Asia Commercial Joint Stock Bank - ACB (HoSE: ACB) has just announced its financial report for the fourth quarter and the whole year of 2023 with pre-tax profit reaching over 20,000 billion VND, the highest ever.
In the fourth quarter of 2023 alone, the bank recorded more than VND7,900 billion in revenue, an increase of 33% over the same period last year. In particular, most of the bank's business segments grew in the past quarter.
Specifically, net interest income in the fourth quarter of 2023 decreased by nearly 2.6%, contributing VND 6,289 billion; net profit from service activities also decreased by 21.5% to VND 927 billion; net profit from other activities decreased sharply by 90% to nearly VND 14 billion.
ACB has completed the business target registered at the shareholders' meeting. (Photo: ACB)
However, the bright spot is that net profit from trading investment securities in the fourth quarter of 2023 increased sharply to nearly VND 1,360 billion, from a low base of only nearly VND 3 billion in the fourth quarter of 2022.
Also in the last quarter of 2023, ACB set aside nearly VND322 billion in credit risk provisions. After deducting operating expenses during the period, the bank earned a pre-tax profit of more than VND5,043 billion, up nearly 40% over the same period last year. Profit after income tax also increased accordingly, reaching more than VND4,000 billion.
For the whole year of 2023, ACB's pre-tax profit was nearly VND 20,100 billion, an increase of more than 17% compared to the previous year. This profit result has completed 100% of the plan set by the bank's shareholders and is also the highest pre-tax profit in ACB's history of operations.
By the end of 2023, ACB's total assets expanded by 18% compared to the beginning of the year, reaching nearly VND 718,800 billion. Credit scale reached nearly VND 488,000 billion, up nearly 18% compared to the beginning of the year and higher than the industry average of 13.7%.
This is the highest credit growth rate in the past 10 years of ACB, mainly thanks to flexible lending policies according to market conditions.
The bank said it has promptly implemented support under the direction of the State Bank through a 2% interest rate support package with total disbursement reaching nearly VND1,900 billion; restructuring debt repayment terms and maintaining debt groups according to Circular 02 with total outstanding debt reaching VND2,200 billion.
At the end of 2023, ACB's deposit mobilization scale reached nearly VND 483,000 billion, an increase of nearly 17% compared to the beginning of the year, higher than the growth rate of the whole industry. In particular, the growth of demand deposits (CASA) reached 22%, ranking in the top 5 of the whole industry.
On the balance sheet, recorded at the end of 2023, excluding ACBS's margin trading loans, the bank's bad debt was at VND5,890 billion, up 93% compared to the beginning of the year. The bad debt/loan balance ratio increased from 0.7% at the beginning of the year to 1.2% at the end of the year. At the end of 2023, ACB's profit/equity (ROE ratio) was nearly 25%.
(Znews)
Source
Comment (0)