OCB's after-tax profit remains unchanged at $15.38M

Orient Commercial Bank generated an after tax profit of VND302 billion or US$15.38 million last year, same as in 2010.

Of note, the bank’s earnings per share fell 26.7% y-o-y as its charter capital rose 13.8% from VND2.635 trillion to VND3 trillion during the year.

Among its key profit components, OCB’s net interest income jumped 42.7% on year to VND898 billion. However, the lender incurred a loss of VND83.5 billion from forex trading over the period. It gained VND3.3 billion in foresx trading in 2010.

The bank’s income from other activities soared sharply to VND134 billion, doubling the 2010’s figure.

OCB’s total operating income during the period reached VND901 billion, up 28.5% on year while its operating expenses soared 52% y-o-y to VND423 billion. The lender’s net operating income climbed 12.7% to VND477.5 billion in 2011.

However, OCB spared VND76.6 billion for provision for possible loan losses last year, tripling the figure one year earlier. As a result, its pretax profit fell 1% on year to VND400 billion.

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