ACB posts $435 mln net profit in 9 months

The Asia Commercial Bank (ACB) earned after-tax profits of VND10,818 billion ($435.4 million) in the first nine months of the year, up 51% year-on-year.

The Ho Chi Minh City-headquartered bank's net interest income reached VND17,079 billion ($687.4 million) in the period, up 21%, according to its consolidated financial statement.

In the third quarter, the private bank reported a net interest income of VND6,032 billion ($242.8 million), up 33% compared to the same period last year. Services fetched VND866 billion ($34.86 million), up 36%.

Most of its other activities declined, like forex trading at VND95 billion ($3.82 million), down 54% year-on-year. Loss on trading in securities was nearly VND40 billion, compared to a profit of VND183 billion in the same period last year.

Meanwhile, a sharp reduction in credit risk provision of 89% over the same period in 2021 contributed to the bank's Q3 after-tax profit of VND3,587 billion ($144.4 million), up 70% year-on-year.

By September 30, 2022, the bank's total assets increased by 6% compared to the beginning of the year to VND561,113 billion ($22.58 billion).

Loans to customers reached more than VND402,200 billion ($16.18 billion), up 11% compared to the beginning of the year, while customer deposits hit VND392,023 billion ($15.78 billion), up 3.2%.

Asia Commercial Bank is listed on the Ho Chi Minh City Stock Exchange as ACB. At the closing session on Tuesday, the ACB share was worth VND20,650 ($0.83).