ABBANK’s pre-tax profits more than double

ABBANK’s pre-tax profits more than double

An Bình Commercial Joint Stock Bank (ABBANK) achieved pre-tax profits of VNĐ407 billion (US$15.6 million) in the first quarter, a 128 per cent increase from the same period last year.

ABBANK’s pre-tax profits in the first quarter of 2025 increased by 128 per cent compared to the same period last year.— Photo courtesy of the bank

Its total assets were worth VNĐ183.6 trillion ($7.06 billion), up 4 per cent.

Deposits totalled VNĐ112 trillion while outstanding loans rose to VNĐ100.3 trillion.

The lender provisioned VNĐ340 billion for credit risk and repurchasing its debts from the Vietnam Asset Management Company.

It also improved its bad debt management to keep non-performing loans at 2.44 per cent, well within the ceiling of 3 per cent set by the State Bank of Vietnam.

The capital adequacy ratio was 10.46 per cent, well above the 8 per cent minimum required by the SBV.

ABBANK’s digital banking segment continued to achieve growth.

Its corporate banking platform, ABBANK Business, was upgraded with several new features like online international transfers, biometric updates and foreign exchange trading.

These upgrades contributed to a robust performance, with digital channels accounting for 56 per cent of all transactions by business customers.

Notably, online international transfers made up 24 per cent of international transactions by corporate clients.

For retail customers, the bank launched the new ABBANK mobile application. One of its standout features, voice-based balance notifications that work even when the customer’s device screen is switched off, has been well received, especially among individual business households.

ABBANK CEO Phạm Duy Hiếu said: “The first quarter of 2025 marked a strong start for ABBANK. We remain committed to a strategy of stable and sustainable growth, with business performance expected to accelerate in the upcoming quarters. Our intensified digital transformation efforts are set to bring even more innovative and convenient services to our customers throughout 2025.” 

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