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Monday, July 22, 2024

Banks report hefty profits in H1

The Saigon Times

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HCMC – The first half of this year saw many commercial banks produce positive business results, with their before-tax profits exceeding VND10 trillion.

A report on the banking sector by SSI Securities Corporation showed the profit growth of banks in the first six months of 2022 stood at an estimated 26%-29% on average over the same period last year due to strong credit growth, an increase in the net interest margin and low pressure from provisions.

Among commercial banks with profits over VND10 trillion was VPBank reporting its profit at VND15,300 billion, the highest profit made by banks that have released their business results until now. Besides, Techcombank reported a before-tax profit of VND14,100 billion.

Many other commercial banks such as ABBank, SHB, VIB, TPBank and SeaBank have also seen good business results, the local media reported.

Despite the positive signs, experts forecast that the profit growth of banks in the mid and long terms could be challenging due to global inflation, tightened control over credit for real estate and banking safety.

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