Many banking giants report sudden profits

(NLĐO) - Profits of many state-owned commercial banks have surged, with BIDV alone earning over $1.1 billion in pre-tax profit.

On January 10th, the Vietnam Investment and Development Bank (BIDV) held a conference to launch its business plan for 2025, presenting some noteworthy figures.

As of December 31, 2024, BIDV's business indicators all met and exceeded the targets set by the State Bank of Vietnam and the General Shareholders' Meeting. Total assets of the commercial banking sector reached nearly 2.7 trillion VND (equivalent to over 100 billion USD), a growth of 19.4%, maintaining its position as the joint-stock commercial bank with the largest total assets in Vietnam.

Total mobilized capital reached 2.14 million billion VND, a growth of 13.1%. Total outstanding credit reached over 2.01 million billion VND, a growth of 15.3%.

Credit quality is controlled within limits; the non-performing loan ratio is controlled at 1.3%. The non-performing loan coverage ratio reached 133%.

Notably, the bank's pre-tax profit reached VND 30,006 billion (equivalent to over USD 1.1 billion), a growth of 12.4%. This is BIDV's highest pre-tax profit ever.

In 2024, BIDV also completed increasing its charter capital to VND 68,975 billion. It contributed VND 9,412 billion to the state budget, placing it among the leading enterprises in corporate income tax payments.

Nhiều — BIDV reports its highest pre-tax profit ever.

Later that same day, Military Bank ( MBBank ) also held an investor conference, highlighting key information about its 2024 business results and outlining its tasks for 2025.

Mr. Pham Nhu Anh, Member of the Board of Directors and General Director of MBBank, stated that in 2024, the bank's credit growth exceeded 24.3%, a significant increase compared to the industry average. The bank's pre-tax profit reached over VND 27,600 billion, an increase of approximately 12.9% compared to the previous year, achieving its set target.

In 2025, MBBank continues to aim for high credit growth of approximately 25-26% after the mandatory transfer of MBV (formerly Ocean Bank). With the government's target of approximately 8% economic growth in 2025, credit growth is expected to remain high.

Previously, among the major state-owned commercial banks, the Vietnam Bank for Agriculture and Rural Development (Agribank) also announced its business results for 2024. Accordingly, at the end of 2024, Agribank's total assets reached over 2.2 trillion VND (an increase of nearly 10%); capital reached over 2 trillion VND (an increase of 7.6%); and outstanding loans reached over 1.72 trillion VND (an increase of 11%).

The non-performing loan ratio is kept at a low level. Pre-tax profit increased by over 8%. In 2023, Agribank recorded a standalone pre-tax profit of approximately over VND 25,500 billion. Thus, the estimated 8% increase in profit (equivalent to about VND 2,000 billion) brings the bank's pre-tax profit to approximately VND 27,600 billion - the highest level in Agribank's operating history.

Among joint-stock banks, Saigon Thuong Tin Bank (Sacombank) announced that its pre-tax profit in the fourth quarter of 2024 is expected to reach over VND 4,600 billion, a 68% increase compared to the same period last year. For the entire year 2024, Sacombank's pre-tax profit is estimated to exceed VND 12,700 billion, the highest ever and surpassing the target set by the shareholders' meeting.

Source: https://nld.com.vn/nhieu-ong-lon-ngan-hang-bao-lai-dot-bien-196250110180026878.htm