Fourteen out of 27 listed banks saw profits decrease over the first nine months against the same period in 2022. Businesses’ low capital absorption led to low credit growth, while high bad debt eroded profits, mostly at private lenders.

An employee counts Vietnamese banknotes at a bank in HCMC.

Three state-owned banks, Vietcombank, VietinBank and BIDV, said they all fulfilled or exceeded their annual profit targets. Vietcombank continued to be the sector’s largest earner as profits increased 10% to VND40 trillion (US$1.6 billion).

VietinBank did not disclose the exact figure, but reported that profits exceeded its plan of VND22.5 trillion, which was a target already up 10.5% against 2022. BIDV’s consolidated pre-tax profits surged 19% to VND27.4 trillion.

Credit growth was the main profit driver at state-owned banks, alongside stable net interest margin (NIM) and controlled provisions.

120 trillion VND credit package: Project developers, banks find common ground

BAC GIANG - In order to remove difficulties for and promote the safe, healthy and sustainable development of the real estate market, on March 11, 2023, the Prime Minister issued Resolution 33/NQ-CP, featuring a preferential credit package worth about 120 trillion VND ($4.97 billion). 

Capital mobilization of commercial banks up 17 trillion VND

BAC GIANG- According to the provincial State Bank, the commercial banks in the province have mobilized nearly 103 trillion VND (4.24 billion USD), up 17 trillion VND (700 million USD) compared to 31 December last year.

Central bank to accelerate disbursement of social housing loan package: governor

The State Bank of Vietnam will step up the information work to further popularize the social housing loan package among the public given its sluggish disbursement, Governor Nguyen Thi Hong said Monday.

Bank deposits grow despite lower interest rates

Individual bank deposits grew 9.7% in the first 8 months of this year despite decreased interest rates, as the unattractive stock and real estate markets left few investment options.

State Bank of Vietnam issues $410M worth of treasury bills

The State Bank of Vietnam on October 3 offered 28-day treasury bills (T-bills) worth VND10 trillion ($409.9 million) through the interest rate auction mechanism.

Source: VnExpress