As of April 28, nearly half of the banks in the system had released their first-quarter financial statements. While most lenders once again posted strong profit growth, some reported a year-on-year decline, as rising bad debt levels continued to drive up credit risk provisioning costs. Business results remain positive SeABank has posted strong growth, with its pre-tax profit amounting to VND4.35 trillion in January-March this year, up from over VND1.5 trillion in the same period last year, or a remarkable 189% increase. This outstanding performance is primarily driven by the full transfer of Post and Telecommunication Finance Co. Ltd. (PTF) from SeABank to AEON Financial Service Co. Ltd., along with the bank’s income of over VND2.6 trillion from capital contributions and share purchases. MBBank, one of the top profit earners in recent years, recorded the second-highest absolute profit growth among the lenders that have disclosed their financial statements. Specifically, the bank achieved pre-tax profit of VND8.38 trillion in the first quarter of this year, up by VND2.59 trillion, or 45%, despite the takeover of Ocean Bank, its ongoing restructuring since late 2024, and a modest credit growth rate of 2.7% since the beginning of the year. Notably, in the first […]
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