Some Vietnamese banks post big profits for 2024

Some Vietnamese banks have reported a profit growth of up to 16-60% year-on-year for 2024.

Sacombank said its pre-tax profit in Q4 was estimated at more than VND4,600 billion ($180.9 million), up 68% over the same period last year.

The private bank’s pre-tax profit is estimated to reach over VND12,700 billion ($499.4 million), exceeding its AGM-approved target of VND10,600 billion.

Meanwhile, TPBank said that as of November 30, it achieved more than VND7,100 billion ($279.2 million) in profit, an increase of nearly 28% against the end of last year. Expected profit growth for the whole year is 34%.

Another private lender HDBank expects profit in 2024 to reach over VND16,000 billion ($629.2 million), exceeding the target set by its AGM.

In its newly released 2025 strategy report, MBS Securities Company forecasts that the 2024 profit of large-scale listed banks in Q4 will increase by 10-80%.

In particular, ACB’s net profit is forecast to be more than VND16,800 billion ($660.6 million), up 4.9% year-on-year; BIDV over VND25,200 billion ($991 million), up 10.6%; VietinBank over VND22,900 billion ($900.5 million), up 14.4%; VPBank more than VND15,300 billion ($601.7 million), up 80%.

MBS forecasts high profit growth in 2024 for some banks such as VPBank (up 77%), LPBank (57%), HDBank (31%), Techcombank (29%), TPBank (28%), and Eximbank (16%).

Although the “Big 4” group, which includes state-controlled creditor Vietcombank, Vietinbank and BIDV and wholly state-owned Agribank, has not officially announced their business results, their leaders all metioned relatively bright numbers.

Pham Toan Vuong, general director of Agribank, said that the bank’s pre-tax profit is expected to increase by 8% in 2024, total assets rise by 7.9%, and outstanding loans advance by 11% year-on-year.

BIDV leaders said they expected by the end of 2024, BIDV will have total assets exceeding VND2,600 trillion and outstanding loans VND2,000 trillion ($78.65 billion), up about 14%.

Vietcombank also expects credit growth of about 13% in 2024.

Tran Minh Binh, chairman of VietinBank, said that by the end of November 2024, its total assets were estimated at more than VND2,300 trillion ($90.44 billion), up 14.7% year-on-year.

As of December 10, Vietinbank's credit expanded by 14.8%. This year, this giant targets a profit hike of 8.7%. In the first nine months of the year, its profit grew 12%.