Vietcombank leads Vietnamese banks in 2024 pre-tax profit

Vietcombank reported a pre-tax profit of VND42.2 trillion ($1.66 billion) last year, ranking as the most profitable Vietnamese lender, according to the Vietnam Banking Association (VNBA).

The figure marked a 2.4% increase from 2023, the smallest growth among Vietnamese banks, VNBA noted.

Following Vietcombank (HoSE: VCB) in 2024 pre-tax profit was VietinBank (HoSE: CTG) with VND31.75 trillion ($1.25 billion), up 27% year-on-year, and MBBank (HoSE: MBB) with VND28.8 trillion ($1.13 billion), up 9.5%.

Agribank (HoSE: AGR) ranked fourth with a pre-tax profit of VND27.92 trillion ($1.1 billion) last year, up 9.1% from 2023.

Notably, VPBank (HoSE: VPB) recorded the highest pre-tax profit growth among local lenders, reaching VND20.01 trillion ($788.2 million), nearly double that of the previous year. It ranked eighth among the top banks by pre-tax profit.

In terms of total assets, BIDV (HoSE: BID) led with VND2.76 quadrillion ($108.7 billion) as of the end of 2024, up 20% year-on-year, followed by VietinBank with VND2.38 quadrillion ($93.7 billion), up 17.4%, and Agribank with VND2.2 quadrillion ($86.6 billion), up 7.6%.

By owners’ equity, Vietcombank ranked first with VND198.95 trillion ($7.84 billion) as of the end of 2024, up 20.5% year-on-year, followed by VietinBank with VND149.94 trillion ($5.9 billion), up 19.1%, and Techcombank (HoSE: TCB) with VND147.94 trillion ($5.83 billion).

Vietcombank, Vietinbank, Agribank, and BIDV are big 4 banks. Agribank is wholly state-owned, while the others are state-controlled. VPBank and Techcombank are leading private banks.