VietABank (VietABank - UPCoM: VAB) has just announced its business results for the fourth quarter and the whole year of 2023. Accordingly, at the end of the fourth quarter of 2023, VietABank recorded net interest income of VND 789.5 billion, an increase of 56% over the same period last year.
Non-interest activities also brought the bank a large profit. Specifically, net profit from the bank's service activities reached VND26 billion, up 64% over the same period. Foreign exchange trading activities also earned a profit of VND3 billion, while in the same period last year, there was a loss of VND199 million.
Notably, net profit from investment securities activities brought VietABank 243.3 billion VND, up 572% over the same period. Net profit from other business activities also reached 122.9 billion VND, up 279.8%, compared to the same period last year. Only trading securities activities decreased sharply compared to the previous year, nearly 99% to 26 million VND.
However, thanks to the surge in profits from the remaining segments, VietABank still recorded a total operating income of VND1,185 billion, double that of the same period. During the period, the bank reduced operating costs to VND239 billion, down 9.9% over the same period. As a result, the bank's net operating profit increased by 189.6% over the same period to VND945.6 billion.
In order to strengthen the shield of bad debt handling, during the period, the bank increased risk provisioning costs to VND609.5 billion, a sharp increase of 2,038%, 21 times higher than the same period last year. As a result, VietABank reported pre-tax profit of VND336 billion, up 12.8%; corresponding after-tax profit reached VND274.7 billion, up 14.4% over the same period.
Accumulated for the whole year of 2023, VietABank recorded net interest income of VND 1,809.5 billion, up 21.5% over the previous year. Although the fourth quarter achieved positive results, due to the high credit risk provisioning costs for the whole year at VND 675.3 billion, nearly 11 times higher than in 2022, VietABank reported pre-tax profit of VND 928 billion, and after-tax profit of VND 758.3 billion, both down more than 14% over the previous year.
As of December 31, 2023, VietABank's total assets were recorded at VND 112,007 billion, up 6.7% compared to the beginning of the year. As of this date, the bank's customer loan balance was VND 69,000 billion, up 10.4% compared to the beginning of the year. Customer deposits were nearly VND 86,700 billion, up 23.5% compared to the beginning of the year.
Regarding loan quality, VietABank's total bad debt at the end of the year was VND1,100 billion, up 14.9% compared to the beginning of the period. Of which, substandard debt (group 3 debt) increased sharply by 41 times compared to the beginning of the year to VND574.5 billion. In contrast, debt with the possibility of losing capital decreased by 44.8% to VND503.7 billion. The bank's bad debt ratio has dropped to 1.59%.
In 2023, the number of VietABank employees increased to 1,559 people with an average cost per employee of 21.6 million VND/person/month .
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