4 major state-run Vietnamese banks report handsome profits in 2023
4 major state-run Vietnamese banks report handsome profits in 2023
Four major state-run Vietnamese banks – Vietcombank, VietinBank, Agribank, and BIDV – have released their business results for 2023, which indicated huge profits despite the global economic slowdown.
The four largest banks in Vietnam reported healthy profits in 2023. Photo: Quang Dinh / Tuoi Tre |
The four are the biggest in Vietnam.
In particular, BIDV reported that it fulfilled all business targets set for last year.
The bank recorded a new record consolidated pre-tax profit of over VND27.4 trillion (US$1.1 billion) last year, a 19-percent increase versus 2022.
Its assets were valued at VND2,260 trillion ($93 billion), maintaining its position as the biggest joint stock bank in Vietnam by asset size.
The lender mobilized VND1,890 trillion ($77.8 billion) in 2023, up 16.5 percent year on year.
Its outstanding loans reached VND1,750 trillion ($72 billion), rising 16.66 percent, and its bad debt ratio was at 1.1 percent.
Vietcombank has also stated that it achieved all targets for 2023, including the pre-tax profit goal. However, it did not reveal the specific figure.
Earlier, the bank set a target that its pre-tax profit in 2023 would increase by at least 15 percent over the previous year.
In 2022, Vietcombank earned a consolidated pre-tax profit of nearly VND37.4 trillion ($1.5 billion).
Thus, the bank’s consolidated pre-tax profit might have been around VND43 trillion ($1.8 billion) last year.
Earlier, the lender reported its January-September pre-tax profit at VND29.55 trillion ($1.2 billion).
Its mobilized capital hit VND1,410 trillion ($58.1 billion) last year, picking up 12.1 percent over 2022. Its outstanding credit stood at VND1,270 trillion ($52.3 billion), up 10.6 percent.
At a recent meeting, Agribank also disclosed that it completed business objectives.
Agribank had earlier looked to generate VND26.2 trillion ($1.1 billion) in pre-tax profits last year.
In the first half of 2023, the bank surpassed half of the target, specifically yielding a pre-tax profit of nearly VND13.5 trillion ($556.4 million).
Its asset value exceeded VND2,000 trillion ($82.5 billion) and its outstanding loans were over VND1,550 trillion ($63.9 billion). The lender met banking safety criteria as well.
The government and lawmaking National Assembly have recently approved an additional VND17.1 trillion ($705 million) to increase Agribank’s charter capital to over VND51 trillion ($2.1 billion).
Vietinbank also met its pre-tax profit target for 2023, at VND22.5 trillion ($927.5 million), according to documents at a conference to review the bank’s performance last year and discuss plans for this year.
By the end of the third quarter of last year, Vietinbank recorded a separate and consolidated pre-tax profit of some VND16.9 trillion ($696.7 million) and VND17.4 trillion ($717.8 million), respectively, all up over 10 percent compared with 2022.
