Mixed fortunes for profit in banks in 2024
Mixed fortunes for profit in banks in 2024
Bank profit in the first half of this year has been a mixed mag amid a still challenging business environment.
During the first half of the year, the profit figures of banks of smaller scale saw strong division.
Saigonbank counted $6.9 million in pre-tax profit, down 9 per cent on-year. Compared to the set goal of $15.3 million in H1, the lender just fulfilled 45 per cent of the projection.
BaoViet Bank posted a 1.8 per cent drop on-year in its Q2’s pre-tax profit, falling to more than $729,000 as the provisioning sum had eaten up 92 per cent of the bank’s profit in this quarter. Cumulatively, in H1 the bank reaped $1.07 million in pre-tax profit, up 4.4 per cent on-year.
Meanwhile, National Citizen Bank resumed profitability after three consecutive quarters eyeing losses. It raked in $2.04 million in Q2’s pre-tax profit, up 6-fold compared to one year ago. Generally in H1, the bank counted nearly $300,000 in pre-tax profit.
PGBank posted nearly $6.3 million in pre-tax profit in Q2, slightly up 0.6 per cent on-year. In H1, the bank’s pre-tax profit shed 6.6 per cent on-year to around $11.2 million, equal to just under half of the full-year plan.
Meanwhile, in H1 Kien Long Bank reached $23 million in pre-tax profit, showing a 37 per cent jump and equal to 69 per cent of the annual plan.
For banks of large scale, despite profit figures in H1 in the range of tens of millions US dollars, some have not reached the set targets.
Taking pole position is state lender Vietcombank, which counted nearly $867 million in pre-tax profit, up 5 per cent on-year. Compared to the bank’s set target of about $1.75 billion in pre-tax profit in H1, the bank just fulfilled nearly half of its projection.
Techcombank bagged $338 million in Q2’s pre-tax profit of the parent bank, soaring 59 per cent on-year. Its consolidated pre-tax profit in Q2 amounted to $326 million, up 38.5 per cent on-year.
In the first half of the year, Techcombank counted $651 million in consolidated pre-tax profit, up 38.6 per cent on-year. As it aims to reach $1.12 billion in full-year profit, up 18 per cent on-year, the bank’s pre-tax figure in H1 means it has fulfilled 58 per cent of full-year profit.
ACB raked in $233 million in pre-tax profit in Q2, up 14 per cent compared to the previous quarter, and 16 per cent higher compared to one year ago, setting a record in the bank’s development in terms of quarterly profit.
The bank’s pre-tax profit surged 5 per cent on-year in H1 to $437.5 million, equal to nearly half of the year-long profit target.
HDBank raked in $340 million in H1 pre-tax profit, surging almost 50 per cent on-year and equal to half of the full-year profit plan. In H1, SHB reported nearly $286 million in pre-tax profit, showing a 13 per cent jump on-year and equal to 61 per cent of the plan.
Dr. Nguyen Huu Huan from Ho Chi Minh City Economics University assumed that it would be hard for banks to attain exceptional growth in profits this year.
“The profit will be strongly divided among the sector’s top players, while the entities of smaller scale have to focus on curbing bad debt threats,” said Huan.
