ABBANK's total assets at the end of the third quarter of 2023 reached VND 141,586 billion, up 7% over the same period in 2022. Mobilization from customers reached VND 102,018 billion, up 20% over the same period in 2022. ABBANK's lending activities were also affected in the context of slow credit growth in the whole industry, accordingly, ABBANK's outstanding credit balance as of September 30, 2023 reached VND 86,069 billion. ABBANK's service income had high growth, reaching VND 491 billion, more than 9 times higher than the same period in 2022. ABBANK's customer portfolio continued to expand, in which the number of individual customers increased compared to the same period in 2022, reaching more than 2 million customers.
ABBANK's debt in groups 3, 4, and 5 decreased by 24.8% compared to the end of the second quarter of 2023; bad debt is currently mainly concentrated in the group of corporate customers - the group that is heavily and prolongedly affected by the pandemic. The ratio of bad debt to total outstanding debt of ABBANK as of September 30, 2023 is controlled at 2.41%. In addition to continuously reviewing credit contracts and collateral assets for effective credit management, ABBANK has made full provisions for credit risk provisions, with the bad debt coverage ratio reaching 41.8%.
As of September 30, 2023, An Binh Commercial Joint Stock Bank (ABBANK) recorded 646 billion VND in pre-tax profit.
ABBANK's capital adequacy ratio (CAR) at the end of the third quarter reached 11.05%, demonstrating a solid capital framework with a good capital buffer compared to the minimum requirement of the State Bank of Vietnam (SBV) at 8%, ensuring the ability to pay debts, credit and operational risks. ABBANK's pre-tax profit for the first 9 months of 2023 reached VND 646 billion. The low profit was due to a decrease in net interest income and an increase in provisions. The decrease in profit is also a common situation in the banking system when the cost of credit risk provisions increased rapidly, along with a decline in some business segments and low total market demand, the socio-economic situation has improved but is still difficult.
Talking to Nguoi Dua Tin , Mr. Pham Duy Hieu - Acting General Director of ABBANK said: "The general difficult context of the economy has significantly affected ABBANK's business results. However, we are persistently improving our business activities step by step, continuing to implement digital transformation, aiming to promote business, effectively manage risks and optimize operating costs. In addition, ABBANK also launched many internal programs to encourage and accompany employees in business tasks, spreading enthusiasm for work, thereby improving labor productivity" .
Huong Anh
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