Vietcombank lost the top spot, a bank grew by 278% over the same period
Only 5 banks (VietinBank, OCB, Kienlongbank, VietBank, NCB) recorded a decrease in profits over the same period, mainly due to increased provision for risks. Kienlongbank alone dropped by 82% because in the first quarter of last year, the bank recorded a sudden revenue from handling a large amount of collateral assets, which is STB shares.
On the contrary, there are very high growth banks. In which, Eximbank is the bank with the highest increase in profit (3.8 times higher than the same period) reaching VND 809 billion in the first quarter of 2022. According to the report at the Annual General Meeting of Shareholders, Eximbank set a profit target of VND 2,500 billion in 2022, but this content has not been approved because the meeting was unsuccessful. If following this plan, Eximbank has completed 32% of the year plan.
Two banks that increased nearly 3 times were VPBank and VietABank. VietABank had a pre-tax profit of VND 174 billion in the first quarter of 2022, up 171% over the same period, the bank ranked 20th in the rankings, up 3 places over the same period.
Most notably, VPBank recorded a pre-tax profit of 11,146 billion dong, up 178% over the same period. This bank has jumped from the 4th position in the first quarter of 2021 to the number one in the bank’s profit in the first quarter of 2022.
It is known that VPBank’s sudden profit growth partly came from the bank’s recognition of prepaid fees from an exclusive insurance agreement with AIA.
Accordingly, Vietcombank – the “lonely” bank on the top of profits for many years, is temporarily retreating to second place. Vietcombank’s profit in the first quarter of 2022 reached VND 9,950 billion, up 15% over the same period.
The “change of throne” day may only be temporary because the remaining quarters VPBank hardly has a sudden revenue source like Q1. In this year’s business plan, VPBank and Vietcombank both set profit targets above and below the milestone of VND 30,000 billion. .
Top 10 are still familiar names, besides VPBank and Vietcombank, there are Techcombank, MB, VietinBank, BIDV, ACB, SHB, HDBank, Sacombank.
Techcombank and MB still maintained Top 3 and Top 4 with profits of VND 6,785 billion and VND 5,909 billion, respectively, up 23% and 29% over the same period.
VietinBank’s profit dropped, so the ranking dropped from 2nd to 5th. BIDV and ACB maintained Top 6, Top 7 with profits of 4,513 billion and 4,114 billion dong, respectively.
SHB jumped from Top 10 to Top 8 when it nearly doubled its profit, reaching VND3,226 billion. The 9th and 10th positions are HDBank (2,527 billion) and Sacombank (2.424 billion), respectively.
Unit: Billion VND
at Blogtuan.info – Source: cafebiz.vn – Read the original article here
