Services
Amidst challenging market conditions, Nam A Bank’s key business expenditures have shown impressive growth, which is a notable highlight in the first-quarter financial report of 2024. This serves as a solid foundation for Nam A Bank to realize the business objectives set at the recent Annual General Meeting of Shareholders, continuing on the path towards sustainable development.
 |
Accordingly, the total pre-tax profit reached nearly VND 1,000 billion, an increase of VND 236.4 billion, corresponding to a 30.98% increase compared to the same period in 2023, fulfilling 25% of the 2024 plan. The positive business results are driven by increased interest income, and the Bank’s significant reduction in provisioning due to the decisive handling of debts on VAMC.
It is noteworthy that this is the first time that Nam A Bank has recorded a pre-tax profit of nearly VND 1,000 billion in the first quarter. Of which, net interest income increased by VND 163 billion, corresponding to a 10.48% increase compared to the same period in 2023. Service revenue increased by VND 78.9 billion, up 60.83% year-on-year.
As of March 31st, 2024, Nam A Bank’s total assets reached VND 216 trillion, an increase of VND 6,275 billion compared to the beginning of the year, completing 93% of the annual plan. Mobilization of capital reached VND 167.2 billion, while outstanding loans reached nearly VND 146.7 billion, representing increases of 2.05% and 3.76%, respectively, compared to the beginning of the year.
Regarding bad debts, the Bank continues to maintain good control of non-performing loans in accordance with SBV regulations. Group 2 debts decreased significantly, while other groups increased slightly. According to economic experts, with the economic outlook expected to improve from now until the end of the year and the banking industry effectively managing risks, Nam A Bank will continue to reap positive results in controlling and resolving bad debts.
In addition, Nam A Bank has now fully resolved its outstanding debts with VAMC in 2023, with an outstanding balance of more than VND 1,744 billion. This continues to drive growth momentum while significantly reducing provisioning pressure in the first quarter of 2024 compared to the same period last year. The Bank has reduced credit risk provisions by VND 112 billion compared to the same period in 2023.
 |
Also in the first quarter of 2024, Nam A Bank officially transferred to the HOSE, a significant milestone in its development journey, helping the Bank to further enhance its position, affirm its transparency, prestige, and sustainable development in the market.
In parallel, in February 2024, the Bank was also upgraded by Moody’s in several key credit ratings. Specifically, Moody’s upgraded the asset quality rating from B3 to B2 and the rating for profitability and profitability metrics from B2 to B1. Amidst challenging economic conditions, Moody’s maintained a ‘stable outlook’ for Nam A Bank, reflecting the international credit rating agency’s confidence in the Bank’s operations.
In terms of network expansion, Nam A Bank currently owns nearly 250 business locations nationwide, including nearly 150 traditional outlets (branches, transaction offices) and 100 ONEBANK locations. At the end of 2023, the SBV approved Nam A Bank to establish five more branches and three transaction offices. The Bank also plans to open 30 more ONEBANK locations this year.
