According to PGBank's fourth quarter 2023 financial report, pre-tax profit in the quarter was negative more than VND 4.6 billion, down VND 99.5 billion, equivalent to 105% compared to the same period in 2022.

However, for the whole year of 2023, PGBank still achieved VND 355,547 billion in pre-tax profit, down 29% compared to 2022.

According to PGBank's explanation, the main reason for the decrease in profits is that the bank reduced loan interest rates for customers according to the Government's policy, while the cost of mobilization has not decreased due to a delay and PGBank's credit growth is concentrated in the last month of 2023.

In addition, PGBank pays commissions to collaborators who introduce customers to loans to promote credit growth, causing service operating costs to increase.

According to the bank's financial report, PGBank's interest income from customer loans last year reached more than VND3,000 billion, an increase of 31% over the previous year.

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PGBank's pre-tax profit in the fourth quarter of 2023 was negative by more than VND 4 billion, but the whole year of 2023 still had a pre-tax profit of more than VND 355 billion.

The reason comes from PGBank's credit growth reaching 21%, equivalent to customer loans of VND 35,335 billion.

Deposits at PGBank last year reached over VND35,700 billion, an increase of more than 14% over the previous year.

The bank spent more than VND2,078 billion to pay interest on mobilized funds, a sharp increase of 45% compared to 2022.

According to the report, service operating costs in 2023 increased by 68% to VND64.61 billion.

Net profit from service activities for the whole year reached only 34.69 billion VND, down 44% compared to 2022.

As of December 31, 2023, PGBank's charter capital is VND 3,000 billion. Of which, Gia Linh Import-Export and Trade Development Company Limited holds 13.099% of the charter capital, Cuong Phat International Joint Stock Company holds 13.541%, Vu Anh Duc Trading Joint Stock Company holds 13.359%, and other shareholders hold 60.001%.

PGBank's fourth quarter financial report also shows that the average salary of PGBank employees increased by VND1 million compared to the same period, reaching VND19 million/person/month.

However, average income (including salary, bonus and other income) decreased by 1 million VND compared to the same period, reaching 22 million VND/person/month.