Banks report high profits in first quarter
Banks report high profits in first quarter
Many commercial banks posted positive business performances in the first quarter of the year, earning high profits.
Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) recorded post-tax profit of more than VND2.2 trillion (US$97 million), up 20.1 per cent against the same period last year. The figure made the bank top the list in terms of profits in the first quarter.
Viet Nam Bank for Industry and Trade (Vietinbank) made pre-tax profit of VND2.54 trillion ($111.9 million), up 5.8 per cent year-on-year, and post-tax profit of VND2.04 trillion ($89.7 million). This is the strongest growth the bank has recorded since 2011, according to Vietinbank’s chairman of the management board Nguyen Van Thang.
Bank for Investment and Development of Viet Nam (BIDV) earned nearly VND2.3 trillion ($100.1 million) and VND1.85 trillion ($81.3 million) in pre and post-tax profits, respectively, up over 9 per cent year-on-year.
Similarly, Viet Nam Technological and Commercial Joint Stock Bank’s (Techcombank) total pre- and post-tax profits were VND1.32 trillion ($58.2 million), double the figure of the same period last year, and VND1.06 trillion ($46.6 million), respectively.
Meanwhile, Military Bank (MB) recorded a year-on-year increase of 22 per cent to VND1.06 trillion ($46.4 million) in pre-tax profit, or 25 per cent of the yearly plan. The bank hopes to post over VND4.5 trillion ($199.4 million) in pre-tax profit this year.
Also during the reviewed period, Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) showed impressive performance with pre and post-profits hitting VND309 billion ($13.6 million), and VND210 ($9.24 million), up 50 per cent and 30 per cent, respectively.
Export-Import Bank (Eximbank) recorded a five-time increase to VND170 billion ($7.48 million) in pre-tax profit and VND136 billion ($5.98 million) in post-tax profit.
According to the Department of Statistics and Forecasting under the State Bank of Viet Nam, the banking system’s average growth is expected to rise by 13.4 per cent, higher than the percentage in 2016.
