Vietnam private lender ABBank appoints new general director

Hanoi-headquartered ABBank has appointed Pham Duy Hieu as its general director, starting from January 1, 2025.

Hieu, born in 1978, has a master's degree in finance, currency circulation and credit from the Hanoi-based National Economics University. He possesses more than 25 years of experience in the field of finance and banking.

Hieu has worked at ABBank for 12 years. From August 10, 2023, Hieu was deputy general director and assumed the duties and power of the bank's general director position.

Previously, he had held key leadership positions at Vietcombank Leasing, VietABank, broker VNDirect, Sabeco Fund Management, IPA Investment, and Vietnam Science and Technology Enterprise Startup Fund (SVF).

In the first 9 months of 2024, ABBank reported net interest income of VND2,192 billion ($86.21 million), slightly down compared to the same period last year. Profit after tax reached VND180 billion ($7.08 million), down 68%.

At the end of September 2024, the bank's total assets were at VND164,194 billion ($6.46 billion), up over 1% against the beginning of the year. Of which, outstanding loans hit VND98,767 billion, up 0.7%, while deposits decreased from more than VND100,034 billion at the beginning of the year to VND91,089 billion.

As of September 30, 2024, ABBank's bad debt on the balance sheet had been VND3,156 billion (124.13 million), equivalent to a bad debt ratio of 3.2%.