Many banking giants report sudden profits

(NLDO) - The profits of many state-owned commercial banks increased dramatically, of which BIDV alone had a pre-tax profit of more than 1.1 billion USD.

On January 10, the Bank for Investment and Development of Vietnam (BIDV) held a conference to deploy business tasks for 2025 with notable numbers.

As of December 31, 2024, BIDV's business targets have all met and exceeded the plan set by the State Bank and the General Meeting of Shareholders. Total assets of the commercial banking sector reached nearly VND 2.7 million billion (equivalent to more than USD 100 billion), an increase of 19.4%, maintaining its position as the joint stock commercial bank with the largest total assets in Vietnam.

Total mobilized capital reached 2.14 quadrillion VND, up 13.1%. Total outstanding credit reached over 2.01 quadrillion VND, up 15.3%.

Credit quality is controlled within limits; bad debt ratio is controlled at 1.3%. Bad debt coverage ratio reaches 133%.

Notably, the bank's pre-tax profit alone reached VND30,006 billion (equivalent to more than USD1.1 billion), an increase of 12.4%. This is BIDV's highest pre-tax profit ever.

In 2024, BIDV will also complete increasing its charter capital to VND68,975 billion. Paying VND9,412 billion to the budget, it is among the leading enterprises in paying corporate income tax.

Nhiều — BIDV reports highest pre-tax profit ever

On the same afternoon, the Military Bank ( MBBank ) also held an investor conference with outstanding information on business results in 2024 and task implementation in 2025.

Mr. Pham Nhu Anh, Member of the Board of Directors, General Director of MBBank, said that in 2024, the bank's credit growth of more than 24.3% is an outstanding increase compared to the industry average. The bank's pre-tax profit alone reached more than VND 27,600 billion, an increase of about 12.9% compared to the previous year, completing the set target.

In 2025, MBBank continues to target high credit growth of about 25-26% after receiving the mandatory transfer of MBV (Ocean Bank changed its name). With the economic growth target of about 8% in 2025 set by the Government, credit growth is expected to remain high.

Previously, among the "big guys" of state-owned commercial banks, the Vietnam Bank for Agriculture and Rural Development (Agribank) also informed about its business results in 2024. Accordingly, by the end of 2024, Agribank's total assets reached over VND 2.2 million billion (up nearly 10%); capital reached over VND 2 million billion (up 7.6%); outstanding loans reached over VND 1.72 million billion (up 11%).

The bad debt ratio is controlled at a low level. Pre-tax profit increased by over 8%. In 2023, Agribank recorded a separate pre-tax profit of about more than VND 25,500 billion. Thus, the estimated profit increase of 8% (equivalent to about VND 2,000 billion) helps the bank's pre-tax profit reach about VND 27,600 billion - the highest level in Agribank's history of operations.

In the joint stock banking sector, Saigon Thuong Tin Commercial Bank (Sacombank) said that its pre-tax profit in the fourth quarter of 2024 is estimated to reach over VND4,600 billion, up 68% over the same period. Accumulated for the whole year of 2024, Sacombank's pre-tax profit is estimated to reach over VND12,700 billion, the highest ever and exceeding the target assigned by the shareholders' meeting.

Source: https://nld.com.vn/nhieu-ong-lon-ngan-hang-bao-lai-dot-bien-196250110180026878.htm