Business

Five banks earned profits of more than 10 trillion VND in H1

Five banks in Vietnam recorded a pre-tax profit of more than 10 trillion VND (422 million USD) in the first six months of this year, financial statements of the banks showed.
Five banks earned profits of more than 10 trillion VND in H1 ảnh 1A Vietcombank transaction office in Hanoi. (Photo: VNA)
Hanoi (VNS/VNA) - Five banks in Vietnam recorded apre-tax profit of more than 10 trillion VND (422 million USD) in the first sixmonths of this year, financial statements of the banks showed.

Vietcombank remained the champion in terms of profit in thecountry’s banking industry, with H1 2023's pre-tax profit of 20.5 trillion VND(866 million USD), up 18% over the same period last year. Vietcombank's profitwas a whopping 1.5 times higher than that of the second-ranked bank, BIDV.

With a pre-tax profit of more than 13.8 trillion VND (583 millionUSD) in H1 2023, up 26% over the same period last year, BIDV made a spectacularjump to rank second against the sixth position last year. This was the highestprofit ever achieved by BIDV in the first six months of a year.

In third position was Military Bank (MB) with a consolidatedpre-tax profit of more than 12.7 trillion VND (536 million USD) in the firsthalf of the year, up 7% over the same period last year. MB also had astrong demand deposit ratio, reaching 37%, the highest in the bankingsystem.

VietinBank ranked fourth with a narrow profit gap with MB as itspre-tax profit reached more than 12.5 trillion VND (528 million USD), up 8%over the same period last year.

All four of the top banks recorded positive profit growth in thesecond quarter of 2023 and H1 2023.

Techcombank was the fifth most profitable bank with more than 11.2trillion VND (473 million USD), down 20% over the same period last year.Despite the negative growth, this result was still in line with the bank'sexpectations, reaching 51% of its yearly plan.

The next five banks following Techcombank in the Top 10saw pre-tax profits of nearly 10 trillion VND (422 million USD) for ACB, 6.07trillion VND (255.58 million USD) for SHB, 5.64 trillion VND (238 million USD)for VIB, 5.48 trillion VND (231 million USD) HDBank, and more than 5.1trillion VND (215 million USD) for VPBank.

Among the banks, VPBank recorded the biggest drop in profit. Theparent company of VPBank had a pre-tax profit of nearly 7.9 trillion VND inthe first six months of the year, but the loss of the bank’s subsidiary FECredit dragged down its consolidated profit to only more than 5.1 trillion VND,down 66% over the same period last year./.
VNA
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