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Vietcombank posts 19.3% YOY increase in Q2 net profit

Joint StockCommercial Bank for Foreign Trade of Vietnam reported a 19.3%year-over-year increase in net profit for the second quarter ended June 30.

The bank said net profit rose to 1.580 trillion dong for thesecond quarter from 1.325 trillion dong in the prior-year quarter. Basic EPSfor the period rose to 591 dong from 496 dong for the quarter ended June 30.

The bank's net interest income jumped to 4.618 trillion dongfrom 3.569 trillion dong, while net fee and commission income for the quarterfell to 521.17 billion dong from 614.89 billion dong.

Operating profit for the quarter came in at 3.671 trilliondong, compared with 3.524 trillion dong for the second quarter of 2015.

The bank's allowances and provision expenses for creditlosses fell to 1.699 trillion dong from 1.829 trillion dong.

For the first half, the bank's net profit rose 39.1% year overyear in the aggregate to 3.421 trillion dong, or 1,281 dong per share, from2.459 trillion dong, or 923 dong per share.

As of July 20, US$1was equivalent to 22,300 Vietnamese dong.