Five banks earned profits of more than 10 trillion VND in H1

A Vietcombank transaction office in Hanoi. (Photo: VNA)

Hanoi - Five banks in Vietnam recorded a pre-tax profit of more than 10 trillion VND (422 million USD) in the first six months of this year, financial statements of the banks showed.

Vietcombank remained the champion in terms of profit in the country’s banking industry, with H1 2023's pre-tax profit of 20.5 trillion VND (866 million USD), up 18 per cent over the same period last year. Vietcombank's profit was a whopping 1.5 times higher than that of the second-ranked bank, BIDV.

With a pre-tax profit of more than 13.8 trillion VND (583 million USD) in H1 2023, up 26 per cent over the same period last year, BIDV made a spectacular jump to rank second against the sixth position last year. This was the highest profit ever achieved by BIDV in the first six months of a year.

In third position was Military Bank (MB) with a consolidated pre-tax profit of more than 12.7 trillion VND (536 million USD) in the first half of the year, up 7 per cent over the same period last year. MB also had a strong demand deposit ratio, reaching 37 per cent, the highest in the banking system.

VietinBank ranked fourth with a narrow profit gap with MB as its pre-tax profit reached more than 12.5 trillion VND (528 million USD), up 8 per cent over the same period last year.

All four of the top banks recorded positive profit growth in the second quarter of 2023 and H1 2023.

Techcombank was the fifth most profitable bank with more than 11.2 trillion VND (473 million USD), down 20 per cent over the same period last year. Despite the negative growth, this result was still in line with the bank's expectations, reaching 51 per cent of its yearly plan.

The next five banks following Techcombank in the Top 10 saw pre-tax profits of nearly 10 trillion VND (422 million USD) for ACB, 6.07 trillion VND (255.58 million USD) for SHB, 5.64 trillion VND (238 million USD) for VIB, 5.48 trillion VND (231 million USD) HDBank, and more than 5.1 trillion VND (215 million USD) for VPBank.

Among the banks, VPBank recorded the biggest drop in profit. The parent company of VPBank had a pre-tax profit of nearly 7.9 trillion VND in the first six months of the year, but the loss of the bank’s subsidiary FE Credit dragged down its consolidated profit to only more than 5.1 trillion VND, down 66 per cent over the same period last year.