Vietcombank’s 2020 after-tax profit slightly reduces to $802 mln

Xuan Thinh Thursday | 01/21/2021 16:18

Photo: Vietcombank

Vietcombank (HoSE: VCB) has reported 2020 after-tax profit at VND18,446 billion ($802 million) vs VND18,510 billion ($806 million) achieved in 2019, according lender’s earning statement.

In 2020, Vietcombank earned VND36,225 billion ($1.58 billion) in net interest income, up 2.8 percent year-on-year.

In the final quarter of 2020, the lender recorded a net interest income of VND10,390 billion ($452 million), up 20 percent from a year ago. Profit after tax in the quarter increased 29 percent to VND5,673 billion ($247.5 million).

As of December 31, 2020, Vietcombank's credit grew 14 percent to more than VND839,788 billion ($36.3 billion), while customer deposits increased 11 percent to over VND1,000 trillion ($43 billion).

Vietcombank's operating income in 2020 reached a record of nearly VND49 trillion, up 7.1 percent, while operating expenses increased slightly by 1.4 percent to VND16 trillion.

Bad debt ratio reduced to 0.6 percent from 0.7 percent to 0.6%.

Total bank assets as of end-2020 reached nearly VND1,330 trillion, up 8.6 percent from the end of 2019.

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