LPBank Reports 85% Increase in Profits
According to the recently released financial report by LPBank, pre-tax profits in the first quarter of 2024 reached VND 2,886 billion, a significant 84.36% increase compared to the same period last year, fulfilling 27.49% of the annual plan. Post-tax profits amounted to VND 2,299 billion, an increase of 84.88% year-over-year.
LPBank’s profits surged due to a dramatic increase in net interest income from services, nearly four times higher than in the same period in 2023. Furthermore, an increase in net interest income along with effective control over operating expenses contributed to LPBank’s substantial profit growth.
As of March 31, 2024, LPBank’s total assets reached nearly VND 409,764 billion, an increase of over 7% compared to the beginning of the year. Customer loans grew by over 11.7% to nearly VND 307,687 billion, with a non-performing loan ratio of 1.39%. Customer deposits amounted to over VND 261,994 billion, an increase of nearly 10.4%.
Bac A Bank’s Profits Rise Slightly
Bac A Commercial Joint Stock Bank (Bac A Bank – Code: BAB) has also released its financial report for the first quarter of 2024, showing pre-tax profits of VND 338.6 billion, a 1% increase compared to the same period last year. The bank’s post-tax profits were VND 270.9 billion, a 0.7% increase.
During the first quarter, Bac A Bank’s growth was driven by net interest income, while other business segments experienced a decline compared to the same period last year.
As of March 31, 2024, Bac A Bank’s total assets reached VND 149,353 billion, a 1.9% decrease compared to the end of last year. Loans to customers increased by 0.7% to VND 100,543 billion. Customer deposits at Bac A Bank also decreased by 0.3% to VND 118,125 billion.
In the first quarter, Bac A Bank’s non-performing loan balance increased by 22.1% to VND 1,118 billion. This led to an increase in the non-performing loan ratio to 1.11%, compared to 0.92% at the end of last year.
PGBank’s Profits Decline by 24%
Prosperous and Development Joint Stock Commercial Bank (PGBank – PGB) has also released its financial report for the first quarter of 2024. According to the report, the bank’s pre-tax profits in the first quarter reached VND 116 billion, a 24% decrease compared to the same period in 2023. Post-tax profits were VND 93 billion, a 24% decrease.
The main reason behind the decline in PGBank’s profits was a contraction in non-credit income sources and an increase in operating expenses.
As of March 31, 2024, PGBank’s total assets stood at VND 58,764 billion, a 5.9% increase compared to the beginning of the year. Loans to customers decreased by 0.4% to VND 35,185 billion. Customer deposits increased by 4.2% to VND 37,244 billion. Non-performing loans at the end of the first quarter amounted to VND 1,033 billion, a 2.4% increase compared to the beginning of the year. The ratio of non-performing loans to total customer loans increased from 2.85% to 2.93%.
SeABank’s Profits Rise by 41%
Southeast Asia Commercial Joint Stock Bank (SeABank – Code: SSB) has also announced its business results for the first quarter of 2024, with consolidated pre-tax profits reaching VND 1,506 billion, an increase of nearly 41% compared to the same period in 2023.
The bank’s total operating income in the first quarter of 2024 reached VND 2,706 billion, a 19.54% increase; total revenue reached VND 6,438 billion, a 4.6% increase. At the same time, SeABank’s net interest income (NOII) recorded a growth of nearly 51% year-over-year, reaching VND 705 billion.
As of March 31, 2024, SeABank’s total assets were VND 271,614 billion, an increase of 2.06%, equivalent to a net increase of VND 5,492 billion compared to December 31, 2023. The bank’s charter capital was VND 24,957 billion.
At the end of the first quarter of 2024, SeABank’s total deposits and certificates of deposits reached VND 168,605 billion, an increase of VND 6,919 billion, equivalent to 4.3% compared to the same period last year. Total loans to customers reached VND 181,238 billion, a net increase of VND 1,487 billion. The non-performing loan ratio was controlled at 1.95%. The non-performing loan coverage ratio reached
