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Banks report handsome profits in quarter one

27-05-2018 23:59

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Many commercial banks are reported to have made big profits in the first quarter of this year. PHOTO: THANH HOA

HCMC – Most commercial banks have released their first quarter earnings results, with many of them making big profits in January-March, a period which often sees the lowest quarterly loan growth, VietnamPlus reported.

Though their profits did not reach the trillion-dong mark, small banks reported higher earnings growth than in previous years.

In particular, VIB earned a pre-tax profit of over VND518 billion last quarter, 3.3 times higher than last year’s same period and equivalent to 134% of the quarterly plan. Revenues of the bank picked up 49% year-on-year, buoyed by its net interest revenue rise of 52% and its 125% increase of services revenue. Improved cost management resulted in a cost-to-income ratio (CIR) fall of 51%.

VIB’s revenue from retail banking business grew 101% against the same period a year earlier. Outstanding loans of individual clients at the bank inched up 12% last quarter to VND56.5 trillion.

HDBank, which got listed early this year, reported impressive earnings results in quarter one. Its profit was three times higher than last year’s same period, at VND1.045 trillion, and the bank managed to keep bad debt at only 1.22%.

TPBank also performed well, with its pre-tax profit amounting to over VND513 billion (up 2.4 times), its total mobilized capital exceeding VND110 trillion and its bad debt kept at 0.95% as of end-March, according to the bank’s general director Nguyen Hung.

Hung said TPBank’s profit was generated from core business activities. Revenues of banking activities grew well, with insurance products generating VND20 billion monthly.

This year, TPBank looks to an after-tax profit surge of 82.65% to VND2.2 trillion and an assets rise of 11% to almost VND140 trillion. 

At VPBank, its consolidated pre-tax profit was put at nearly VND2.62 trillion last quarter, a year-on-year rise of 36%. This profit result was equivalent to 24% of the bank’s yearly target.

According to VPBank, early this year the bank started to boost business activities to maintain the growth momentum which the bank established in previous years, making total operating income (TOI) reach VND7.66 trillion, up 42% year-on-year, equivalent to 23% of the TOI target set for this year.

The quarter-one profit of SHB picked up 64% year-on-year to VND502 billion. Owing to this result, the bank is confident of hitting the year’s pre-tax profit target of VND2.05 trillion, up 6.5% against last year.

According to experts in a report of the National Financial Supervisory Commission, the ratios of risk provisions at banks have risen though they are still low by international standards.

Profits of banks will continue to improve this year. Banks are now capable of increasing risk provisions and bolster capital buffers. There will be many more banks able to make provisions for all bonds issued by Vietnam Asset Management Company before the year-end.

BIDV last quarter increased its risk provisions by 2.6 times against last year’s same quarter with up to VND6.013 trillion.

Meanwhile, VietinBank said at its shareholder meeting earlier that it will set aside over VND2.4 trillion for risk provisions.

Though Vietcombank bought back all bad debts sold previously to VAMC, it still made provisions for nearly VND1.5 trillion last quarter.

Other banks like Techcombank and MB have also finished paying bad debts at VAMC by last year. Their risk provisions depend on quarterly business performance, but profit results have been high.

A banker was quoted by VietnamPlus as saying that setting aside risk provisions in every quarter is necessary and banks can avoid a shock if their profits decline at the year-end.

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