Vietcombank

Vietcombank's net profit rose 60.7% to VND 14,606 bil in 2018

By Helgi Analytics - November 05, 2019

Vietcombank made a net profit of VND 14,606 bil in 2018, up 60.7% compared to the previous year. This implies a return on equity...

Vietcombank's npls (as % of loans) fell 13.8% to 0.985% in 2018

By Helgi Analytics - November 05, 2019

Vietcombank's non-performing loans reached 0.985% of total loans at the end of 2018, down from 1.14% compared to the previous yea...

Vietcombank's net interest income rose 29.3% to VND 28,538 bil in 2018

By Helgi Analytics - November 05, 2019

Vietcombank generated total banking revenues of VND 39,531 bil in 2018, up 33.5% compared to the previous year. Historica...

Profit Statement 2016 2017 2018
Net Interest Income VND bil 18,557 22,067 28,538
Fee Income (As % Of Revenues) % 8.35 8.57 8.61
Other Income VND bil 4,551 4,997 7,590
Total Revenues VND bil 25,215 29,603 39,531
Staff Cost VND bil 5,368 6,733 7,678
Operating Profit VND bil 14,900 17,480 25,638
Provisions VND bil 6,369 6,198 7,398
Net Profit VND bil 6,876 9,091 14,606
Balance Sheet 2016 2017 2018
Interbank Loans VND bil 151,846 232,973 250,228
Customer Loans VND bil 452,722 535,321 621,573
Debt Securities VND bil 138,820 142,302 153,520
Total Assets VND bil 787,935 1,035,290 1,074,030
Shareholders' Equity VND bil 48,146 52,558 62,179
Interbank Borrowing VND bil 125,975 235,289 171,414
Customer Deposits VND bil 590,457 708,522 801,930
Issued Debt Securities VND bil 10,696 21,273 17,281
Ratios 2016 2017 2018
ROE % 14.7 18.1 25.5
ROA % 0.940 0.997 1.38
Costs (As % Of Assets) % 1.41 1.33 1.32
Costs (As % Of Income) % 40.9 41.0 35.1
Capital Adequacy Ratio % 11.1 11.6 ...
Net Interest Margin % 2.54 2.42 2.71
Loans (As % Of Deposits) % 76.7 75.6 77.5
NPLs (As % Of Loans) % 1.50 1.14 0.985
Provisions (As % Of NPLs) % 117 131 165
Growth Rates 2016 2017 2018
Total Revenue Growth % 17.4 17.4 33.5
Operating Cost Growth % 20.8 17.5 14.6
Operating Profit Growth % 15.1 17.3 46.7
Net Profit Growth % 29.4 32.2 60.7
Customer Loan Growth % 19.6 18.2 16.1
Total Asset Growth % 16.8 31.4 3.74
Customer Deposit Growth % 18.0 20.0 13.2
Shareholders' Equity Growth % 6.58 9.16 18.3
Employees 15,615 16,227 17,215

