CIMB Bank Vietnam posts $3.4 mln loss in 2023

CIMB Bank Vietnam, under Malaysia-headquartered CIMB bank, reduced its post-tax loss by 60.6% year-on-year to VND85.9 billion ($3.44 million) in 2023.

The bank said its net interest income last year reached VND356.7 billion ($14.3 million), up 75.8% year-on-year.

CIMB Vietnam also reported net fee and commission expenses of VND28.9 billion ($1.16 million), double year-on-year; net loss from foreign currency trading of VND68.9 billion ($2.76 million), versus a net gain of VND1.9 billion in 2022.

Overall, the lender recorded total operating income of VND296.1 billion ($11.87 million), up 52.4% year-on-year; and corporate income tax (CIT) benefit of VND39 billion ($1.56 million), versus CIT expenses of VND23 billion in 2022.

As of end-2023, CIMB Vietnam had VND37.6 billion ($1.51 million) cash on hand, higher than VND30 billion a year ago. Its balances with the State Bank of Vietnam, the country’s central bank, went up 15.3% year-on-year to VND194.4 billion ($7.79 million).

Meanwhile, the bank’s customer loans grew 0.8% year-on-year to VND3,363.8 billion ($134.86 million).

The lender’ deposits from customers skyrocketed 58.3% year-on-year to VND4,324.3 billion ($173.34 million).

The bank’s assets value rose 6.8% year-on-year to VND7,948.1 billion ($315.68 million); and liabilities went up 20.5% to VND4,847.6 billion ($192.56 million).

Its equity went down by VND3,100.5 billion ($123.12 million).

Among other foreign banks in Vietnam, South Korea’s Shinhan Bank Vietnam, earned a net profit of VND4.52 trillion ($181.2 million) in 2023, up 22.1% year-on-year, with improvements in all major indicators.

HSBC Bank (Vietnam) Ltd., under London-headquartered lender HSBC, recorded post-tax profits of VND5,189.1 billion ($207.5 million) in 2023, up 40.2% year-on-year, according to the bank’s financial statements.