A VPBank branch. With the economy expected to return to normal by June-end, the bank hopes to beat its profit forecast for 2020. — Photo courtesy of VPBank HÀ NỘI — The Vietnam Prosperity Joint Stock Commercial Bank expects to beat the 2020 profit forecast despite the downturn caused by the COVID-19 outbreak, CEO Nguyễn Đức Vinh said on Friday. In the first quarter pre-tax profit was up 63.3 per cent year-on-year to more than VNĐ2.9 trillion. It increased to VNĐ4 trillion in the first four months, and is expected to top VNĐ5.1 trillion by May end, or 50 per cent of the year’s target, Vinh told the lender’s annual general meeting. “Profit is expected to exceed VNĐ6 trillion by June. The board of directors is confident the bank can beat its profit forecast by 10-12 per cent.” The forecast was trimmed following the pandemic outbreak. VPBank, as the lender is commonly known, sees full-year profit sliding by 1.1 per cent to VNĐ10.214 trillion. It also expects total assets to rise by 12.7 per cent to VNĐ425 trillion and loans outstanding by 12.3 per cent to VNĐ304.74 trillion. Deposits are forecast to rise by 10.4 per cent; the non-performing loans… Read full this story
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