The Q2 earnings report season has so far painted a vibrant picture although significant divergence has caused sharp variations in revenue and profit growth across different sectors, and even within the same industry. Impressive growth in the financial sector Companies are entering their peak period in reporting their earnings for April-June and the first six months of 2024. As of July 29, 668 companies that represent 47.2% of the total capitalization on the three exchanges – HOSE, HNX and UPCoM – had released their estimated earnings or published their financial statements for the second quarter of this year, according to statistics from FiinTrade. The overall picture is quite optimistic, with the average Q2 after-tax profit of these 668 enterprises being 21.8% greater than in the same period last year. The financial sector boasts a higher growth rate than the market average, at 26.6%, due mainly to the banking system. Most lenders whose Q2 earnings have been made public reported spectacular growth in revenue and profit. Specifically, ACB has reported pre-tax profit of more than VND5.59 trillion, a rise of 16% compared to the same period in 2023. In the first half of the year, the bank earned VND11.59 trillion in […]