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Top 10 most profitable banks in Vietnam (1H2022)

Top 10 most profitable banks in Vietnam (1H2022)

Saturday 06, 08 2022
The “giant” Vietcombank is the most profitable bank in the banking system with profit reaching more than VND 17,300 billion, up 28% over the same period. After the second quarter, there have been changes in the position of banks in the rankings.

Top 10 most profitable bank

Changes in the rankings

Profit rankings of banks continued to see a lot of changes after the second quarter. Vietcombank regained the top position in profit in the first 6 months of the year with VND 17,373 billion, up 28% over the same period. The next position belongs to VPBank with VND 15,323 billion, a strong growth of nearly 70% compared to the same period last year (VND 9,037 billion).

It is surprising that Agribank comes out third when it gained VND 15,080 billion, up nearly 60% over the same period. However, along with profit growth, the bank's bad debt balance also increased sharply to nearly VND 30,000 billion. MB also grew by nearly one and a half times over the same period with profit before tax in the first 6 months reaching VND 11,896 billion.

Agribank

Following are VietinBank and BIDV with pre-tax profits of VND 11,608 billion and VND 11,084 billion, respectively, up 7% and 37.5% over the same period. VietinBank is the bank with the least profit growth in the list.

Top 10 banks with the highest profit before tax include Vietcombank, VPBank, Agribank, Techcombank, MB, VietinBank, BIDV, ACB, SHB and HDBank. The total pre-tax profit of these 10 banks is VND 116,651 billion, accounting for 80% of the total profit of the 28 banks that have announced financial results.

According to the summary from the quarterly financial statements of 28 banks, the total profit before tax in the first 6 months of the year reached VND 145,439 billion, up 37.3% compared to the same period last year (VND 105,913 billion).

ACB also saw strong growth in profit in the first 6 months with VND 9,028 billion, up 42% over the same period. SHB is the bank with the most rapid profit growth rate in the top 10 with an increase of 83.5% to VND 5,848 billion due to the decrease in provision expenses and the increase in profit from business activities (which is 26 times higher compared to the same period last year).

Eximbank

Among the 28 banks, Eximbank is the bank with the best growth rate with an increase of 243.1%, reaching VND 1,903 billion, due to the outstanding growth in profits from the bank's business activities. Profit from investment securities trading reached VND 133 billion, up 344% over the same period (VND 30 billion), profit from other activities increased by 284%, from VND 103.5 billion in the first half of 2021 to VND 398.2 billion in the first half of this year.

Other banks also experienced strong growth such as LienVietPostBank (76%), SeABank (80%), and VietABank (51%).

On the other hand, there are two banks with declining profits, namely KienLong Bank and NCB. KienLongBank had a pre-tax profit of VND 348 billion, down 56.8% over the same period. NCB's profit dropped sharply with a decrease of 84.8% to VND 19 billion.

Source: vietnambiz

Compiled by VietnamCredit

 

Categories
Banking & Finance

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