By the end of the third quarter of 2024, ACB achieved business results with well-maintained financial indicators, affirming its position as one of the most effectively operating joint stock commercial banks in the market.
Maintaining dominance in the retail sector - Photo: ACB
Maintain dominance in retail
As of September 30, ACB's credit reached 555 trillion VND, mobilized capital reached 512 trillion VND, growth compared to the beginning of the year recorded at 13.8% and 6.1% respectively. Notably, the credit growth rate was 1.5 times higher than the industry average and was the highest net increase in the past 10 years.
This also shows that ACB continues to maintain its advantage in the retail segment and implements a balanced growth strategy between individuals and businesses quite well when recording a cumulative credit growth rate of more than 15% in the business segment in the past 9 months.
Regarding CASA, the bank has promoted solutions to attract deposits through increasing customer benefits such as implementing the Smart Ally campaign - providing solutions and store management benefits for business households; upgrading high-end financial services for priority customers.
Thanks to that, demand deposits reached 114 trillion VND, up 24% over the same period in 2023, continuing to be one of the retail banks with the highest CASA ratio in the market at 22.2%.
Pre-tax profit in the first 9 months of the year was VND15.3 trillion, up slightly by 2% over the same period, mainly from growth in credit scale, service fees and effective cost management.
The bad debt ratio in the third quarter was 1.49%, among the banks with the lowest bad debt in the market. The provisioning cost in the third quarter was lower than the average provisioning level in the first two quarters of the year.
ACB's ROE remains high at 22.2%, continuing to be among the industry's leading groups - Photo: ACB
The regulations on liquidity safety ratio as prescribed by the State Bank of Vietnam were strictly complied with with the LDR ratio of 82.4%, the ratio of short-term capital for medium and long-term loans accounting for 20.7%. The capital safety ratio (individual) by the end of the third quarter was at 11.3%, far exceeding the level prescribed by the State Bank of Vietnam. In addition, the bank has made efforts to control and optimize operating costs at 8.2 trillion VND, a slight increase of 3.8% over the same period. The CIR ratio was maintained at a low level of 32.7%. ACB's ROE remained high at 22.2%, continuing to be among the leading groups in the industry.
Regarding ACBS, in the third quarter, it continued to record good business results with pre-tax profit growing by more than 44% over the same period.
Accumulated in the first 9 months of the year, pre-tax profit increased by 67% thanks to the growth in income from ACBS's main business activities, including interest income from margin loans increasing 3 times, income from proprietary trading activities increasing 44% and income from brokerage activities increasing 14% over the same period with market share reaching 2.68%, up 0.24%.
Promote digital banking
Following the Government's orientation on green growth 2021-2030, the bank is implementing business activities in line with the banking industry's sustainable development action program, contributing significantly to positive business results in the first 9 months of the year.
ACB ONE Digital Banking products and services are being promoted. By the end of the third quarter, transaction turnover and the number of online transactions increased sharply, up 32% and 57% respectively compared to 2023. ACB ONE is highly appreciated by customers for its convenient experience, a program to accumulate transaction points to exchange for thousands of diverse gifts and is very suitable for the diverse needs of customers.
ACB ONE Digital Banking Service is being promoted - Photo: ACB
In the third quarter, the bank increased the Green/Social credit package limit from VND2,000 billion to VND4,000 billion with an interest rate of only 6%/year, preferential terms of up to 24 months. By the end of September, ACB had disbursed 73% of the Green/Social credit package, accounting for VND2.9 trillion. Previously, the bank announced the Sustainable Finance Framework, creating standards for operations in the green finance sector.
Most recently, at the event "Unblocking capital, welcoming opportunities" connecting banks and businesses organized by the State Bank, Mr. Tu Tien Phat - General Director of ACB - said that the Bank currently allocates about 5,000 billion VND to finance capital for small and medium enterprises, meeting the needs of production, business and import and export. This credit package can increase to 10,000 billion VND or 20,000 billion VND if businesses have a need for green credit capital to meet the requirements of foreign partners.
Actively carry out social responsibility
In the third quarter, the bank accompanied local and central agencies in social security activities to improve and enhance the quality of people's lives, such as donating VND 80 billion to support the program to support the elimination of temporary and dilapidated houses nationwide launched by the Government; contributing VND 2.2 billion to join hands with the banking system to help people in some northern provinces affected by storms and floods; spending nearly VND 4 billion to sponsor educational activities and care for people in difficult circumstances through a series of community activities called "Journey I love life" in many localities across the country.
On October 19, the bank donated VND10 billion to the Ho Chi Minh City People's Committee to sponsor social security programs in Ho Chi Minh City.
ACB Chairman gives support to Dak Lak province - Photo: ACB
Through community support activities, the bank is contributing to creating sustainable social values under the letter "S" (Society) in the ESG (Environment - Society - Governance) sustainable development strategy as well as in its pioneering role in building a sustainable and responsible financial system. In 2023, the bank contributed VND 5,214 billion to the State budget.
Source: https://tuoitre.vn/9-thang-2024-acb-tang-truong-tin-dung-cao-20241025160757694.htm
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