Several major Vietnamese banks have officially reported impressive business results for the year 2014.

Vietnam Bank for Agriculture and Rural Development (Agribank) posted pre-tax profits of 3.23 trillion VND (152.1 million USD), showing a 6 percent year-on-year increase from 2013 and meeting 101 percent of the target.

By the end of last year, the bank's total assets stood at 762.8 trillion VND (35.8 billion USD), an increase of 10 percent over 2013. Its total deposits rose 10 percent to 690.1 trillion VND (32.4 billion USD), while total outstanding loans amounted to 605.3 trillion VND (28.4 billion USD). Loans for agriculture and rural areas amounted to 411.2 trillion VND (19.3 billion USD), accounting for 74 percent of the total.

Agribank's total revenue from services reached 2.8 trillion VND (131.6 million USD), increasing 19 percent in comparison with the previous year and surpassing the target by 4 percent.

With these results, the bank led the domestic banking sector in terms of total assets in 2014.

The Bank for Investment and Development of Vietnam also reported a 20 percent year-on-year rise in pre-tax profit in 2014, amounting to 6.06 trillion VND (285 million USD).

By the end of last year, its total assets were more than 655 trillion VND (30.7 billion USD), increasing 18 percent from the previous year. The bank's outstanding loans reached more than 461 trillion VND (21.6 billion USD), a 19 percent rise from 2013.

Its return on equity was 14 percent, while Returns on Asset were 0.8 percent, and earnings per share reached 1,700.

The bank for Foreign Trade of Vietnam (Vietcombank) has not yet made an official announcement. However, according to a report from VCB Securities Company, the bank's pre-tax profit last year was estimated at 5.6 trillion VND (263 million USD), rising 2 percent against 2013. Its business activities saw relatively high growth, while bad debts were well controlled at 2.3 percent compared with 2.7 percent in 2013.

Vietcombank's lending surged 18 percent in 2014. The bank sold bad debts worth 2.6 trillion VND (122.2 million USD) to the Vietnam Asset Management Company last year.

Some smaller banks also announced their business results for last year. For example, the Tien Phong Bank's pre-tax profit last year was 536 billion VND (25.1 million USD), surpassing the target by 22 percent. Its total assets amounted to 51.5 trillion VND (2.4 billion USD), while its outstanding loans rose by 50 percent. The bank's bad debts were at 1 percent, and its total deposits was 47 trillion VND (2.2 billion USD).

NamABank achieved an estimated pre-tax profit of 243 billion VND (11.4 million USD), an increase of 15 percent over the target. It had planned to get listed on the stock market this year.

Experts said the announced results of the banking industry are an indication of the economy's recovery. The latest report from the State Bank of Vietnam revealed that the total assets of credit institutions as of the end of last November had reached 6.27 quadrillion VND (295 billion USD), posting a 6.34 percent increase over the beginning of last year.-VNA