### Top 20 Companies with the Highest Profits on the Stock Market in Q1 2024
**Vietcombank (VCB)** emerged as the company with the highest pre-tax profit in Q1/2024. The bank reclaimed its top position after losing it to Vinhomes (VHM) in 2023. Specifically, the bank’s main source of revenue dropped by 1% compared to the same period in Q1/2023, with net interest income decreasing to 14,078 billion VND.
Non-interest revenue also experienced declines, with service income falling by 1% to 1,411 billion VND and foreign exchange trading revenue plummeting by 30% to 1,197 billion VND. Consequently, Vietcombank’s pre-tax profit for Q1/2024 reached 10,718 billion VND, a 4% decrease year-over-year.
**Techcombank (TCB)** secured the second spot with a pre-tax profit of 7,802 billion VND, marking a 39% increase year-over-year. This positioning places Techcombank significantly ahead of other private banks in the market.
The next three banks in the top five, based on profit, are **BIDV** (7,390 billion VND, 7% growth), **VietinBank** (6,210 billion VND, 4% growth), and **MB** (5,795 billion VND, 11% decline).
**Notably, only one non-financial company made it to the top 10 list of highest profit earners in the first quarter: PV Gas (GAS).** Banks occupied 9 out of the 10 positions with the highest pre-tax profits in the quarter. Expanding the analysis to the top 20, banks claimed 12 spots on the list.
While oil and gas companies had a strong presence on the list in 2023, only **PV Gas (GAS)** remained in Q1 this year. However, the company reported a 26% decrease in pre-tax profit to approximately 3,200 billion VND. PV Gas currently holds the largest amount of cash deposits on the stock market, exceeding 42,000 billion VND.
The only non-financial company among the top 10 profit earners in Q1/2024 is a surprising entry: **Vietnam Airlines (HVN)**. The company has consistently reported losses of tens of trillion VND over the past four years.
In Q1/2024, the airline announced its financial results with a revenue of nearly 28,270 billion VND, a 25% increase year-over-year. This marks the highest quarterly revenue since Vietnam Airlines transitioned to a joint-stock company in 2015.
Benefitting from a “one-time” gain of 3,672 billion VND due to debt forgiveness, Vietnam Airlines achieved a pre-tax profit of 4,528 billion VND, a staggering 23,000% increase compared to the same period last year. This is also the highest quarterly profit recorded by the company since its inception.
Several other companies in the top 20 largest profit earners in Q1 2024 also saw significant growth, including **Hoa Phat** (513%), **Viettel Global** (151%), and **ACV** (79%). Companies like **Vinamilk** and **FPT** maintained their growth momentum from early 2023.
**Vinhomes (VHM),** the top profit earner in 2023, unexpectedly dropped out of the top 20 in Q1/2024. The company reported a 91% decline in pre-tax profit to 1,416 billion VND. This decrease can primarily be attributed to a drop in revenue.
However, the “Vin family” is still represented in the top 20 through **Vingroup (VIC)**, with a post-tax profit of nearly 2,500 billion VND, a 42% decrease. Notably, the group’s net profit and after-tax profit surged compared to previous quarters due to the divestment of Vincom Retail (VRE).
