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Saturday, June 22, 2024

Unveiling profit trends

By Trieu Duong

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The deadline for listed companies to release their Q4 2023 financial statements was January 30. By January 22, over 470 firms active on the three stock exchanges had sent out their reports, indicating a better business performance than the final quarter of 2022. Robust profit growth As anticipated, securities companies once again reported strong profits in the latest quarter, riding on the market’s remarkable recovery during the final two months of 2023, which carried over into the new year. The stock market’s positive rebound propped up trading activity, leading to prosperous brokerage and margin lending services offered by securities firms in the fourth quarter of the previous year. This, in turn, allowed these companies to reap substantial profits from their investment portfolios or significantly reduce their losses. However, the banking sector showed a diverse range of profit growth rates. Some banks managed to sustain a strong upward momentum, including BIDV, which achieved an after-tax profit of over VND6.08 trillion in the fourth quarter of 2023, a 43% year-on-year increase. LPBank saw a remarkable leap, with its profit rising by a staggering 293% to VND2.62 trillion. Sacombank also posted robust results, with its profit rising by 22% to VND2.14 trillion. On […]
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