VietABank (VietABank - UPCoM: VAB) has just announced its financial report for the second quarter of 2024 with VietABank's net interest income reaching VND512 billion, up 19% over the same period. The bank's non-interest income segments also recorded strong growth with net interest income from service activities increasing by 38% to VND33 billion. Net interest income from foreign exchange trading doubled to VND4.7 billion.
Other business activities also brought in double the profit of the same period to 35.5 billion VND. However, the investment securities segment caused the bank to lose 90 million VND while in the same period it made a profit of 20 billion VND.
Thanks to the growth in business activities, although operating expenses increased by 21.4% to VND265 billion, the bank still recorded a 15% increase in net profit from business activities to nearly VND320 billion.
Thanks to that, although risk provision costs increased by 71% to VND12 billion, VietABank still reported after-tax profit of nearly VND267 billion, up 28% over the same period.
In the first 6 months of 2024, VietABank recorded net interest income of VND 1,052 billion, up 19.7%. The bank reported pre-tax net profit of nearly VND 580 billion, and after-tax profit of nearly VND 470 billion, up 10% compared to the first 6 months of 2023.
In 2024, VietABank set a pre-tax profit target of VND 1,058 billion. Thus, by the end of the 2 quarters of 2024, the bank had achieved 54.8% of the set target.
As of June 30, 2024, VietABank's total assets recorded a decrease of 3% compared to the beginning of the year to VND 108,929 billion.
Of which, deposits at the State Bank decreased by 22% to VND1,672 billion. Cash and gold deposited at credit institutions and loans to credit institutions decreased by 34% to VND14,410 billion. Customer deposits at VietABank also decreased slightly by 0.4% compared to the beginning of the year to VND86,327 billion.
Regarding asset quality, as of the end of June 2024, VietABank's customer loans increased by 7% compared to the beginning of the year to VND 73,796 billion.
Of which, the bank's total bad debt at the end of June 2024 was VND 1,675 billion, an increase of 52% compared to VND 1,100 billion at the beginning of the period. As a result, the bad debt/loan balance ratio increased from 1.59% to 2.27%.
Doubtful debt (group 4 debt) of VietABank increased the most, increasing 11 times over the same period to VND246 billion. Substandard debt (group 3 debt) increased by 5% to VND605 billion and debt with the possibility of losing capital (group 5 debt) increased by 63% to VND823 billion.
It is worth noting that VietABank's bad debt accounts for half of the bank's bad debt. In the first quarter of 2024, this debt was VND875 billion.
In the period from 2020 to the first quarter of 2024, VietABank's bad debt increased from VND 957 billion to VND 1,679 billion.
The bank's group 5 debt also increased continuously from VND 456 billion in 2020 to VND 823 billion in the second quarter of 2024.
Regarding the debt structure by industry, in addition to personal loans and other industries, it is 35,543 billion VND, accounting for 48% of total outstanding loans.
VietABank is lending the most and for the trade, production and processing sector it is 21,197 billion VND, accounting for 28.7% of total outstanding loans. Next is the construction and mining sector with 13,857 billion VND, accounting for 18.8%.
Source: https://www.nguoiduatin.vn/no-nhom-4-cua-vietabank-tang-11-lan-so-voi-cung-ky-204240801160858131.htm
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