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summary Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                    
Net Interest Income VND bil       10,954 11,065 12,173 15,548 18,557    
Total Revenues VND bil       15,200 15,615 17,453 21,485 25,215    
Operating Profit VND bil       9,184 9,278 10,448 12,943 14,900    
Net Profit VND bil       4,404 4,358 4,567 5,314 6,876    
balance sheet                    
Interbank Loans VND bil       65,713 91,737 146,077 131,527 151,846    
Customer Loans VND bil       235,889 267,863 316,254 378,542 452,722    
Debt Securities VND bil       81,330 66,978 80,090 120,316 138,820    
Total Assets VND bil       414,488 468,994 576,996 674,395 787,935    
Shareholders' Equity VND bil       41,699 42,536 43,473 45,172 48,146    
Interbank Borrowing VND bil       56,900 76,680 96,896 113,097 125,975    
Customer Deposits VND bil       285,402 332,258 422,211 500,534 590,457    
Issued Debt Securities VND bil       3,980 1,988 2,636 2,991 10,696    
ratios                    
ROE %       12.5 10.3 10.6 12.0 14.7    
ROA %       1.13 0.987 0.873 0.849 0.940    
Costs (As % Of Assets) %       1.54 1.43 1.34 1.37 1.41    
Costs (As % Of Income) %       39.6 40.6 40.1 39.8 40.9    
Capital Adequacy Ratio % ...     14.6 13.1 11.6 11.0 11.1   ...
Net Interest Margin %       2.80 2.50 2.33 2.48 2.54    
Interest Income (As % Of Revenues) %       72.1 70.9 69.7 72.4 73.6    
Fee Income (As % Of Revenues) %       9.14 10.4 8.69 8.72 8.35    
Staff Cost (As % Of Total Cost) %       55.7 50.6 48.3 50.2 52.0    
Equity (As % Of Assets) %       10.1 9.07 7.53 6.70 6.11    
Loans (As % Of Deposits) %       82.7 80.6 74.9 75.6 76.7    
Loans (As % Assets) %       56.9 57.1 54.8 56.1 57.5    
NPLs (As % Of Loans) %       2.40 2.73 2.31 1.84 1.50    
Provisions (As % Of NPLs) %       91.1 86.3 94.9 121 117    
valuation                    
Number Of Shares (Average) mil       3,598 3,598 3,598 3,598 3,598    
Earnings Per Share (EPS) VND       1,224 1,211 1,269 1,477 1,911    
Book Value Per Share VND       11,590 11,823 12,083 12,556 13,382    
Dividend Per Share ... ... ... 773 773 741 741 800    
Earnings Per Share Growth % ...     -10.8 -1.04 4.78 16.4 29.4    
Book Value Per Share Growth % ...     23.1 2.01 2.20 3.91 6.58    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                    
Interest Income VND bil       31,747 28,581 28,387 31,456 37,743    
Interest Cost VND bil       20,793 17,516 16,214 15,908 19,186    
Net Interest Income VND bil       10,954 11,065 12,173 15,548 18,557    
Net Fee Income VND bil       1,389 1,619 1,517 1,873 2,107    
Other Income VND bil       2,766 2,931 3,763 4,064 4,551    
Total Revenues VND bil       15,200 15,615 17,453 21,485 25,215    
Staff Cost VND bil       3,354 3,204 3,380 4,284 5,368    
Depreciation VND bil       577 583 615 644 711    
Other Cost VND bil       2,085 2,550 3,010 3,614 4,236    
Operating Cost VND bil       6,016 6,337 7,005 8,542 10,315    
Operating Profit VND bil       9,184 9,278 10,448 12,943 14,900    
Provisions VND bil       3,329 3,520 4,591 6,068 6,369    
Extra and Other Cost VND bil       91.3 14.6 12.7 47.5 -47.0    
Pre-Tax Profit VND bil       5,764 5,743 5,844 6,827 8,578    
Tax VND bil       1,337 1,365 1,258 1,495 1,683    
Minorities VND bil       23.5 19.5 19.2 18.1 19.3    
Net Profit VND bil       4,404 4,358 4,567 5,314 6,876    
Dividends VND bil ... ... ... 2,781 2,781 2,665 2,665 2,878    
growth rates                    
Net Interest Income Growth % ...     -11.8 1.01 10.0 27.7 19.4    
Net Fee Income Growth % ...     -8.02 16.6 -6.33 23.5 12.5    
Total Revenue Growth % ...     2.21 2.73 11.8 23.1 17.4    
Operating Cost Growth % ...     5.54 5.35 10.5 21.9 20.8    
Operating Profit Growth % ...     0.144 1.02 12.6 23.9 15.1    
Pre-Tax Profit Growth % ...     1.17 -0.361 1.76 16.8 25.6    
Net Profit Growth % ...     4.93 -1.04 4.78 16.4 29.4    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                    
Cash VND bil       21,359 30,903 21,591 28,234 27,075    
Interbank Loans VND bil       65,713 91,737 146,077 131,527 151,846    
Customer Loans VND bil       235,889 267,863 316,254 378,542 452,722    
Retail Loans VND bil       28,784 37,259 51,746 77,831 116,463    
Corporate Loans VND bil       212,384 237,056 271,592 309,321 344,345    
Debt Securities VND bil       81,330 66,978 80,090 120,316 138,820    
Fixed Assets VND bil       3,660 4,086 4,465 5,039 5,730    
Total Assets VND bil       414,488 468,994 576,996 674,395 787,935    
Shareholders' Equity VND bil       41,699 42,536 43,473 45,172 48,146    
Of Which Minority Interest VND bil       152 150 148 165 144    
Liabilities VND bil       372,790 426,458 533,523 629,222 739,790    
Interbank Borrowing VND bil       56,900 76,680 96,896 113,097 125,975    
Customer Deposits VND bil       285,402 332,258 422,211 500,534 590,457    
Retail Deposits VND bil       162,080 173,141 226,222 276,432 326,964    
Corporate Deposits VND bil       123,322 159,117 195,989 224,102 263,493    
Sight Deposits VND bil       68,087 85,499 108,944 140,491 159,628    
Term Deposits VND bil       217,315 246,759 313,268 360,043 430,829    
Issued Debt Securities VND bil       3,980 1,988 2,636 2,991 10,696    
Other Liabilities VND bil       26,508 15,532 11,780 12,600 12,662    
asset quality                    
Non-Performing Loans VND bil       5,796 7,475 7,462 7,137 6,922    
Gross Loans VND bil       241,167 274,314 323,338 387,152 460,808    
Total Provisions VND bil       5,278 6,451 7,084 8,610 8,087    
growth rates                    
Customer Loan Growth % ...     15.6 13.6 18.1 19.7 19.6    
Retail Loan Growth % ...     37.9 29.4 38.9 50.4 49.6    
Corporate Loan Growth % ...     12.6 11.6 14.6 13.9 11.3    
Total Asset Growth % ...     13.0 13.2 23.0 16.9 16.8    
Shareholders' Equity Growth % ...     44.9 2.01 2.20 3.91 6.58    
Customer Deposit Growth % ...     25.7 16.4 27.1 18.6 18.0    
Retail Deposit Growth % ...     33.3 6.82 30.7 22.2 18.3    
Corporate Deposit Growth % ...     16.9 29.0 23.2 14.3 17.6    
ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                    
ROE %       12.5 10.3 10.6 12.0 14.7    
ROA %       1.13 0.987 0.873 0.849 0.940    
Costs (As % Of Assets) %       1.54 1.43 1.34 1.37 1.41    
Costs (As % Of Income) %       39.6 40.6 40.1 39.8 40.9    
Capital Adequacy Ratio % ...     14.6 13.1 11.6 11.0 11.1   ...
Tier 1 Ratio %       9.98 9.01 7.50 6.67 6.08    
Net Interest Margin %       2.80 2.50 2.33 2.48 2.54    
Interest Spread % ...     2.28 2.09 2.05 2.29 2.36    
Asset Yield %       8.13 6.47 5.43 5.03 5.16    
Cost Of Liabilities % ...     5.85 4.38 3.38 2.74 2.80    
Payout Ratio % ... ... ... 63.1 63.8 58.4 50.2 41.9    
Interest Income (As % Of Revenues) %       72.1 70.9 69.7 72.4 73.6    
Fee Income (As % Of Revenues) %       9.14 10.4 8.69 8.72 8.35    
Other Income (As % Of Revenues) %       18.2 18.8 21.6 18.9 18.0    
Cost Per Employee USD per month       982 917 940 1,118 1,301    
Cost Per Employee (Local Currency) VND per month       20,492,800 19,261,200 19,976,500 24,193,700 28,646,100    
Staff Cost (As % Of Total Cost) %       55.7 50.6 48.3 50.2 52.0    
Equity (As % Of Assets) %       10.1 9.07 7.53 6.70 6.11    
Loans (As % Of Deposits) %       82.7 80.6 74.9 75.6 76.7    
Loans (As % Assets) %       56.9 57.1 54.8 56.1 57.5    
NPLs (As % Of Loans) %       2.40 2.73 2.31 1.84 1.50    
Provisions (As % Of NPLs) %       91.1 86.3 94.9 121 117    
Provisions (As % Of Loans) %       2.24 2.41 2.24 2.27 1.79    
Cost of Provisions (As % Of Loans) %       1.51 1.40 1.57 1.75 1.53    
other data Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                    
Employees       13,637 13,864 14,099 14,755 15,615    
Sight (As % Of Customer Deposits) %       23.9 25.7 25.8 28.1 27.0    

