Banks expected to record high profits in first quarterThe profits of many domestic banks in the first quarter of this year are estimated to rise higher than that of the same period last year thanks to significant credit growth. After the first two months, Tien Phong Commercial Joint Stock Bank’s (TPBank) profits after provision for risky loans nearly doubled year-on-year to 275.8 billion VND (12.14 million USD). The bank posted outstanding loans at 76.78 trillion VND (3.38 billion USD) and a mobilised capital of nearly 106.2 trillion VND (4.67 billion USD). These targets for 2018 suggest unprecedented high profits for banks in Vietnam. With the above factors, SSI forecast that profits at 14 listed banks including will surge at an average of 32.9 percent in 2018.–VNA

Source: VietNamNet News April 02, 2018 04:41 UTC