Local banks posted notable results in the first half but a good second half is not a given. State-owned banking giant Vietcombank has announced its business performance for the first half of the year, in which pre-tax profit hit a record $485.2 million, representing 54 per cent of the annual target and nearly equal to the result for 2017 as a whole. Its profit figure is also expected to be the highest in the country’s banking system for the first half. A number of other Vietnamese banks also disclosed positive business performance in the first half, with new records being set. Outstanding performance Vietcombank’s impressive results were attributed to its success in pursuing strategies to strongly shift from the wholesale to retail banking segment, boost capital for investment activities, and increase the proportion of revenue from services over the last three years. Shareholders are now looking forward to the remainder of 2019, as the annual target of around $880.7 million in pre-tax profit is well within reach. Asia Commercial Bank (ACB), which is among ten banks earmarked for adopting Basel II standards, and HDBank (HDB) also reported outstanding results. ACB’s pre-tax profit was $155.5 million, or half of the annual… Read full this story
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