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PGBank targets 700b dong pre tax profit in 2012
The annual general meeting of Petrolimex Group Commercial Joint Stock Bank (PG Bank) has recently agreed this year business plan with nearly 1.236 trillion dong total revenue and 700.2 billion dong pre tax profit (growing 5 percent and 18 percent against the actualised figures in 2011).
PGBank expects its credit growth in 2012 at 15 percent compared to 2011, equalling to 13.931 trillion dong, total assets growth at 46 percent to reach 25.684 trillion dong and total deposits at 21.988 trillion dong, growing 49 percent on year.
In 2011, PGBank reached 594.4 billion dong pre tax profit, dividend at 15.8 percent (on its chartered capital of two trillion dong).
Its net interest income in 2011 was 1.096 trillion dong, two fold increase from 2010, and its net loss from securities trading activities was nearly 50 billion dong, profit from services at 45 billion dong and profit from forex trading activities at over 22 billion dong.
In 2011, PGBank’s bad debts ratio was 2.06 percent (it was 1.5 percent in 2010) and credit growth in 2011 was 11.25 percent
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