Eximbank suddenly reported a pre-tax profit of more than VND 800 billion in the first quarter of 2022, 3.8 times higher than the same period last year
Vietnam Export-Import Commercial Joint Stock Bank (Eximbank) has just announced the first quarter of 2022 business results with positive numbers. In this quarter, Eximbank’s pre-tax profit reached more than VND 809 billion, 3.8 times higher than the same period last year.
Looking at more details, Eximbank’s net interest income in Q1 reached VND 1,245 billion, up 52% year on year. Meanwhile, interest expense in the first quarter of the year decreased by 12% compared to the previous year.
Income from foreign exchange business of this bank in the first quarter also reached 155 billion dong, up 63% over the same period last year.
The increase in net interest income also forced Eximbank to increase operating expenses. In the first quarter of this year, this bank spent up to 700.5 billion dong on operating expenses, up 21% over the same period.
With a growth rate of income much higher than expenses, Eximbank’s net profit before credit risk provision expenses in the first quarter of 2022 reached VND 967 billion, up 81.4% compared to the previous quarter. same period last year. Meanwhile, last quarter, Eximbank only had to spend 158 billion on provision expenses, down 50% compared to the same period in 2021.
As of March 31, 2022, the bank’s total assets reached VND 172,343 billion, up 3.9% compared to the beginning of the year. Outstanding loans to customers reached 121,027 billion VND, up 6.8%. Customer deposits increased slightly by 1.2% to nearly 139,086 billion VND, deposits from credit institutions increased more than 58%.
Eximbank’s off-balance sheet bad debt reached VND 3,410 billion, up 4.8% compared to the beginning of the year. Eximbank’s bad debt ratio in this quarter was at 2.78%, slightly down from 2.84% at the beginning of the year. Group 4 bad debt recorded a strong uptrend of 43.8%; Group 5 debt increased by 6% compared to the beginning of the year.
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