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|Commercial banks in Vietnam have experienced a good first half of the year|
State-owned giant Vietcombank saw its pre-tax profit go up by 41 per cent year-on-year, reaching VND11 trillion ($478.26 million). This surpasses the bank’s goals and cements its position as the most dominant lender in Vietnam.
Vietcombank’s shareholders are now looking forward to the remainder of 2019, as the annual goal of VND20.5 trillion ($891.30 million) in pre-tax profit is likely within reach.
Asia Commercial Bank, which is among the ten banks earmarked for Basel II, and HDBank also reported some outstanding results. Specifically, ACB’s pre-tax profit was VND3.6 trillion ($156.52 million), which is half of the yearly goal. It has asked the State Bank of Vietnam to raise the credit growth limit from 13 to 17 per cent for 2019, which is testament to the bank’s expansion in credit activities.
HDBank expected half-year earnings to reach VND2.2 trillion ($95.65 million), with 1.7 per cent return on assets and 20 per cent of returns on equity. Outstanding credit is at VND144 trillion ($6.26 billion) and bad debts were controlled at under 1 per cent. The consolidated net interest margin at HDBank went up to 4.4 per cent, which is the highest among all commercial banks that have released their earnings.
Other lenders such as Vietnam International Bank, TPBank or Sacombank also reported good income, placing in the “trillion VND” group. VIB, for example, saw its pre-tax profit increase by 58 per cent year-on-year, ending June at VND1.8 trillion ($78.26 million). The bank prides itself on being a leader in bancassurance (partnership with insurance firms) and credit card growth.
At the same time, TPBank earned VND1.6 trillion ($69.57 million) of pre-tax profit, also up 58 per cent year-on-year, and Sacombank reaped VND1.45 trillion ($63.04 million).
Market observers are now waiting for other commercial banks to announce their business results for the first half of 2019.
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