombank targets 12 pct profit growth

By Quynh Trang   January 11, 2021 | 07:31 pm PT
Vietcombank targets 12 pct profit growth
The logo of Vietcombank is seen at an ATM in downtown Hanoi. Photo by Shutterstock/Asia Images.
State-owned lender Vietcombank has announced credit growth and pre-tax profit targets of 12 percent and VND25.2 trillion ($1.09 billion) for 2021.

The 12 percent credit growth target matches the target set for the banking industry as a whole, the lender said.

In 2020 Vietcombank’s profit was VND23 trillion, the same as the previous year. It also targets keeping non-performing loans at under 1 percent and achieving a net profit margin of 3.1 percent.

Last year, non-interest income accounted for 50 percent of total income, up 10.7 percentage points from 2019. Income from treasury operations and investment accounted for 21 percent.

In April 2020, Vietcombank became an exclusive bancassurance partner of FWD, the insurance arm of Hong Kong billionaire Richard Li's investment firm Pacific Century.

Its income from bancassurance was VND1.87 trillion, or 18 percent of non-interest income.

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