Public Bank Vietnam earns post-tax profit $17 mln in 2023, down 5.6%

Public Bank Vietnam Limited, a wholly-owned subsidiary of Malaysia’s Public Bank Berhad, earned a post-tax profit of VND436.5 billion ($17.2 million) in 2023, down 5.6% year-on-year, according to its financial statement.

The bank’s total operating income last year rose 15% year-on-year to VND1,477.5 billion ($58 million). The figure included a net interest income of VND1,481 billion ($58.2 million), up 30.8%.

However, it also featured a net loss of VND64 billion ($2.5 million) from trading of foreign currencies, versus a net gain of VND95.8 billion in 2022.

Its outstanding customer loans climbed 5.6% from 2022 to VND25,858.8 billion ($1.02 billion), while deposits from customers increased 15.9% to VND21,341 billion ($838.3 million).

The lender’s total loans grew 5.8% year-on-year to VND26,191.2 billion ($1.03 billion) in 2023. Of which, non-performing loans (NPL) went up 84.9% year-on-year to VND881,478 billion ($34.63 billion).

According to the State Bank of Vietnam’s regulations, loans are classified in five groups. Group 3, 4, 5 loans, respectively representing loans missing payment deadlines from 91 to 180 days, 181 to 360 days, and over 360 days, are classified as NPL.

Public Bank Vietnam’s NPL feature VND112.4 billion ($4.42 million) of group 3 loans, VND403.7 billion of group 4 loans, and VND365.3 billion of group 5 loans.

By the end of 2023, the lender’s total assets reached VND49,326.8 billion ($1.94 billion), up 16.3% compared to the end of the previous year, while its total liabilities rose 19% to VND40,447.9 billion and its equity increased 5.2% to VND8,878.9 billion.

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

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.

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

The Ho Chi Minh City branch of Thailand’s Kasikornbank Public Company Limited (KBank) recorded a post-tax loss of $7.4 million in 2023, tripling from $2.5 million in 2022.