ABBANK shrugs off pandemic effects, hits first half profit target

ABBANK, ABBANK, Markets,
An ABBANK transaction office in HCM City. The lender has achieved its profit target for the first half of the year despite the market being affected by the Covid-19 outbreak. — Photo courtesy of the bank

ABBANK has achieved its target for the first half with pre-tax profits of VND628 billion (US$27.1 million).

Deposits increased by 10 per cent year-on-year to VND71.3 trillion ($3.07 billion), and total outstanding loans rose 16.7 per cent to VND63.01 trillion ($2.7 billion).

Its non-performing loans ratio was 2.13 per cent, a 0.41 percentage point increase since the end of 2019.

Return on equity (RoE) and return on assets (RoA) were at 15.7 per cent and 1.3 per cent, respectively.

Le Hai, acting CEO of the lender, said ABBANK’s performance in the first two quarters of the year was steady despite the difficulties posed by the Covid-19 pandemic.

“ABBANK is determined to … fulfil its business targets in the last six months of the year when the market is still facing many difficulties.

“We attach special importance to risk control to both optimise business performance and ensure safe, steady and sustainable development.” — VNS

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