Vietcombank reports record high profit in H1

Vietcombank, the country's leading state-owned commercial bank, recorded an after-tax profit of VND13,909 billion ($595 million) in the first half of this year, up 28% year-on-year.

With the result, Vietcombank regained the top position in banking profits, after VPBank temporarily usurped the champion in the first quarter of the year.

The bank's net revenue during the period reached VND24,773 billion ($1.06 billion), a 17% increase.

Vietcombank's foreign exchange business earned a profit of nearly $128.4 million in H1, up 50% over the same period last year.

In the second quarter, the bank's net revenue and after-tax profit reached $547.5 million and $254.2 million, up 15% and 49% year-on-year, respectively.

Besides, Vietcombank enjoys huge "savings" from its credit risk provision fund, which hit $777.5 million.

The lender, with the state as the majority shareholder, is listed on the Ho Chi Minh Stock Exchange as VCB. At the closing session on July 26, VCB shares were priced at VND73,900 ($3.16) per unit.

As of June 30, 2022, Vietcombank's total assets were over VND1,602 trillion ($68.54 billion), a 13% increase on the beginning of the year.

Meanwhile, VPBank, one of Vietnam's leading private banks, reported a net revenue and after-tax profit of $871.5 million and $524.2 million in H1, up 11% and 69% year-on-year, respectively.

However, excluding the extraordinary profit (prepaid fee from its exclusive partnership agreement with AIA to distribute insurance products), VPBank's profit in H1 did not increase as strongly as last year.

Another private lender Techcombank's net revenue and after-tax profit reached $681 million and $492.2 million in the period, up 25% and 23%, respectively.