Banks aspire to join billion-dollar profit club

Hanoi (VNA) - With profits exceeding 20 trillion VND (833 billion USD) in 2023, many banks are eyeing to join the billion-dollar profit club this year.

Several major banks have cautiously set profit targets, albeit still in the billion-dollar range, while others aim to nearly double their growth pending approval at annual shareholder meetings.

Vietcombank has revealed a targeted increase of at least 10% in pre-tax profit, while MB Bank - the third-highest profit earner in the industry - is working toward a 10% profit growth to reach 28 trillion VND.

Luu Hoai Son, the head of the planning and marketing department at MB Bank, stated that the bank expects a higher credit growth rate than the 16% set by the State Bank of Vietnam (SBV). Based on this, the pre-tax profit is projected to rise by 10% compared to the previous year.

Meanwhile, ACB and HDBank anticipate their pre-tax profits to be 10% and more than 20% higher, respectively.

Although BIDV and VietinBank have yet to announce their targets, it is unlikely the figures will be lower than those achieved last year.

The ACB Board of Directors said it believes that with the government's solutions to help ease difficulties in the real estate and corporate bond markets, the economy may recover this year. However, the toughest challenge is still the non-performing loans./.