Banks record positive business indicators in Q1 2024

According to experts, the prosperity of the banking industry in the period came from many supporting factors, including favourable policies to credit growth.
Banks record positive business indicators in Q1 2024
Customers make transactions at a ACB office. At the end of the first quarter of 2024, credit growth at ACB reached 3.7 per cent, doubling the growth rate of the whole banking industry. — Photo baochinhphu.vn

Many banks have reported positive business indicators, especially credit growth, in the first quarter of this year.

SeABank's pre-tax profit in the first quarter of 2024 reached more than VNĐ1.5 trillion, an increase of nearly 41 per cent over the same period in 2023. The bank’s total operating income also surged by 19.54 per cent to VNĐ2.7 trillion and its total revenue increased by 4.6 per cent to nearly VNĐ6.44 trillion. At the same time, SeABank's net non-interest income (NOII) also recorded an impressive growth of nearly 51 per cent over the same period last year to VNĐ705 billion.

As of March 31 this year, SeABank's total assets were more than VNĐ271.6 trillion, an increase of 2.06 per cent compared to December 31, 2023.

Trần Hùng Huy, chairman of ACB, said at the end of the first quarter, credit growth at ACB reached 3.7 per cent, double the growth rate of the whole banking industry and also better than the same period last year. The bank’s raised capital also grew by 2.1 per cent, of which non-term deposits increased by 6.4 per cent.

ACB’s profit was estimated at VNĐ4.9 trillion, close to the bank’s plans.

Đặng Khắc Vỹ, chairman of VIB, said the bank’s credit growth was about 1 per cent in the first quarter of this year. VIB’s profit reached more than VNĐ2.6 trillion, equivalent to the same period last year.

Nguyễn Đình Tùng, general director of OCB, said by the end of the first quarter of 2024, OCB's credit growth reached about 4.6 per cent and capital mobilisation increased by about 5 per cent. The bank’s pre-tax profit in the first quarter of 2024 was about VNĐ1.2 trillion.

In a recent report, MB Securities Company (MBS) forecasts profit of the banking industry will increase by 20 per cent in the first quarter of 2024.

According to experts, the prosperity of the banking industry in the period came from many supporting factors, including favourable policies to credit growth.

Credit of the banking industry as of March 25, 2024 increased by 0.26 per cent compared to the end of 2023 to about VNĐ13.6 quadrillion, the State Bank of Vietnam (SBV) reported. In March alone, credit rose by 0.98 per cent.

To boost credit growth, the SBV has requested credit institutions to firmly implement effective credit growth solutions since early February. Accordingly, credit institutions must review to simplify lending procedures with an aim to increase people's ability to access capital.

Besides, they must focus on strengthening digital transformation in the credit process to increase access to capital and more widely popularise banking credit activities.

In addition, the SBV said it was necessary to improve the operational efficiency of funds such as the credit insurance fund for small- and medium-sized enterprises (SMEs), and the development fund for SMEs, to enhance SMEs' ability to access credit.

Source: VNA
vietnamnews.vn

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