OCB maintains growth rate in the first 9 months of 2023

OCB's 9-month business results recorded a 17.6% increase in total net revenue

At the end of the first 9 months of 2023, OCB recorded total net revenue of VND 6,921 billion, up 17.6% over the same period last year. The driving force comes from core business segments such as retail, corporate customers, card services, OCB OMNI digital banking...

Of which, interest income reached VND5,434 billion, maintaining a positive growth rate in the context of the economy showing many signs of recovery. Notably, non-interest income continued to be the growth highlight of OCB when it increased by 94.6% to VND1,487 billion and contributed significantly 21% to total net revenue.

Operating expenses are well controlled as OCB's cost/revenue ratio (CIR) decreased to 32.1% while in the same period in 2022 it was at 39.4%.

Thus, after 9 months, OCB recorded pre-tax profit of VND 3,915 billion, an impressive growth of 47.8% over the same period in 2022.

ocb maintains growth rate in the first 9 months of 2023 image 1

As of September 30, 2023, OCB's total assets reached VND 216,755 billion, an increase of 11.7% compared to the beginning of the year. In particular, outstanding loans in market 1 also increased by 10.8% compared to the end of 2022, reaching VND 136,105 billion, completing 92% of the 2023 plan thanks to actively implementing a series of loan packages with preferential interest rates and simple procedures. Recently, OCB has focused on promoting businesses benefiting from public investment, household businesses and retail lending. These are industries and fields that the state is prioritizing to promote economic growth. According to statistics, OCB's total disbursed production and business revenue in the first 9 months of the year reached 235% of the cumulative plan, with production and business balance increasing by 119% over the same period in 2022. Focusing on the right customer segment and appropriate business segments has helped OCB maintain a positive credit growth rate compared to the industry average.

Mobilization scale continued to grow significantly when market 1 mobilization reached 155,664, an increase of 13.3% compared to the end of 2022, completing 90% of the annual plan, although mobilization interest rates in the market tended to decrease sharply from the second quarter of 2023.

In addition, related risk management indicators such as capital adequacy ratio (CAR), short-term capital ratio for medium and long-term loans, loan-to-deposit ratio (LDR) are always maintained at a safe level by OCB. The bad debt ratio is controlled at 1.94%, meeting all regulations of the State Bank of Vietnam. The liquidity index is stable, with adequate liquidity asset buffer.

Continuously lowering interest rates, launching a series of preferential loan packages for individuals and businesses

In addition to maintaining positive business results, using tools and policies to regulate lending interest rates in the market and implementing programs calling for support from the Government and the State Bank of Vietnam to support customers in difficulty and promote the economy, OCB has consistently reduced interest rates directly on outstanding loans for existing customers; Implemented preferential interest rate/fee programs for new customers; Built credit products for each industry, segment, customer group, credit level value... to optimize appraisal, disbursement and post-audit progress; Launched a series of programs and product packages with preferential interest rates to stimulate disbursement with simple procedures, helping to solve the problem of general credit growth for the whole industry.

ocb maintains growth rate in the first 9 months of 2023 image 2 — In addition to maintaining positive business results, OCB continuously accompanies customers.

Compared to the beginning of 2023, up to the present period, OCB's new disbursement interest rates have decreased from 2 to 6%. Specifically, with the need to borrow capital for production, business or consumption such as buying a house, real estate, car... customers will enjoy preferential interest rates from only 6.5%/year at OCB.

Deploying a credit package for businesses from only 6.79%/year, especially some specific businesses in the fields of Logistics, Healthcare, FMCG (fast-moving consumer goods), education, import-export, FDI... will be supported with an additional 0.2% annual interest rate along with many other preferential privileges. Domestic and international service fee incentives such as free transfers within and outside the system, up to 100% exemption of international money transfer fees and processing of collection documents, up to 50% reduction in L/C issuance and guarantee fees, preferential exchange rates up to 120 points... are also deployed simultaneously.

With its efforts to accompany businesses, especially SMEs, over the past time, OCB has continuously received support from international financial institutions, most recently a loan of 55 million USD from the German Reconstruction Bank KFW (DEG). The loan has a term of 5 years, in which at least 50% of the loan value will be for women-owned SMEs, helping to promote greater participation of women in business activities.

In the final stage of 2023, OCB will continue to maintain and promote core business, digitize products and services, control bad debts according to regulations, and optimize operating costs to complete the set plan.

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