ABBank appoints new acting general director

An Binh Commercial Joint Stock Bank (ABBank) has appointed Pham Duy Hieu as acting general director from Thursday, replacing Le Thi Bich Phuong who resigned for personal reasons.

Hieu, born in 1978, graduated with a master's degree in finance, monetary circulation and credit from the National Economics University. He is currently a member of ABBank's human resources committee, which focuses on training managers and supporting the implementation of the bank's "Cultural Journey" program.

Previously, Hieu was also assigned by the bank's board of directors to participate in the management of the bank in the positions of deputy general director and general director from October 2018 to April 2020.

Since 2018, ABBank has changed its general director seven times.

ABBank reported a sharp fall in profit in Q2, down 94% to just VND67 billion ($2.83 million). In H1, the bank's profit of VND679 billion ($28.7 million) was down 59% over the same period last year, achieving only 24% of its year plan.

ABBank said increased provision outlay was one of the main reasons for the profit plunge. Its provision for credit risk was VND698 billion ($29.5 million) and VND814 billion ($34.4 million) in Q2 and H1, four times and 3.7 times higher than the same period in 2022, respectively.