VPBank’s profit in the first quarter of 2022 is estimated at more than VND 11,000 billion, a new record in the banking industry
According to a reliable source from VPBank’s leadership, the bank’s consolidated profit before tax in the first quarter of this year had a very high growth rate and could reach more than 11,000 billion dong. This profit comes from core business and extraordinary income.
With the results of the first quarter as above, it is forecasted that in 2022 VPBank will most likely have a leap in profit growth. Previously, in an online discussion with investors at the beginning of the year, the bank’s leadership also affirmed that it would create new growth drivers in terms of profits, equity size and scale. customers this year.
One of the steps to realize the above goal that VPBank took in early March was to extend the exclusive insurance distribution cooperation agreement with AIA from 15 years as originally planned to 19 years. The renewal of the contract between VPBank and AIA is expected to bring many benefits to both parties. Many experts predict VPBank will be able to reap a significant financial return from this agreement, along with other benefits in the future.
Earlier this year, VPBank also acquired a 97% stake in ASC Securities Company and changed its name to VPBank Securities, marking the bank’s return to the field of providing securities market-related services.
In a recent analysis report, MB Securities Company forecast that VPBank will have a breakthrough year in terms of profit growth. According to MBS, VPBank’s profitability can be attributed to three factors: 1) strong credit growth, which rapidly increases the bank’s profits; 2) low costs, as evidenced by the industry’s lowest cost-to-income ratio; 3) Non-interest income will contribute to growth thanks to renegotiated bancassurance contracts and a rich ecosystem of subsidiaries.
By the end of 2021, VPBank is one of the banks with the equity in the top group of the system, reaching more than 86,000 billion VND. The increase in equity has significantly improved capital adequacy and strengthened VPBank’s solid foundation. VPBank’s capital adequacy ratio according to Basel II standards reached more than 14.3%, much higher than 11.7% in 2020.
VPB shares increased sharply, liquidity exploded in the first trading session of April
In the last two trading sessions, on March 31 and April 1, VPBank’s VPB shares increased sharply, closing April 1 at 38,600 VND (up 3.8%) and set the highest level since the 28th. October 2021. Not only did the price increase strongly, but VPB was also bought by investors with a series of large collection orders, bringing the trading volume of the April 1 session to nearly 37 million units, more than 3 times higher than the average of the last 10 sessions.
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