Despite the COVID-19 epidemic, OCB’s 6-month profit still grew 67%

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In the first 6 months, OCB saw a profit before tax of 1,864 billion dong, up by 67%. At the same time, the bad debt ratio decreased from 1.96% at the beginning of the year to 1.93%.

Orient Commercial Joint Stock Bank (OCB) has just released the consolidated financial statements for the second quarter of 2020 with pre-tax profit of VND 757 billion, up 30% compared to the same period last year. Profit after tax reached VND 605 billion, up 30.1%.

In the first 6 months, the bank’s EBT and EAT are 1,864 billion and 1,491 billion dong, respectively, up by 67%.

In the first 6 months, the bank’s net interest income is 2,303 billion dong, up by 21.5% YoY. Service fee income also increased by 41% to 334 billion dong.

Thanks to the positive results in the first quarter, the investment securities segment brought the bank VND 797 billion in the first 6 months, up 96% over the same period.

In contrast, both foreign exchange and trading securities both recorded negative profit growth in the first 2 quarters. According to that, net profit from foreign exchange trading dropped by 65% to 26 billion dong, net profit from trading securities dropped by 56% to nearly 8 billion dong.

After half a year, the bank’s total operating income reached more than VND 3,581 billion, an increase of 31% over the same period. Along with that, the 10% reduction in operating expenses helped OCB’s net profit to be 2,522 billion dong, up 62%.

In the first 6 months, OCB set aside 658 billion dong for the provision for credit losses, up 48.5%.

Bất chấp dịch COVID-19, lãi 6 tháng OCB vẫn tăng trưởng 67% - Ảnh 1.

Business results of OCB in the first 6 months. (Source: Financial statements)

As of June 30, OCB total assets reached 124,398 billion dong, up 5.3% compared to the beginning of the year. In which, customer loan balance increased by 8.8% to 77,315 billion dong. Deposits from customers increased by 8.9% to VND 75,264 billion.

Non-performing loans increased by VND 100 billion compared to the beginning of the year to VND 1,491 billion, equivalent to an increase of 7.3%. This increase is still lower than the increase in the loan balance. As a result, the ratio of bad debts to total outstanding loans from 1.96% at the beginning of the year has decreased to 1.93%. Currently, the bank also has no bad debt at VAMC.

Bất chấp dịch bệnh, OCB báo lãi tăng trưởng 67% nửa đầu năm 2020 - Ảnh 2.

Some assets of OCB. (Source: Financial statements)