Banking, real estate sectors post high profits

By Dat Nguyen   March 4, 2019 | 05:15 pm GMT+7
Banking, real estate sectors post high profits
The banking sector saw its 2018 after tax profit increase by 31.3 percent from 2017. Photo by Shutterstock/Vietnam Stock Images
Most sectors saw profits grow last year in Vietnam, led by banking, real estate and food & beverage.

The banking sector recorded the highest after tax profits of all sectors at VND68.01 trillion ($2.92 billion), up 31.3 percent over 2017, according to a recent report by the Saigon Securities Inc (SSI).

It also accounted for 25 percent of total profit made by all sectors.

Vietcombank remained the most profitable bank with a 61 percent rise in after tax profits over 2017 to VND14.64 trillion ($629 million), according to financial database provider FiinPro.

Techcombank followed with VND8.46 trillion ($363.48 million), up 31 percent, and BIDV came third with VND7.36 trillion ($316.22 million), up 8 percent.

The real estate sector enjoyed the second highest after tax profits among all sectors at VND43.33 trillion ($1.86 billion), up 78 percent from 2017 and accounting for 16 percent of total profit from all sectors, the SSI report said.

The food and beverage sector came third at VND33.17 trillion ($1.42 billion), up 13 percent, following by industrial products and services at VND32.52 trillion ($1.39 billion), up 21.3 percent.

Although the chemical industry recorded just VND9.39 trillion ($403.4 million) in after tax profits, this figure had doubled from 2017, the highest growth rate among all sectors.

The media also recorded strong profit growth at 76.3 percent, while the retail and industrial products sectors saw respective increases of 28.4 percent and 21.3 percent.

Among the sectors saw their profits decline, the worst performer was oil industry, with profits going down 47.7 percent over 2017 to VND4.74 trillion ($203.63 million) last year.

The mineral exploitation and construction sectors also saw their profits fall by 27 percent and 18.3 percent respectively, while that of securities fell 11.2 percent last year over 2017.

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