More banks post profit declines in Q3

By Minh Son   October 23, 2023 | 12:25 am PT
More banks post profit declines in Q3
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
Several banks have reported a decline in profits in the third quarter due to rising costs and provisioning.

TPBank, PGBank and LPBank are the latest lenders to record a year-on-year drop in Q3 profits after VPBank and BacABank reported double-digit declines last week.

TPBank’s profit fell 26% to VND1.2 trillion ($48.86 million) as its provisioning for bad debts quadrupled, with interest expenses rising 47%.

In the first nine months, the bank saw profits falling 14.9% to VND4 trillion.

PGBank saw all its main businesses fall 16% to VND279 billion. Profits from services dropped 40% and from currency exchanges fell 60%.

Its profit plunged 60% to VND57 billion.

LPBank’s profit declined by 17% to VND1.77 trillion as income from interests and services fell. Its profit plunged 26% to VND1 trillion in the nine-month period.

Although most lenders posted profits, NCB saw its loss widen by 24% to VND244 billion in the third quarter.

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