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Banks make huge profits in Q1
The Saigon Times
Wednesday,  Apr 7, 2021,10:05 (GMT+7)

Banks make huge profits in Q1

The Saigon Times

A customer conducts a transaction at a Vietcombank branch. Many commercial banks in Vietnam have reported a surge in pre-tax profit in the first quarter of 2021 – PHOTO: VIETCOMBANK

HCMC – Many commercial banks in Vietnam have reported a surge in pre-tax profit in the first quarter of 2021, as the economy is recovering and credit growth is positive.

At the 2021 annual shareholder meeting of Asia Commercial Bank (ACB) on April 6, Do Minh Toan, general director of the bank, said that it achieved a pre-tax profit of an estimated VND3.1 trillion in the first quarter of the year, surging 61% year-on-year and meeting 29.2% of its full-year target.

In 2021, ACB has set targets of raising capital mobilization by 9% and credit by 9.5% and earning pre-tax profit of over VND10.6 trillion, Nguoi Lao Dong Online reported.

At its meeting, ACB shareholders approved a plan to allocate profits, including spending some VND5.4 trillion on dividend payments with shares.

On the same day, Military Commercial Joint Stock Bank (MB) said that the bank recorded VND4.6 trillion in consolidated profit between January and March, up 50% year-on-year.

One of the factors driving up its revenue was digital banking. In the year to March 31, current account savings accounts deposits rose by 1.5-fold against the growth seen at the end of last year.

This year, MB booked a pre-tax profit of over VND14.6 trillion, up some 20%-30% from the 2020 figure.

Other major banks such as the Bank for Foreign Trade of Vietnam (Vietcombank) and the Vietnam Bank for Industry and Trade (VietinBank) also posted hefty profits in the first quarter of the year.

Vietcombank reaped a pre-tax profit of some VND7 trillion during the three-month period, meeting 28% of its full-year target, while VietinBank’s before-tax profit was an estimated VND7-8 trillion.

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