PG Bank targets over $9m pre-tax profit this year

HÀ NỘI — Petrolimex Group Co妹妹ercial Joint Stock Bank (PG Bank) targets pre-tax profit of VNĐ 二 一 一 billion (US$ 九.0 六 million) in  二0 一 九 and total assets to reach nearly VNĐ 三 二. 七 四 trillion by December  三 一,  二0 一 九, a year-on-year increase of  九 per cent.

The figures were released in the recently published document of the annual shareholders’ meeting of the bank.

The bank said it would add enough resources to implement debt handling and debt recovery. It is expected to collect a total of VNĐ 七 一 五 billion; of which, bad debt is VNĐ 二 二 八 billion, debt sold to VAMC is VNĐ 四 二 四 billion, debt collection used for risk reserve is VNĐ 六 三 billion.

By the end of  二0 一 八, the bank's loan balance reached over VNĐ 二 二.0 五 trillion, up  三 per cent compared to the end of  二0 一 七; in which corporate loans were reduced by  三 per cent.

In addition, PG Bank's inter-bank business activity also reached only VNĐ 一. 三 billion, down VNĐ 二. 三 billion compared to  二0 一 七 due to the banks reducing transactions with PG Bank when having the information of merger approval to HD Bank.

PG Bank also plans to recruit about  三 五0 people this year. PG Bank's report also said that the merger with HDBank took longer than expected, affecting the overall business development as well as the bank's outstanding loan growth in the past year.

The total number of employees at the end of  二0 一 八 of the bank was  一, 五0 四, a decrease of  一0 八 people. A total of  三 八 五 people resigned, while the bank recruited  二 八 四. — VNS