The largest local commercial bank, Vietcombank (VCB), has set to increase their profit to between VND12.5 trillion (US$548.7 million) and VND13 trillion (US$570.7 million) in 2018, up about 15% against 2017, said VCB Chairman Nghiem Xuan Thanh.
Thanh told the press that with the bank’s strategic orientation and its business results in January 2018, the goal is completely within reach.
According to him, VCB became the first bank in Vietnam to obtain the profit target of VND10 trillion (US$439 million), and one of the banks with assets worth quadrillion VND in 2017.
VCB’s profit in 2017 hit VND11.3 trillion (over US$496 million) and its total assets last year valued at over VND1 quadrillion (US$43.9 billion), representing year-on-year increases of nearly 33% and 31%, respectively.
In 2017, the bank also worked hard to effectively resolve bad debts, keeping its bad debt at 1.1% – the lowest among Vietnam’s credit institutions.
Thanh attributed the results to both effective credit and non-credit services of the bank.
Under its development strategy to 2020, VCB’s credit services are expected to contribute 32-33% to its revenue, while non-credit services will contribute 50%.
VCB is one of the first three banks in Vietnam that has had its restructuring plan until 2020 approved. It aims to become the largest bank in Vietnam as well as one of the top 100 banks in Asia and the 300 biggest financial corporations in the world.