Vietcombank, Vietnam's top listed bank by market value, made a gross profit of 5.68 trillion dong ($266 million) last year, up 2 percent from 2013 and beating its own target, thanks to faster lending and expanded services, the bank said in a statement.
Loans by the Hanoi-based lender grew 17.68 percent last year to 324 trillion dong, above the 13 percent credit growth of the country's banking sector and also faster than its 14.82 percent lending rise in 2013, said the statement on Vietcombank's web site. (vietcombank.com.vn)
Its bad debt stood at 2.29 percent of loans at the end of last year, or 0.4 percentage point lower than in 2013, while its market share for handling Vietnam's export and import payments expanded 0.7 percent to 16.32 percent in the same period.
Vietcombank, fully known as the Bank for Foreign Trade of Vietnam, 15 percent owned by Japan's Mizuho Corporate Bank, a unit of Mizuho Financial Group, had earlier projected its gross profit at 5.5 trillion dong in 2014.