Four biggest banks report profits of around $1B each

By Quynh Trang   January 16, 2023 | 01:15 am PT
Four biggest banks report profits of around $1B each
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The profits of the four biggest Vietnamese banks increased sharply in 2022 to around $1 billion each thanks to the highest credit growth in many years.

The standalone pre-tax profits of three state-owned lenders, Agribank, BIDV and VietinBank, surged by 40%, nearly 80% and over 20%, respectively, to nearly $1 billion each; Vietcombank saw an increase of roughly 40% to VND36.77 trillion ($1.558 billion).

Agribank Deputy General Director Nguyen Thi Phuong told VnExpress that her bank surpassed the target of VND20 trillion in profits. The exact profits have not been announced yet.

BIDV’s profits stood at VND22.56 trillion, while its capital mobilization increased by 8.8% and its credit balance rose by 12.65% against the beginning of last year, leading the market in terms of credit market share.

Its bad debt ratio was 0.9% and provision for bad debts was 245%.

BIDV currently has assets of more than VND2,080 trillion, the biggest in the banking system.

VietinBank’s profits were some VND20.5 trillion, its bad debt ratio was 1.2%, and provision for bad debts was approximately 190%.

Vietcombank’s provision for bad debts was nearly 465%, the highest in the banking system, and its bad debt ratio was only 0.67%.

Vietcombank’s credit grew 19% to exceed VND1,150 trillion, and its non-interest income increased by more than 9%.

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