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OCB's profit drops due to risk management budget
The Orient Commercial Bank (OCB) yesterday reported that it recorded a pre-tax profit of only VND16 billion (US$740,000) in the first quarter of this year.
The fall in pre-tax profits was caused by a sharp increase in OCB's financial risk management budget, which rose fourfold to VND88 billion ($4 million) in the first quarter. The bank's total pre-tax profit, however, was VND104 billion ($4.8 million), an increase of 76 per cent.
Thus, the bank's after-tax profit was only VND13 billion ($600,000), half of last year's number.
In the first quarter, OCB achieved a credit growth rate of 8.07 per cent with total outstanding loans of VND23 trillion ($1 billion). Customer deposits rose by 3.4 per cent to VND24.7 trillion ($1.14 billion) and total assets declined by 2.9 per cent to VND39 trillion ($1.8 billion).
The bank's revenue for the first quarter increased by 4.3 per cent to VND243 billion ($11.2 million) over last year. Some sectors profited, including services, securities trading and securities investment.
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