Eximbank profits triple in Q3
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Lender Eximbank has tripled profits year-on-year for the third quarter to over VND1.278 ($51.5 million).
Its net interest income doubled, and non-interest income from services and foreign exchange businesses grew in double digits.
Its profits for the first nine months topped VND3.18 trillion, an increase of 3.3 times and well above the target of VND2.5 trillion.
The bank estimates its pre-tax profits for the full year at VND3.5 trillion and targets VND5 trillion next year.
It also eyes total assets of VND210 trillion for next year, up 14%, and an on-balance sheet bad debt ratio of 1.6% or less, down from 1.7% or less estimated for this year.
Questions & Answers
Q.What contributed to Eximbank's profit increase in the third quarter?
What contributed to Eximbank's profit increase in the third quarter?
Eximbank's net interest income doubled during the third quarter. Also, its non-interest income from services and foreign exchange businesses saw double-digit growth, both contributing significantly to the profit increase.
Q.How did Eximbank's nine-month performance compare to its annual target?
How did Eximbank's nine-month performance compare to its annual target?
Eximbank's profits for the first nine months reached VND3.18 trillion. This figure is already well above the bank's full-year target of VND2.5 trillion, indicating a strong performance ahead of schedule.
Q.What is Eximbank's pre-tax profit target for the current year and next year?
What is Eximbank's pre-tax profit target for the current year and next year?
Eximbank estimates its pre-tax profits for the full current year will reach VND3.5 trillion. For the following year, the bank is targeting a higher pre-tax profit of VND5 trillion.
Q.What are Eximbank's targets for assets and bad debt ratio next year?
What are Eximbank's targets for assets and bad debt ratio next year?
Eximbank aims for total assets of VND210 trillion next year, an increase of 14%. It also targets an on-balance sheet bad debt ratio of 1.6% or less, which is a reduction from this year's estimated 1.7% or less.
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