PGBank Q1 profit nearly triples on stronger income

PGBank Q1 profit nearly triples on stronger income

PG Bank reported a near threefold rise in Q1 profit, supported by stronger non-interest income and tighter risk control.

As of March 31, total assets of PG Bank stood at VNĐ86.7 trillion (US$3.3 billion). — Photo courtesy of PG Bank

Petrolimex Group Commercial Joint Stock Bank (PG Bank) reported strong first-quarter results, with pre-tax profit nearly tripling year-on-year to almost VNĐ276 billion (US$11 million).

Total operating income reached VNĐ609 billion in Q1, up 20.4 per cent from the same period last year. The lender said the growth was driven by improved revenue structure and tighter risk control, helping it fulfil nearly 20 per cent of its full-year target.

Non-interest income rose sharply to VNĐ118.4 billion, an increase of 60 per cent year-on-year, supported in part by recoveries from previously written-off bad debts. Meanwhile, net interest income edged up 1.9 per cent to VNĐ424 billion, reflecting a cautious credit growth strategy.

As of March 31, total assets stood at VNĐ86.7 trillion, while customer deposits reached VNĐ47 trillion. Asset quality remained within regulatory limits set by the State Bank of Vietnam, with the non-performing loan ratio controlled at 2.44 per cent.

The bank also continued to invest in digital transformation during the quarter, upgrading technology infrastructure and rolling out integrated banking platforms to enhance customer experience and support long-term growth.

The result comes amid a broader recovery in the banking sector in early 2026, with the relatively small lender showing signs of improving operational efficiency. 

Bizhub