Vietnam private lender VietBank logs 96% profit growth in 9 months

Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) posted a 96% year-on-year surge in pre-tax profit in the first nine months of 2024 to reach VND820.4 billion ($32.46 million), or 78% of the year's target.

In its freshly released third-quarter financial statement, the bank, registered on the Unlisted Public Company Market (UPCoM) as VBB, reported a net interest income of VND2.11 trillion ($83.5 million) for the nine-month period, up 66% year-on-year.

Its net income from services was VND110 billion ($4.35 million), a rise of over 41% compared to the same period in 2023.

Operating expenses increased 6% to VND1.1 trillion ($43.52 million), while provisions for credit losses reached VND364.5 billion amid ongoing challenges faced by businesses and individuals, particularly following typhoon Yagi, which hit Vietnam early September.

At the end of September, the bank's total assets stood at VND151.96 trillion ($6 billion), up 10% from the beginning of the year. Outstanding loans totaled VND90.81 trillion, up 13.6% in the same period. Deposits from organizations and individuals also rose slightly to VND91.5 trillion.

VietBank’s pre-tax profit target of VND1.05 trillion ($41.54 million) for 2024 marks a 29% increase from the previous year. It aims at a total asset value of VND150 trillion ($5.93 billion), with capital mobilization projected at VND116 trillion and total lending at VND95 trillion. It also targets to curb its non-performing loan (NPL) rate at below 3%.

In 2025, VietBank aims for a total assets value of VND170 trillion ($6.73 billion), capital mobilization of VND135 trillion in the primary market, total outstanding loans of VND110 trillion, charter capital of VND10 trillion and pre-tax profits of VND1.6 trillion.

VBB shares closed Thursday at VND10,100 ($0.4) apiece.