The three major listed banks in Vietnam including Vietcombank, VietinBank and BIDV have announced their financial results for 2022. Vietcombank continued to maintain its leading position in profit with a growth of 39% in pre-tax profit compared to 2021. Specifically, in 2021, the bank's individual profit before tax reached VND 27,388 billion, while the figure for 2022 is estimated at nearly VND 38,000 billion.
According to the report of Vietcombank, in 2022, its capital mobilization in market I reached nearly VND 1.26 million billion, up 9.1% compared to 2021. The average proportion of demand deposits reached 34%, up 1.8 percentage points compared to 2021; Wholesale deposits grew by 10.4%; Retail deposits grew at 8.0% compared to 2021.
Vietcombank's credit scale exceeded VND 1.15 million billion, an increase of 19% compared to the end of 2021.
The bank has well controlled credit quality with the group 2 debt ratio at 0.29%, the bad debt ratio at 0.67%. Its on-balance sheet bad debt coverage ratio reached the highest level in the banking system (~465%).
Other sales targets had impressive growth such as international sales - shopping malls reached ~ USD 135 billion, up 31.8% compared to 2021; foreign currency trading volume reached ~ USD 73 billion, up 20.4% compared to 2021. Card sales, insurance, and wholesale-retail customer development all achieved impressive growth results from 37% to 100%.
As a result, Vietcombank's business performance continued to grow sustainably and financial capacity was strengthened. Specifically, non-interest income increased by 9.2% compared to 2021; net foreign currency trading revenue increased by 31.7% compared to 2021; individual pre-tax profit increased by 39% compared to 2021; NIM reached 3.51%, up 0.24 percentage points compared to 2021. ROAA and ROAE remained high at 1.84% and 24.25% respectively.
Vietcombank continues to be the listed company with the largest capitalization on the Vietnam stock market. It is also among the top 100 listed banks with the largest market capitalization in 2022 according to Reuters.
By the end of December 31, 2022, BIDV’s total assets reached more than VND 2.08 million billion, an increase of nearly 21% compared to 2021. BIDV is the first commercial bank to surpass this milestone, continuing maintaining its position as the joint stock commercial bank with the largest total assets in Vietnam.
BIDV's total mobilized capital reached VND 1.95 million billion, up 21.1% compared to the beginning of the year; in which mobilization of capital from organizations and individuals reached VND 1.62 million billion, up 8.8% compared to the beginning of the year and accounted for nearly 13.6% of the deposit market share of the whole banking industry.
Total outstanding loans for credit and investment reached VND 1.96 million billion, up 19% compared to the beginning of the year; in which credit balance reached VND 1.5 million billion, up 12.65% compared to the beginning of the year. BIDV is currently leading the market in terms of credit market share (accounting for about 12.5%).
BIDV controlled the bad debt ratio at 0.9% and made adequate provision for risks as prescribed by the Circular 11/2021/TT-NHNN. The ratio of bad debt coverage of BIDV reached 245%, the highest level in recent years.
The bank recorded a consolidated pre-tax profit of VND 23,190 billion. Profitability and operational safety indicators such as ROA reached 0.95%; ROE reached 20.2%, capital adequacy ratio (CAR) reached 8.76%, ensuring compliance with regulations in Circular 41/2016/TT-NHNN
Meanwhile, VietinBank announced the completion of its 2022 profit target with an estimated figure of VND 20.5 trillion. In the fourth quarter of 2022, VietinBank was approved to retain all profits in 2021 to increase capital, creating conditions to improve financial resources for sustainable business development.
Compiled by VietnamCredit