Eximbank posts Q1 profit of $13 mln, down 60% year-on-year

Vietnamese private lender Eximbank reported Q1 pre-tax profit of VND338 billion ($12.83 million), down 60% from a year earlier.

Speaking at the bank’s 2026 annual general meeting on Tuesday, acting CEO Tran Tan Loc attributed the decline to a challenging global backdrop marked by geopolitical tensions and supply chain disruptions.

He said escalating conflict in the Middle East had disrupted shipping routes and global supply chains, driving volatility in oil prices and adding to inflationary pressures worldwide, with spillover effects on Vietnam through rising input costs.

In the first three months of 2026, Eximbank’s deposits rose 3.6% from end-2025 to VND204.42 trillion ($7.76 billion), while outstanding loans increased 2.39% to VND200.76 trillion ($7.62 billion), reflecting stable and prudent balance sheet expansion.

Net interest income edged up nearly 2% year-on-year to VND1.38 trillion ($52.37 million), while operating expenses stood at VND871 billion ($33.06 million). Pre-provision operating profit reached VND657 billion ($24.93 million).

The bank increased loan-loss provisions to VND319 billion ($12.11 million) to strengthen buffers, resulting in pre-tax profit of VND338 billion ($12.83 million), compared with VND832 billion in the same period last year.

For 2026, Eximbank targets pre-tax profit of nearly VND1.52 trillion ($57.5 million), broadly flat from 2025. The first-quarter result represents about 22% of its full-year goal.

Board appointments

Shareholders approved the appointment of three additional independent board members: Nguyen Tri Trung, Nguyen Trong Hien, and Ho Poh Wah.

Nguyen Trong Hien previously resigned as chairman of Gelex Group and as a board member of Viglacera earlier this year. He has nearly 30 years of experience across major corporations and previously served as vice chairman and later chairman of Gelex.

Nguyen Tri Trung has nearly 20 years of experience in domestic lenders including ABBank, OceanBank and Saigonbank, and currently serves as head of Eximbank’s supervisory board.

Ho Poh Wah brings around 40 years of experience across international banks and corporations, including Citibank, Volvo Group Treasury Asia, Standard Chartered, KBC Bank (Singapore), OCBC Bank, and Emperador Inc.