ACB's profit shoots up in Q3

By Quynh Trang   October 25, 2023 | 06:34 pm PT
ACB saw its pre-tax profit rising 13% year-on-year to VND5 trillion ($203.57 million) in the third quarter even as many lenders posted declines.

A surge in profits from foreign exchange and stocks contributed to the rise, its financial report shows.

In the first nine months ACB saw pre-tax profit gaining 10% to VND15 trillion.

Its credit growth hit 8% by the end of September compared to the sector’s average of 6.9%.

ACB saw bad debt rising from 0.74% of all loans in the beginning of the year to 1.21% by the end of September.

Private lenders such as LPBank, BacABank, Techcombank and VPBank all saw profits decreasing in the last quarter due to rising bad debt and low profit from giving loans.

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