Banks record positive business indicators in Q1 2024


Many banks have reported positive business indicators, especially credit growth, in the first quarter of this year.

SeABank’s pre-tax profit in the first quarter of 2024 reached more than 1.5 trillion VND, an increase of nearly 41% over the same period in 2023. The bank’s total operating income also surged by 19.54% to 2.7 trillion VND and its total revenue increased by 4.6% to nearly 6.44 trillion VND. At the same time, SeABank’s net non-interest income (NOII) also recorded an impressive growth of nearly 51% over the same period last year to 705 billion VND.

As of March 31 this year, SeABank’s total assets were more than 271.6 trillion VND, an increase of 2.06% compared to December 31, 2023.

Chairman of ACB Tran Hung Huy said at the end of the first quarter, credit growth at ACB reached 3.7%, double the growth rate of the whole banking industry and also better than the same period last year. The bank’s raised capital also grew by 2.1%, of which non-term deposits increased by 6.4%.

ACB’s profit was estim
ated at 4.9 trillion VND, close to the bank’s plans.

Dang Khac Vy, Chairman of VIB, said the bank’s credit growth was about 1% in the first quarter of this year. VIB’s profit reached more than 2.6 trillion VND, equivalent to the same period last year.

Nguyen Dinh Tung, General Director of OCB, said by the end of the first quarter of 2024, OCB’s credit growth reached about 4.6% and capital mobilisation increased by about 5%. The bank’s pre-tax profit in the first quarter of 2024 was about 1.2 trillion VND.

In a recent report, MB Securities Company (MBS) forecasts profit of the banking industry will increase by 20% in the first quarter of 2024.

According to experts, the prosperity of the banking industry in the period came from many supporting factors, including favourable policies to credit growth.

Credit of the banking industry as of March 25, 2024 increased by 0.26% compared to the end of 2023 to about 13.6 quadrillion VND, the State Bank of Vietnam (SBV) reported. In March alone, credit rose by 0.98%.

T
o boost credit growth, the SBV has requested credit institutions to firmly implement effective credit growth solutions since early February. Accordingly, credit institutions must review to simplify lending procedures with an aim to increase people’s ability to access capital.

Besides, they must focus on strengthening digital transformation in the credit process to increase access to capital and more widely popularise banking credit activities.

In addition, the SBV said it was necessary to improve the operational efficiency of funds such as the credit insurance fund for small- and medium-sized enterprises (SMEs), and the development fund for SMEs, to enhance SMEs’ ability to access credit./.

Source: Vietnam News Agency

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