Vietcombank sees Q1 pre-tax profit up 61.7 percent


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Vietcombank, Vietnam's top lender by market value, reported an estimated pre-tax profit of VND2.3 trillion (US$103.11 million) for the first quarter, up 61.7 percent from a year earlier.
Solid credit growth and lower provision for bad debts, which fell to 1.76 percent of loans by the end of March, were the main drivers for the increase in profit, Chairman Nghiem Xuan Thanh told shareholders at the bank's annual general meeting on Friday.
Vietcombank, 15 percent owned by Mizuho Corporate Bank Ltd, is targeting a modest 10 percent growth in 2016 net profit. The bank's pre-tax profit grew 17 percent in 2015.
Vietcombank also plans to issue new shares to foreign investors, equivalent to 10 percent of existing stock and worth an estimated $510 million, aiming to meet capital requirements and to expand businesses.

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