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Vietcombank's net interest margin rose 11.8% to 2.71% in 2018

By Helgi Analytics - November 05, 2019

Vietcombank's net interest margin amounted to 2.71% in 2018, up from 2.42% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.68% in 2011 and an all time low of 2.33% in 2014. The average margin in ...

Vietcombank's customer loan growth fell 11.7% to 16.1% in 2018

By Helgi Analytics - November 05, 2019

Vietcombank's customer loan growth reached 16.1% in 2018, down from 18.2% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 25.0% in 2010 and an all time low of 13.6% in 2013. In the last decade, the average ...

Vietcombank's capital adequacy ratio rose 4.49% to 11.6% in 2017

By Helgi Analytics - November 05, 2019

Vietcombank's capital adequacy ratio reached 11.6% at the end of 2017, up from 11.1% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 14.6% in 2012 and an all time low of 9.00% in 2010. The Tier 1 ratio amounted to...

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Finance

Vietcombank has been growing its revenues and asset by 0% and 0% a year on average in the last 10 years. Its loans and deposits have grown by 0% and 0% a year during that time and loans to deposits ratio reached 77.5% at the end of 2018. The company achieved an average return on equity of 16.6% in the last decade with net profit growing 0% a year on average. In terms of operating efficiency, its cost to income ratio reached 35.1% in 2018, compared to 39.2% average in the last decade.

Equity represented 5.79% of total assets or 10.0% of loans at the end of 2018. Vietcombank's non-performing loans were 0.985% of total loans while provisions covered some 165% of NPLs at the end of 2018.

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