VPBank profits jump 26 pct
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Lender VPBank reported a 26 percent jump in pre-tax profit last year to VND13 trillion ($564.24 million).
The second and fourth quarters saw its highest ever quarterly profits of VND3.67 trillion and VND3.62 trillion.
The lender’s profits exceeded those of state giant BIDV and private lender VIB.
Its income was up 7.3 percent to VND39 trillion, with interest income accounting for nearly 83 percent.
Services and securities trading were profitable, but foreign exchange trading caused a loss.
Credit growth was 13.1 percent, and non-performing loans accounted for 2.9 percent.
In 2019, VPBank had reported the sixth-largest pre-tax profit behind Vietcombank, Techcombank, Agribank, VietinBank, and BIDV.
Questions & Answers
Q.Which quarters contributed most to VPBank's profit increase last year?
Which quarters contributed most to VPBank's profit increase last year?
The second and fourth quarters were the strongest, reporting the highest ever quarterly profits of VND3.67 trillion and VND3.62 trillion respectively. These significant figures contributed substantially to the overall pre-tax profit jump.
Q.What was the main source of VPBank's income last year, and were there any areas of loss?
What was the main source of VPBank's income last year, and were there any areas of loss?
Interest income was the primary source, making up nearly 83 percent of the VND39 trillion total. While services and securities trading were profitable, foreign exchange trading resulted in a loss for the bank.
Q.How did VPBank's pre-tax profit compare to other major banks in the previous year?
How did VPBank's pre-tax profit compare to other major banks in the previous year?
In 2019, VPBank's pre-tax profit was the sixth largest overall. It ranked behind Vietcombank, Techcombank, Agribank, VietinBank, and BIDV, indicating a strong performance within the sector.
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What's VPBank's 26% profit jump?
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