VN banks report high profits in first quarter
Many commercial banks posted positive business performance for the first quarter of the year with high profits.
A VietinBank transaction office.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) recorded the post-tax profit hitting over 2.2 trillion VND (97 million USD), up 20.1 percent from the same period last year. The figure made the bank the top of the list in terms of profit of the first quarter.
The Vietnam Bank for Industry and Trade (Vietinbank) got a pre-tax profit of 2.544 trillion VND (111.9 million USD), up 5.8 percent year-on-year, and post-tax profit of 2.039 trillion VND (89.7 million USD).
This is the strongest growth the bank has recorded since 2011, according to Vietinbank Chairman of the Board of Directors Nguyen Van Thang.
The Bank for Investment and Development of Vietnam (BIDV) earned nearly 2.277 trillion VND (100.1 million USD) and 1.848 trillion VND (81.3 million USD) in pre- and post-tax profits, respectively, up over 9 percent year-on-year.
Similarly, the Vietnam Technological and Commercial Joint Stock Bank’s (Techcombank) total pre- and post-tax profits were 1.32 trillion VND (58.2 million USD), double the figure of the same period last year, and 1.059 trillion VND (46.6 million USD), respectively.
Meanwhile, the Military Bank (MB) recorded a year-on-year increase of 22 percent to 1.055 trillion VND (46.4 million USD) in pre-tax profit, or 25 percent of the yearly plan. The bank hopes to post 4.532 trillion VND (199.4 million USD) in pre-tax profit this year.
Also in the reviewed period, the Saigon Thuong Tin Commercial JSC.’s (Sacombank) showed impressive performance with pre- and post-profits hitting 309 billion VND (13.6 million USD), and 210 VND (9.24 million USD), up 50 percent and 30 percent, respectively.
The Export-Import Bank (Eximbank) recorded a five-time increase 170 billion VND (7.48 million USD) in pre-tax profit, and 136 billion VND (5.98 million USD) in post-tax profit.
According to the Department of Statistics and Forecasting under the State Bank of Vietnam, the banking system’s the average growth is expected to rise by 13.4 percent, higher than that of 2016.