OCB reported pre-tax profit of VND 1,214 billion in the first quarter of 2024

The bank's non-interest income also recorded positive results when net profit from foreign exchange trading reached nearly VND118 billion, up 2.4 times over the same period last year. Net profit from other activities reached nearly VND134 billion, up 3.4 times over the first quarter of 2023.

During the period, the bank reduced its risk provisioning expenses from nearly VND343 billion last year to VND204 billion, a decrease of 40.5% due to the reversal of provisions after the bank completed handling about 50% of "other pending debts that had assets foreclosed and assigned".

As a result, OCB reported pre-tax profit of VND1,214 billion, up 23%; after-tax profit of nearly VND954 billion, up 21.4% over the same period last year.

As of March 31, 2024, OCB's total assets recorded nearly VND 236,980 billion. Of which, deposits at the State Bank reached nearly VND 1,865 billion. Deposits at other credit institutions and loans to other credit institutions of OCB increased from nearly VND 32,304 billion last year to nearly VND 41,037 billion.

On this day, OCB's customer loans increased slightly by 2.8% to VND148,649 billion. Customer deposits also increased slightly by 0.6% to VND126,679 billion.

In a related development, the OCB General Meeting of Shareholders on April 15 approved the 2024 business plan, with the target of total assets increasing by 19%, pre-tax profit reaching VND 6,885 billion, up 66% compared to 2023. Thus, by the end of the first quarter of 2024, OCB had completed 17.6% of the set target.

Right after the General Meeting of Shareholders, OCB announced information about Mr. Nguyen Dinh Tung submitting his resignation from the position of General Director on April 23.

According to the information on the bank's website, Mr. Nguyen Dinh Tung was appointed General Director of Orient Commercial Joint Stock Bank from August 24, 2012.

Mr. Tung graduated with an MBA from Maastricht University, Netherlands. He has over 30 years of experience working in the banking and finance industry in Vietnam and abroad and has held the following positions: Deputy General Director (Business Manager - Vietnam Maritime Commercial Joint Stock Bank),

Permanent Vice Chairman of the Board of Directors (Mekong Bank), Country Director (ING Private Banking, Singapore), Deputy General Director (In charge of Corporate Banking - Vietnam International Commercial Joint Stock Bank)… .

Source: https://www.nguoiduatin.vn/ocb-bao-lai-truoc-thue-1214-ty-dong-quy-i2024-a661112.html