Techcombank, VPBank, ACB... pocket thousands of billions of dong in profits

Vietnam Technological and Commercial Joint Stock Bank ( Techcombank ) has just announced its business results for the third quarter of 2023 with pre-tax profit of VND 5,843 billion, down 13% over the same period last year, but up 3.4% over the second quarter of 2023. Accumulated for the first 9 months of this year, Techcombank's profit reached VND 17,115 billion, 17.8% lower than the same period.

By the end of the third quarter of 2023, customer deposits at Techcombank reached VND 409,000 billion, up 14.1% compared to the beginning of the year. In the first 9 months of 2023, the segments that brought in large revenue for services included revenue from card services reaching VND 1,526 billion, up 38.7% over the same period; revenue from letters of credit (LC), cash and payments reaching VND 3,218 billion, up 109.4% over the same period; revenue from foreign exchange (FX) services reaching VND 731 billion, up 19.0%...

Các ngân hàng vẫn bỏ túi hàng ngàn tỉ đồng lợi nhuận dù tăng chậm hơn - Ảnh 1. — Banks still record profits of thousands of billions of dong

Vietnam Prosperity Joint Stock Commercial Bank ( VPBank ) announced that in the third quarter of 2023, its consolidated pre-tax profit was more than VND 3,117 billion, down more than 30% compared to the same period last year. In the first 9 months of the year, VPBank's pre-tax profit was VND 8,279 billion, down 58% compared to the same period last year. While interest income continued to increase, VPBank's other income in the first 9 months of this year decreased sharply, down to VND 2,354 billion, down 65% compared to the first 9 months of 2022. By the end of September 2023, customer deposits at VPBank reached more than VND 421,471 billion, up 39% compared to the beginning of the year.

For Asia Commercial Joint Stock Bank ( ACB ), in the third quarter of 2023, pre-tax profit reached more than VND 5,000 billion, up 12.5% over the same period last year. Of which, interest income increased by 26% and income from other activities increased by 93% over the same period, contributing to ACB's profit growth. In the first 9 months of 2023, ACB achieved pre-tax profit of more than VND 15,000 billion, up 11.2% over the first 9 months of 2022 and equivalent to 75% of the annual profit plan.

Meanwhile, Lien Viet Post Joint Stock Commercial Bank (LPBank) recorded a slight increase of 1% in pre-tax profit in the third quarter of 2023 compared to the same period, reaching VND 1,241 billion. However, due to the poor performance of the previous two quarters, the accumulated pre-tax profit for the first 9 months was VND 3,687 billion, down 24% compared to the same period last year. LPBank said that the profit decreased due to many fluctuations in the world and domestic economic situation, thus affecting the business activities of many individuals and enterprises in economic sectors, including the banking sector. In addition, implementing the policy of the State Bank, LPBank has implemented policies and packages to support loan interest rates and reduce fees and charges for customers, which also reduced the bank's profits.

Similarly, Tien Phong Commercial Joint Stock Bank (TPBank) in the third quarter of 2023 had a pre-tax profit of VND 1,576 billion; down 26% compared to the third quarter of 2022. Accumulated for 9 months, TPBank's pre-tax profit was VND 4,959 billion, down 16% compared to the same period last year. The bank also said that in the context of the unstable and unpromising business situation of enterprises, along with TPBank implementing many preferential policies on interest rates and service fees to support customers to overcome difficult times, the bank's business results have not achieved the expected results...

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