Vietnam’s 4 major state-run banks report record $5bn profit in 2024
Vietnam’s 4 major state-run banks report record $5bn profit in 2024
Four major state-run Vietnamese banks -- Vietcombank, BIDV, Agribank, and VietinBank -- achieved a combined pre-tax profit of nearly US$5 billion in 2024 despite economic challenges.
Four major state-run Vietnamese banks reported record profits in 2024. Photo: Quang Dinh / Tuoi Tre |
BIDV recorded its highest-ever standalone pre-tax profit at VND30.006 trillion ($1.18 billion), marking a 12.4-percent increase year over year, making it the second-most profitable bank after Vietcombank.
Though Vietcombank has yet to release specific figures, the bank confirmed its 2024 pre-tax profit surpassed all other banks and exceeded its annual growth target of five percent.
Vietcombank’s consolidated profits last year were estimated at more than VND43.3 trillion ($1.71 billion), with standalone figures at VND42.5 trillion ($1.67 billion), surpassing its 2023 record of VND41.244 trillion ($1.62 billion).
During the first three quarters in 2024, Vietcombank reported a consolidated pre-tax profit of VND31.533 trillion ($1.24 billion), improving 6.7 percent against the same period in 2023.
At Agribank, its standalone pre-tax profit rose eight percent versus 2023 at VND27.567 trillion ($1.08 billion).
Similarly, VietinBank logged upbeat full-year results, with its projected standalone profits reaching VND26.3 trillion ($1.03 billion), an 8.7-percent year-on-year rise.
In total, these four major state-run banks reported combined pre-tax profits of over VND126.3 trillion ($4.97 billion), setting new records for Vietnam’s banking industry.
A State Bank of Vietnam report revealed that overall credit growth in the domestic economy reached 15.08 percent in 2024, equivalent to VND2,100 trillion ($82.6 billion) injected into the market.
Among the four major state-run banks, VietinBank posted a credit growth rate of 16.88 percent, higher than the industry average, while its total mobilized capital expanded 15 percent to VND1,800 trillion ($70.8 billion).
Regarding Vietcombank, it reported total assets exceeding VND2,000 trillion ($78.6 billion) for the first time, rising 13 percent against 2023, with credit up 14 percent at VND1,440 trillion ($56.6 billion).
Agribank’s total assets improved almost 10 percent to VND2,200 trillion ($86.6 billion).
BIDV maintained its position as the largest commercial bank by total assets, which grew 19.4 percent to nearly VND2,700 trillion ($106 billion).
