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

 

The total number of employees at PG Bank by the end of 2018 was 1,504, a decrease of 108. — Photo pgbank.com.vn

HÀ NỘI — Petrolimex Group Commercial Joint Stock Bank (PG Bank) targets pre-tax profit of VNĐ211 billion (US$9.06 million) in 2019 and total assets to reach nearly VNĐ32.74 trillion by December 31, 2019, a year-on-year increase of 9 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 VNĐ715 billion; of which, bad debt is VNĐ228 billion, debt sold to VAMC is VNĐ424 billion, debt collection used for risk reserve is VNĐ63 billion.

By the end of 2018, the bank's loan balance reached over VNĐ22.05 trillion, up 3 per cent compared to the end of 2017; in which corporate loans were reduced by 3 per cent.

In addition, PG Bank's inter-bank business activity also reached only VNĐ1.3 billion, down VNĐ2.3 billion compared to 2017 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 350 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 2018 of the bank was 1,504, a decrease of 108 people. A total of 385 people resigned, while the bank recruited 284. — VNS