Eximbank targets 90% rise in 2024 pre-tax profit
Private Vietnamese lender Eximbank has set a pre-tax profit target of VND5.18 trillion ($210.8 million) for 2024, an increase of 90.5% from last year.
According to its 2024 business plan set to be submitted to its upcoming annual general shareholder meeting for approval, Eximbank, listed on the Ho Chi Minh Stock Exchange (HoSE) as EIB, is targeting total asset expansion of 11% to VND223.5 trillion ($9.09 billion) and outstanding loan growth of 14.6% to VND161 trillion ($6.55 billion) by the end of this year.
A transaction office of Eximbank. Photo courtesy of the bank.
Its bad debt to outstanding loan ratio is expected to decrease to 2022 levels at 1.8%.
In 2023, Eximbank reported pre-tax profit of VND2.72 trillion ($110.7 million), down nearly 27% from 2022 and equal to 54.4% of the target of VND5 trillion ($203.46 million) approved by its AGM.
As of December 31, 2023, Eximbank's total assets stood at VND201.4 trillion ($8.2 billion), an increase of 9% compared to the beginning of the year. Its capital mobilization and credit balance reached VND158.33 trillion ($6.44 billion) and VND140.52 trillion ($5.72 billion), respectively. The bad debt to outstanding loan ratio was 2.7%.
On the stock market, EIB closed Tuesday at VND16,750 ($0.69) per share.
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