Strong numbers: Bank employees attend to customers in Hanoi. Multiple Vietnamese banks reported a surge in non-interest income for the first nine months of the year. — AFP
HANOI: Several banks have recently announced startling performance results in the third quarter of 2024 (3Q24) and the first nine months of 2024 (9M24).
Techcombank announced that pre-tax profit in 9M24 reached 22.8 trillion dong or about US$897.3mil, up 33.5% over the same period last year.
In the period, the bank recorded net interest income (NII) of 26.9 trillion dong, up 33.9% and revenue from service activities of 8.3 trillion dong, up 17.1%.
In addition, Techcombank’s insurance service fees reached 594 billion dong, up 29.8%.
At the end of September 2024, Techcombank’s total assets reached 927.1 trillion dong, up 9.1% over the beginning of this year.
Meanwhile, LPBank said that its pre-tax profit in 3Q24 increased by 133% compared with the same period last year, reaching nearly 2.89 trillion dong. Accumulated for the first nine months, pre-tax profit reached nearly 8.82 trillion dong, up 139% compared with the same period a year ago.
The driving force for LPBank’s profit growth in 3Q24 came from both net interest income and non-interest income.
The bank’s net interest income increased by 43.5% to nearly 3.78 trillion dong thanks to a sharp decrease in interest expenses of nearly 15%.
The bank’s non-interest income from service activities recorded growth of 519%, bringing in more than 1.01 billion dong.
At the end of 3Q24, LPBank’s total assets reached nearly 446 trillion dong, an increase of 16.4% compared with the end of 2023.
PGBank announced a pre-tax profit of 76.9 billion dong in 3Q24, up 35.8% year-on-year (y-o-y).
The bank’s accumulated profit for 9M24 reached 344.4 billion dong, down 4.4% year-on-year.
In 3Q24, PGBank’s net interest income increased by nearly 50% y-o-y, bringing in 416 billion dong and was the main driver for the bank’s profit growth.
In addition, non-interest income also increased by 34.7%, bringing in nearly 32 billion dong to the bank.
By the end of 3Q24, PGBank’s total assets were 61.8 trillion dong, up 11.4% compared with the beginning of the year.
The bank’s outstanding loans reached 36.89 trillion dong, up 4.4% and its bad debt ratio increased from 2.85% to 3.19%.
BaoViet Bank said its 9M24 profit was more than 32 billion dong, down about 5% y-o-y.
The bank said its net interest income increased by 27.4% y-o-y, while its service segment grew by 31%.
The bank’s net profit from trading securities also grew by 85%.
As a result, BaoViet Bank’s total operating income for 9M24 increased by 14% y-o-y.
In addition, the bank said it had reduced operating costs by 4%, but increased its provisioning by 35%.
By the end of September, BaoViet Bank’s total assets reached nearly 90.38 trillion dong, up 6.8% y-o-y. The bank’s credit grew by 12%, while deposits increased by 8.3%. BaoViet Bank’s bad debt ratio was below 3%. — Viet Nam News/ANN
