Vietcombank temporarily takes the 'throne' of banking industry profits

According to the financial report as of September 30, the Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ) stated that the bank's total assets reached more than VND1,731 trillion (down 5.4% compared to the end of last year). Total outstanding debt was nearly VND1,19 trillion (up nearly 4%).

Vietcombank is leading the banking industry in terms of profit. (Photo: BL)

Vietcombank's net operating profit in the third quarter of 2023 increased by 2%, reaching more than VND10,544 billion. In the past 9 months, the bank's net profit reached more than VND35,600 billion, up 9% over the same period in 2022.

Vietcombank's pre-tax profit in the third quarter of 2023 reached more than VND 9,000 billion, an increase of 20% over the same period in 2022. In the first 9 months of 2023, the bank's pre-tax profit reached more than VND 29,500 billion, an increase of 18% over the same period last year.

With a “huge” pre-tax profit, Vietcombank is holding the “throne” in terms of profit compared to banks that have announced their business results. Ranked 2nd in terms of accumulated profit in the first 9 months of the year is Techcombank with 17,115 billion VND, ranked 3rd is ACB Bank with 15,024 billion VND.

Also according to Vietcombank's financial report, by the end of the third quarter of this year, the bank had completed more than two-thirds of its profit growth plan compared to 2022.

To achieve these results, the business indicators of Thoi Quan Bank are always at the top of the industry, while the capitalization is also at the top of the stock market with 475,073 billion VND. Vietcombank's VCB shares are currently trading at 85,000 VND/share (up 25.4% compared to the beginning of this year).

As of September 30, Vietcombank's bad debt ratio was only 1.21% with a total bad debt of more than VND14,394 billion. However, the amount of bad debt has increased by 84% compared to the end of 2022 (more than VND7,820 billion). Of which, debt with the possibility of losing capital decreased by 14% compared to the end of last year.

DAI VIET

Source: https://vtc.vn/vietcombank-tam-chiem-ngoi-vuong-loi-nhuan-nganh-ngan-hang-ar830487.html