Vietnam’s Eximbank sees Q3 earnings triple on forex trading

Ho Chi Minh City-based Eximbank says it earned a net profit of VND721.2 billion ($28.6 million) in Q3/2024, up 198.25% year-on-year, thanks to income from lending and forex trading.

Between July and September, the bank booked VND281.93 billion ($11.17 million) from forex trading, soaring 265.31% year-on-year, the firm said in a consolidated quarterly financial statement.

Net interest income went up 76.79% year-on-year to VND1,536 billion ($60.88 million). Income from other activities surged 181.5% to VND89.2 billion.

Notably, the bank incurred a loss of VND40.23 billion ($1.59 million) from securities investments in Q3 versus net income of VND141.5 billion in Q3/2023.

Operating expenses rose 14% year-on-year to VND864.34 billion ($34.26 million) in Q3, while provisions for credit losses increased 18.8% to VND202 billion.

In the first three quarters of this year, Eximbank reported a pretax profit of VND2,378 billion ($94.25 million), up 39% year-on-year, meeting 46% of the whole-year plan.

Its net profit was up 39% year-on-year to VND1,891 billion ($74.96 million).

As of September 30, the bank had total assets of VND223.68 trillion ($8.87 billion), up 11% against end-2023.

In January-September, total deposits rose 7% to VND167.27 trillion ($6.63 billion), while total outstanding loans increased 13.55% to VND159.48 trillion.

Non-performing loans at the bank increased 15.85% from end-2023 to VND4.32 trillion ($171.14 million), accounting for 2.71% of total lending.

Shares of Eximbank, traded on the Ho Chi Minh Stock Exchange as EIB, were down 1.2% to VND20,600 ($0.82) apiece at 11 a.m. on Monday.