The first Vietnamese bank with total assets of more than 100 billion USD, how big is it?

(NLDO) – Not only is the first Vietnamese bank to surpass the total assets mark of 100 billion USD, many other banks are also "racing" to grow in scale and capitalization...

The Bank for Investment and Development of Vietnam ( BIDV ) has just announced its Financial Report for the third quarter of 2024. The most notable figure is that the bank's total consolidated assets skyrocketed to VND 2.58 million billion, up 12% compared to the end of last year and continued to maintain its position as the bank with the largest total assets in the market. Converted at the listed exchange rate, it is over 100 billion USD. This is the first bank in Vietnam to have total assets exceeding this milestone.

Not only BIDV, some other Vietnamese banks also have skyrocketing assets such as VietinBank with total consolidated assets by the end of the third quarter of 2024 of more than VND 2.22 trillion (more than USD 87 billion); Vietcombank with more than VND 1.93 trillion (more than USD 75.8 billion).

The "big guy" Agribank has not yet announced its third quarter financial report, however, statistics by the end of the second quarter of 2024 show that the total assets of this bank also exceeded 2.07 million billion VND, only behind BIDV and VietinBank.

The above figure also far exceeds the total assets of some of the largest joint stock commercial banks in the system such as MB, Techcombank and VPBank. Leading in total assets of the joint stock banking sector is MB with more than 1.02 million billion VND as of the end of September 2024.

BIDV is the bank with the largest total assets in the system by the end of the third quarter of 2024.

According to BIDV, not only did the total consolidated assets grow by double digits; the bank's capital mobilization also fully met the capital demand, ensuring the safety of the system's liquidity. By September 30, capital mobilization from organizations and individuals reached VND2.07 trillion, up 8.8% compared to the beginning of the year, focusing on the retail segment, contributing to increasing the stability of the capital base.

"Credit activities recorded a fairly high increase compared to the average of the banking industry, with outstanding credit reaching 1.96 million billion VND, up 9.8% compared to the beginning of the year. In particular, the credit structure continued to shift towards sustainable development, focusing on the retail segment, up 21% compared to the end of last year, and foreign corporate customers, up 19.4%. Consolidated pre-tax profit reached 22,047 billion VND, up 11.6% compared to the same period last year," said a BIDV representative.

With the above figure, BIDV also rose to 3rd place in terms of profit in the banking industry in the first 9 months of 2024.

Vietcombank is the bank with the largest capitalization in the system by the end of the third quarter of 2024.

Although its consolidated total assets only rank 3rd in the banking industry, the Bank for Foreign Trade of Vietnam (Vietcombank) is the champion in terms of industry profits in the past 9 months. Vietcombank's consolidated financial report for the third quarter of 2024 shows that pre-tax profit reached more than VND 31,500 billion (equivalent to USD 1.2 billion), more than VND 8,600 billion higher than the second-ranked bank, Vietnam Technological and Commercial Joint Stock Bank (Techcombank). Techcombank reported pre-tax profit in the past 9 months of more than VND 22,800 billion.

According to records, in the past 9 months, the banking system had 4 banks with total pre-tax profits exceeding 20,000 billion VND, including Vietcombank, Techcombank, BIDV and MB.

On the stock market, the stock prices of many banks have also been positive recently, contributing to the development of the stock market. Currently, the bank stock with the highest market price is VCB of Vietcombank, with the trading price as of the morning of November 4 being VND94,500/share, up 1.07% compared to the previous session.

VCB's stock capitalization also leads the banking industry, reaching more than VND522,000 billion (equivalent to about USD20.4 billion).

According to experts, in the context of the unpredictable and potentially risky global economic situation affecting the Vietnamese economy, commercial banks, especially the state-owned commercial banking sector, still play a role in providing capital for the economy, in accordance with the orientation and direction of the Government and the State Bank, contributing to stabilizing the macro economy and economic growth.

Source: https://nld.com.vn/ngan-hang-viet-dau-tien-co-tong-tai-san-hon-100-ti-usd-quy-mo-lon-co-nao-196241104103559922.htm