According to the consolidated financial report for the fourth quarter of 2023, the pre-tax profit in 2023 of the "big brother" of the banking industry reached 41,244 billion VND.

Although this figure increased by VND 3,876 billion, equivalent to an increase of 10.4% compared to 2022, Vietcombank 's actual pre-tax profit in 2023 was still VND 1,729 billion lower than planned.

By the end of 2023, Vietcombank recorded total assets increasing by VND 25,408 billion, equivalent to 1.4% compared to the end of 2022 to VND 1,839,223 billion; VND 137,835 billion lower than the plan.

In May 2023, the General Meeting of Shareholders approved the plan for 2023 with total assets increasing by 9%; pre-tax profit increasing by at least 15%. According to this plan, Vietcombank's pre-tax profit in 2023 needs to reach VND 42,973 billion and total assets reach VND 1,977,058 billion as of December 31, 2023.

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Vietcombank's pre-tax profit and total assets were much lower than planned.

It can be seen that at least two important indicators, pre-tax profit and total assets, are much lower than the plan approved at the annual General Meeting of Shareholders.

Although it did not complete the profit target compared to the plan, VCB's pre-tax profit in 2023 grew positively, with an increase of VND 3,876 billion, equivalent to 10.4% compared to 2022. As a result, after-tax profit in 2023 increased by VND 3,135 billion, equivalent to 10.5%, reaching VND 33,054 billion.

Profit before and after tax increased although net profit from business activities before credit risk provision expenses decreased slightly, from VND46,831 billion to VND45,809 billion.

Specifically, the cost of credit risk provision in 2023 is VND 4,565 billion, down VND 4,899 billion, equivalent to 51.8% compared to 2022.

The sharp decrease in credit risk provisioning costs at VCB despite the rapid increase in bad debt is surprising.

As of December 31, 2023, this bank's bad debt reached VND 12,455 billion, accounting for 0.98%. Bad debt increased by VND 4,635 billion, equivalent to 59.3% compared to the end of 2022. The bad debt ratio increased from 0.68% to 0.98%.

Bad debt increased from VND6,623 billion to VND7,841 billion. Notably, VCB's bad debt increased continuously in the period from 2020 to 2023. In 2020, bad debt was VND5,230 billion (up 0.62%) and in 2021 it was VND6,121 billion (up 0.64%). In 2023 it was VND12,455 billion.

In 2023, implementing the policy of supporting businesses, Vietcombank continuously reduced interest rates. During the peak period in the fourth quarter of 2023, due to the reduction in interest rates, net interest income decreased slightly from VND 14,809 billion to VND 12,801 billion. However, for the whole year, this target still increased slightly from VND 53,246 billion to VND 53,621 billion.

Meanwhile, many other important activities decreased such as: net profit from service activities decreased by VND 1,059 billion, equivalent to 15.5% to VND 5,780 billion; net profit from foreign exchange trading activities decreased slightly from VND 5,768 billion to VND 5,660 billion.