Top 10 banking profit list sees places change
Top 10 banking profit list sees places change
While the list of the 10 most profitable banks remained unchanged last year, the impact of Covid-19 caused major changes in rankings.
A woman rides a bicycle past a logo of Vietcombank, in front of the State Bank building in central Hanoi. Photo by Reuters/Kham
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Vietcombank, the biggest lender by market cap, did not see its profits increase, but with VND23 trillion ($995 million) it remained on top of the list, a position it has held for the last few years.
VietinBank, Vietnam's third largest bank by assets, rose from fourth place to second as profits surged 40 percent to VND16.4 trillion.
Agribank, one of the ‘Big 4’ state-owned lenders, saw profits slip by nearly 9 percent to VND12.87 trillion, while BIDV, the largest state-owned lender by assets, reported 16 percent lower profits at VND9 trillion.
Both said revenues from lending, their main source of income, fell due to low credit growth and interest-reduction programs.
As a result Agribank fell from second position in 2019 to fifth last year, and BIDV from fifth to eighth.
Vietnam’s largest private lender, Techcombank, remained in third place as profits rose 23 percent to VND15.8 trillion.
VP Bank rose two places to fourth as profits jumped by 26 percent to VND13 trillion. MB lender’s profits of VND10.6 trillion, a 6.5 percent rise, took it one place up to sixth.
The list was rounded off by private lenders ACB (6th), HD Bank (9th) and VIB (10th).
