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Saturday, July 20, 2024

A financial windfall for bank shareholders

By Linh Trang

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With impressive financial performances in the fourth quarter and throughout 2023, several banks are considering distributing cash dividends to their shareholders. Profit targets met Vietcombank is estimated to have a consolidated pre-tax profit of approximately VND41.2 trillion for 2023, whereas its standalone profit may be higher than VND40.4 trillion, as per the bank’s preliminary report on its business operations last year. With such results, Vietcombank has set a new profit record in the banking sector. BIDV ranks second among state-run joint stock banks, reporting a consolidated pre-tax profit of over VND27.4 trillion for 2023. Agribank expects a pre-tax profit of VND25.3-25.4 trillion for the whole of 2023, a 15% increase from the previous year. VietinBank’s 2023 profit surpasses its target. Among large- and medium-sized private joint stock banks, MB reported a standalone profit of nearly VND24.68 trillion in 2023, a 22% year-on-year increase, with a consolidated profit of VND26.2 trillion, up 15%. Techcombank achieved a pre-tax profit of VND22.9 trillion, exceeding its target. VIB’s profit before tax exceeded VND10.7 trillion, a slight increase of 1% compared to 2022, resulting in a 25% return on equity (ROE). In total, seven banks reported profits exceeding VND10 trillion: Vietcombank, BIDV, MB, VietinBank, Agribank, […]
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