DNVN - ABBANK's pre-tax profit for the first nine months of 2024 reached VND 252 billion. This profit level was lower than expected due to the bank increasing provisions in response to actual developments and the overall context of market demand being negatively impacted by natural disasters.
As of September 30th, An Binh Commercial Joint Stock Bank (ABBANK) recorded growth in the number of transactions on its digital banking channel and growth in outstanding loans. Capital adequacy ratios continued to be met in accordance with regulations.
ABBANK's total assets at the end of Q3 2024 reached VND 164,115 billion, an increase of 8% compared to the end of Q2 2024 and a 1.3% increase compared to the beginning of the year; total deposits reached VND 147,018 billion, an increase of 8.8% compared to Q2 and a 1.6% increase compared to the beginning of the year; total outstanding loans increased by 6.3% compared to Q2 and a 3.5% increase compared to the beginning of the year. The capital adequacy ratio (CAR) reached 11.02%.
ABBANK has recorded many positive results from its digital transformation efforts, with the number of transactions per customer showing a steady upward trend since the beginning of the year. Specifically in Q3 2024, the number of digital banking transactions by ABBANK customers saw strong growth, with individual customers increasing by 47% compared to Q2 and 82% compared to the same period in 2023; and corporate customers increasing by 248% compared to Q2 and 145% compared to the same period last year.
The increase in online transactions by corporate customers stems from ABBANK's introduction of its brand-new ABBANK Business digital banking platform, which offers numerous convenient features and effectively supports corporate financial management.
In Q3 2024, ABBANK also achieved a profit from service activities of VND 290 billion, an increase of 43% compared to the end of Q2 2024. ABBANK's non-performing loan ratio as of September 30, 2024, continued to be tightly controlled and maintained below 3% as stipulated in Circular No. 11/2021/TT-NHNN of the State Bank of Vietnam (SBV).
In order to be more proactive and cautious in its lending activities, ABBANK has set aside VND 1,166 billion for credit risk provisions, achieving a bad debt coverage ratio of 53%, along with a portfolio of high-value collateral assets.
ABBANK's pre-tax profit for the first nine months of 2024 reached VND 252 billion. This profit level was lower than expected due to the bank increasing provisions in response to actual developments and the overall context of market demand being negatively impacted by natural disasters.
To support customers affected by Typhoon Yagi , in September 2024, ABBANK announced a reduction in lending interest rates of up to 1.5% per year for individual customers with business loans at the Bank, and a maximum reduction of 1% per year for existing SME customers.
Nguyen Duc
Source: https://doanhnghiepvn.vn/kinh-te/tai-chinh-ngan-hang/abbank-bao-lai-truoc-thue-252-ty-dong/20241031073527752
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