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Saturday, November 26, 2022

Banks report handsome profits in Q3

By Thuy Le

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HCMC – Many local banks have released their business results, which indicate huge third-quarter profits.

Asia Commercial Bank (ACB) recorded a pretax profit of nearly VND4.5 trillion between July and September, surging by 71% year-on-year.

VPBank put its pretax profit at over VND4.5 trillion in quarter three, up 67% against the year-ago period.

Similarly, TPBank’s pretax profit was VND2.1 trillion in the third quarter, soaring by 54% year-on-year, while the pretax profit of LienVietPostBank picked up 61% year-on-year at VND1.2 trillion.

Vietnam International Bank (VIB) estimated its July-September pretax profit at VND2.8 trillion, double the year-ago figure.

The pretax profits of SeABank and Techcombank were estimated at over VND4 trillion, up 59% year-on-year, and VND6.7 trillion, up 21%, respectively.

Other banks, such as Vietnam Maritime Commercial Joint Stock Bank, VietBank and PGBank, earned more than last year as well.

The good performance of banks was attributed to their business expansion and an upsurge in outstanding loans.

At ACB and TPBank, their outstanding loans in the third quarter totaled over VND402 trillion and VND156 trillion, respectively, up 11% against early 2022.

Techcombank saw its outstanding loans growing 18% against the beginning of the year at over VND410 trillion.

In addition, soaring non-interest income and effective bad debt settlement plans spurred banks’ profits before tax in the third quarter.

Furthermore, banks no longer face the pressure of slashing interest rates and sharing their earnings to support Covid-hit customers. In 2021, many banks spent thousands of billions of Vietnamese dong reducing lending rates and exempting bank service fees.

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