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Vietcombank Q4'16 net profit rises 4.6% YOY

Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, reported a 4.6% year-over-year increase in net profit for the fourth quarter ended Dec. 31, 2016.

The bank said its net profit for the quarter rose to 1.774 trillion Vietnamese dong from 1.697 trillion dong in the prior-year quarter. EPS dropped to 491 dong from 634 dong.

Operating profit totaled 4.088 trillion dong, up from 3.530 trillion dong in the year-ago quarter, according to a document issued Jan. 19.

Net interest income increased to 4.883 trillion dong from 4.437 trillion dong. Net fee and commission income jumped to 529.90 billion dong from 478.83 billion dong in the prior-year period.

The bank said allowance and provision expenses for credit losses increased to 1.897 trillion dong from 1.351 trillion dong.

Meanwhile, the bank's full-year 2016 net profit rose 28.4% to 6.845 trillion dong, or 1,897 dong per share, from 5.332 trillion dong, or 1,626 dong per share, in 2015.

As of Jan. 18, US$1 was equivalent to 22,573.00 Vietnamese dong.