3 Big4 banks boast huge profits, only 1 lowest bank misses the billion USD mark

At the recent conference to summarize 2023 and deploy tasks for 2024 of Agribank , Mr. Pham Toan Vuong, General Director of this bank, said that in 2023, Agribank continued to record positive business results.

By the end of 2023, Agribank's total assets will exceed VND 2 million billion; capital will reach over VND 1.88 million billion; total outstanding loans to the economy will reach over VND 1.54 million billion, of which over 65% of outstanding loans will serve the development of "Tam Nong".

Operational safety ratios ensure regulations. Bad debt is below 2%. Business results are effective according to the set targets, continuing to be one of the enterprises with the largest contribution to the State budget.

Specifically, Agribank's pre-tax profit is estimated at VND25,300-25,400 billion, equivalent to over USD1 billion. This is the highest profit ever of Agribank.

Just one day later, the remaining 3 "big guys" in the Big4 banking group simultaneously announced preliminary business results.

Vietcombank announced preliminary results with pre-tax profit fulfilling the assigned plan, reaching an increase of 10.2% compared to 2022.

With an estimated pre-tax profit of about VND40,400 billion in 2023, Vietcombank's profit in 2024 could reach more than VND44,400 billion (nearly USD2 billion).

Regarding other indicators, total assets by the end of the year are expected to increase by more than 8%, credit growth is over 12%, in which capital mobilization growth is in line with credit. Bad debt is expected to be below 1.5%.

Vietcombank continues to surpass itself to once again set a new record for profits in the banking industry, far surpassing worthy competitors in the Big4 group.

In 2024, Vietcombank aims to increase total assets by at least 8%; pre-tax profit by at least 10%, equivalent to VND 44,000 billion.

*Banks rush to report profits. (Photo: Hoang Ha).*

At VietinBank, sharing at the Conference to summarize Party work, business activities in 2023 and deploy tasks in 2024 held last weekend, Mr. Tran Minh Binh - Chairman of the Board of Directors of this bank said that by the end of 2023, VietinBank's total assets are estimated to reach more than 2 million billion VND, an increase of 12.5% compared to the end of 2022.

Outstanding credit is estimated at nearly VND 1.5 million billion, up nearly 16% compared to the end of 2022; higher than the industry's credit growth rate and in compliance with the State Bank's credit growth limit. Mobilized capital is estimated at more than VND 1.5 million billion, up 13.7% compared to the end of 2022.

VietinBank's 2023 separate pre-tax profit exceeded the target set by the Shareholders' Meeting for 2023 on the basis of ensuring operational safety indicators.

Previously, at the 2023 Annual General Meeting of Shareholders, Vietinbank was approved to have a profit plan of VND22,500 billion for 2023. Vietinbank's individual pre-tax profit target in 2023 is VND22,500 billion, total assets grow by 5%-10% and bad debt ratio is below 1.8%.

VietinBank has also just completed increasing its charter capital to more than VND 53,000 billion through issuing shares to pay dividends to shareholders at a rate of 11.74% from the remaining profits of 2020.

Meanwhile, BIDV Bank has just announced that by December 31, 2023, BIDV's business targets will all meet the plan assigned by the State Bank and the General Meeting of Shareholders.

Specifically, by the end of 2023, total bank assets will reach VND 2.26 million billion; capital mobilization will reach VND 1.89 million billion, up 16.5%; outstanding credit will reach VND 1.75 million billion, up 16.66%; bad debt ratio according to Circular 11/2021/TT-NHNN will be controlled at 1.1%.

BIDV said the bank has made full risk provisions as required. The bad debt coverage ratio (credit risk provision fund balance/bad debt balance) reached 192%.

The parent bank's pre-tax profit reached VND26,750 billion. The pre-tax profit of the subsidiary sector reached VND1,290 billion, and the joint venture sector reached VND945 billion. The consolidated pre-tax profit reached over VND27,400 billion, equivalent to USD1.14 billion.

Thus, overcoming the difficult and challenging year 2023, all four state-owned commercial banks achieved billion-dollar profits.

Source