HCMC – Hanoi-based Tien Phong Commercial Bank, or TienPhonBank, in the first five months of this year obtained VND139 billion in pre-tax profits, doubling the figure in the same period last year.
By Thu Thuy - The Saigon Times Daily
Customers make transactions at an office of TienPhongBank. The bank posts high profit in January-May - Photo: Courtesy of TienPhongBank HCMC – Hanoi-based Tien Phong Commercial Bank, or TienPhonBank, in the first five months of this year obtained VND139 billion in pre-tax profits, doubling the figure in the same period last year.
Vu Tu, the new general director of the bank who took up the position last Thursday, said that although the bank attained high profit in the early months, it did not expect high earnings in the rest of the year given difficult business conditions.
The bank’s capital adequacy ratio (CAR) is more than 18%, much higher than the minimum level of 9% required by the central bank. Its mobilization as of late May had increased by 21% from late last year.
Established in June 2008, the VND3-trillion bank now has 40 branches and transaction offices nationwide.