ACB achieved a profit of over 21 trillion VND, continuing to increase market share

On January 22, Asia Commercial Joint Stock Bank (ACB) announced its 2024 business results with pre-tax profit reaching more than VND 21,000 billion, an increase of 5% compared to 2023.

ACB to achieve record profit in 2024.

In 2024, ACB's credit scale will reach VND581 trillion, up 19.1% year-on-year, surpassing the industry average for 9 consecutive years. Despite rapid growth, ACB still maintains top asset quality with a bad debt ratio of only 1.51% - one of the lowest rates in the industry. ACB's total mobilization scale in 2024, including customer deposits and valuable papers, will reach VND639 trillion, up 19.4% compared to 2023. According to the 2024 financial report, ACB's pre-tax profit in 2024 will reach more than VND21 trillion, up 5% compared to 2023. Of which, interest income will increase by 11.4% thanks to credit growth, while service fee income will increase by 10.8% thanks to diversified fee sources. The CIR ratio was well controlled, falling to 32.5%. ROE reached 22%, among the highest in the industry, showing that ACB's profitability and capital efficiency were good. Looking back at the 2019-2024 strategic period, ACB's pre-tax profit increased nearly 3 times within 5 years while the ROE ratio continuously remained at 22-25%, affirming sustainable growth momentum. In 2024, ACB received high ratings from international and domestic credit rating organizations. Fitch Ratings upgraded ACB's outlook from "Stable" to "Positive". In addition, Moody's and independent credit rating agency FiinRatings also recognized ACB's stable profitability and prudent risk management strategy with the highest rating among joint stock commercial banks in Vietnam. Source: https://nhandan.vn/acb-dat-loi-nhuan-hon-21-ngan-ty-dong-tiep-tuc-gia-tang-thi-phan-post857363.html