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4 major state-run Vietnamese banks report handsome profits in 2023

4 major state-run Vietnamese banks report handsome profits in 2023

Monday, January 08, 2024, 14:00 GMT+7
4 major state-run Vietnamese banks report handsome profits in 2023
The four largest banks in Vietnam reported healthy profits in 2023. Photo: Quang Dinh / Tuoi Tre

Four major state-run Vietnamese banks – Vietcombank, VietinBank, Agribank, and BIDV – have released their business results for 2023, which indicated huge profits despite the global economic slowdown.

The four are the biggest in Vietnam.

In particular, BIDV reported that it fulfilled all business targets set for last year.

The bank recorded a new record consolidated pre-tax profit of over VND27.4 trillion (US$1.1 billion) last year, a 19-percent increase versus 2022.

Its assets were valued at VND2,260 trillion ($93 billion), maintaining its position as the biggest joint stock bank in Vietnam by asset size.

The lender mobilized VND1,890 trillion ($77.8 billion) in 2023, up 16.5 percent year on year.

Its outstanding loans reached VND1,750 trillion ($72 billion), rising 16.66 percent, and its bad debt ratio was at 1.1 percent.

Vietcombank has also stated that it achieved all targets for 2023, including the pre-tax profit goal. However, it did not reveal the specific figure.

Earlier, the bank set a target that its pre-tax profit in 2023 would increase by at least 15 percent over the previous year.

In 2022, Vietcombank earned a consolidated pre-tax profit of nearly VND37.4 trillion ($1.5 billion).

Thus, the bank’s consolidated pre-tax profit might have been around VND43 trillion ($1.8 billion) last year. 

Earlier, the lender reported its January-September pre-tax profit at VND29.55 trillion ($1.2 billion).

Its mobilized capital hit VND1,410 trillion ($58.1 billion) last year, picking up 12.1 percent over 2022. Its outstanding credit stood at VND1,270 trillion ($52.3 billion), up 10.6 percent.

At a recent meeting, Agribank also disclosed that it completed business objectives.

Agribank had earlier looked to generate VND26.2 trillion ($1.1 billion) in pre-tax profits last year.

In the first half of 2023, the bank surpassed half of the target, specifically yielding a pre-tax profit of nearly VND13.5 trillion ($556.4 million).

Its asset value exceeded VND2,000 trillion ($82.5 billion) and its outstanding loans were over VND1,550 trillion ($63.9 billion). The lender met banking safety criteria as well.

The government and lawmaking National Assembly have recently approved an additional VND17.1 trillion ($705 million) to increase Agribank’s charter capital to over VND51 trillion ($2.1 billion).

Vietinbank also met its pre-tax profit target for 2023, at VND22.5 trillion ($927.5 million), according to documents at a conference to review the bank’s performance last year and discuss plans for this year.

By the end of the third quarter of last year, Vietinbank recorded a separate and consolidated pre-tax profit of some VND16.9 trillion ($696.7 million) and VND17.4 trillion ($717.8 million), respectively, all up over 10 percent compared with 2022.

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Thanh Ha - Binh Khanh / Tuoi Tre News

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