After 4 state-owned commercial banks including Vietcombank, BIDV, VietinBank and Agribank reported profits exceeding 1 billion USD, commercial banks also reported large profits. For example, Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has just announced its business results for the fourth quarter of 2023 with pre-tax profit reaching 5,800 billion VND, up 21.6% over the same period in 2022. Accumulated for the whole year of 2023, Techcombank achieved pre-tax profit of 22,900 billion VND, exceeding the plan set at 22,000 billion VND approved by shareholders .
In 2023, Techcombank's total assets will increase by 21.5% to VND849,500 billion; credit growth will increase by 19.2% compared to the beginning of the year. The bank has also just announced its plan to propose an annual cash dividend payment of at least 20% of total profit, equivalent to 4-5% of equity at the beginning of the year, estimated at about VND1,500/share for 2024.
More banks report profits of over 10,000 billion VND
Meanwhile, Vietnam International Commercial Joint Stock Bank (VIB) also announced that by the end of 2023, VIB achieved total revenue of more than VND 22,000 billion, up 23% compared to 2022, of which interest income reached more than VND 17,000 billion, up 16% over the same period. Non-interest income accounted for 22% of revenue, with positive contributions from credit cards, insurance, foreign exchange and collections from debt that had been resolved. After deducting all expenses, VIB achieved pre-tax profit of more than VND 10,700 billion, up slightly by 1% compared to 2022 and only achieved 88% of the plan. Return on equity (ROE) reached 25%.
Banks with billion dollar profits
As of December 31, 2023, VIB's total assets reached nearly VND410,000 billion, up nearly 20% compared to the beginning of the year. Outstanding credit balance at the end of the period reached more than VND267,000 billion, up 14.2%, using the entire credit limit granted by the State Bank at the beginning of the year.
Previously, the leaders of the Military Commercial Joint Stock Bank (MB Bank) at the year-end summary conference also said that the bank's individual profit in 2023 reached nearly VND 24,688 billion, an increase of 22% compared to 2022. Consolidated profit reached VND 26,200 billion, an increase of 15% compared to 2022.
It is expected that there will be 4 more banks with profits exceeding the 10,000 billion VND mark in 2023, namely ACB, VPBank, SHB and HDBank. Previously, pre-tax profits in the first 9 months of 2023 of these banks exceeded or approximated this threshold.
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