ABBANK profit up 58% in 2024
ABBANK profit up 58% in 2024
An Bình Commercial Joint Stock Bank (ABBANK) recorded profit before tax of VNĐ809 billion (US$32.3 million) in 2024, an increase of 58 per cent from the previous year and equivalent to 81 per cent of its target.
ABBANK’s profit before tax in 2024 increased by 58 per cent from the previous year. — Photo courtesy of the bank |
As of December 31, 2024, its total assets were worth VNĐ176.6 trillion ($7.04 billion), an increase of 9 per cent and 104 per cent of its target.
Deposits and loans outstanding rose by 7.7 per cent and 14.1 per cent to VNĐ155.9 trillion ($6.2 billion) and VNĐ154.4 trillion.
The bank continued to exercise close control over its non-performing loan ratio, keeping it at below 3 per cent as stipulated by the State Bank of Vietnam.
Alongside a high-value collateral portfolio for loans, ABBANK allocated nearly VNĐ1.4 trillion ($55.8 million) for credit risk provisioning, ensuring compliance with asset quality management regulations.
The capital adequacy ratio (CAR) was also in accordance with SBV requirements.
ABBANK's digital transformation efforts in 2024 achieved positive results.
It launched the ABBANK Business digital banking platform in November 2024 to provide corporate customers with a safe and convenient digital banking experience.
Successfully shifting existing corporate customers to the digital channel contributed to significant increases in their transaction volumes of 32 per cent in Q4 from Q3 and more than 129 per cent in 2024 from 2023.
Digital transaction volumes by individual customers also showed strong growth, with a 34 per cent increase in Q4 compared to Q3 and 66 per cent for the year.
In 2024 ABBANK also engaged in numerous impactful community campaigns.
Its notable initiatives included the “Green An Bình – Green Việt Nam” afforestation project that aims to help prevent landslides and erosion while creating livelihoods for local residents, programmes on supporting customers affected by typhoon Yagi, building key educational facilities for students in remote areas, and contributing funds for the construction of homes for special priority groups.
In 2025 ABBANK continues to prioritise strengthening its technology platform and human resources to meet its digital transformation process and improving its products and services to provide the best customer experience.
Along with the ABBANK Business digital banking platform for enterprises, the bank is in the final stages of preparing to launch a brand-new digital banking platform for individual customers, which is set to debut in Q1, 2025.
