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According to the General Statistics Office’s socio-economic report for Q2 and the first half of 2024, GDP growth in Q2 2024 reached nearly 7%. In the banking sector, as of June 24, 2024, capital mobilization by credit institutions increased by 1.50% compared to the end of 2023, and credit growth for the economy reached 4.45%.
Meanwhile, the Forecasting and Statistics Department (SBV) stated that as of the beginning of Q3 2024, the demand for business loans has shown positive growth. The banking system tends to adjust downward the average price of service products, especially the lending interest rate. This implies that credit packages with low-interest rates and long grace periods have had a strong impact.
Notably, VietABank has just announced its Q2 2024 business results, highlighting some impressive figures: capital mobilization, outstanding loans, and profits all increased compared to the same period in 2023.
According to VietABank’s Q2 2024 financial report, total assets reached VND 108,930 billion, up 4.12% over the same period last year, achieving 93.11% of the plan. Mobilized capital from economic organizations and individuals reached VND 87,193 billion, up 3.45% over the same period last year, completing 94.75% of the 2024 plan. Credit balance reached VND 73,796 billion, up 10.69% over the same period last year, achieving 94.93% of the 2024 plan. Pre-tax profit reached VND 579.6 billion.
The increase in customer loan balance led to higher net interest income compared to the previous year. The bank improved its service activities, resulting in higher service income, foreign exchange trading income, and other activities. The bank’s debt handling and recovery activities were also effective, leading to higher net income from other activities compared to the previous year.
With these positive results, consolidated profit after tax in Q2 2024 increased by VND 26.35 billion, up 12.06% over the same period last year, and consolidated profit after tax increased by VND 58.35 billion, up 27.98% over the same period last year.
As of June 30, 2024, VietABank’s bad debt ratio was 2.27%, below the 3% threshold set by the State Bank of Vietnam.
In addition to focusing on business development, the bank has also invested in advanced technology systems. Recently, VietABank signed a cooperation agreement with EPAY to deploy a customer authentication system (KYC) and advanced biometric data collection for counter services at its branches and transaction offices nationwide, based on VietABank’s FacePay platform.
This system will help optimize customer information security, prevent fraud and enhance the bank’s operational efficiency. With a fast and accurate authentication process, customers will experience modern, convenient, and safer banking services than ever before.
Previously, VietABank had deployed biometric data collection on the online channel with VNPAY from June 26, 2024. With modern authentication and biometric data collection systems, VietABank will expand its customer network, especially attracting younger and more tech-savvy customers. At the same time, VietABank customers will experience safe, convenient, and high-quality banking services.
Furthermore, VietABank officially cooperated with TNTECH Joint Stock Company to deploy a new Anti-Money Laundering (AML) software system, marking an important step in the bank’s risk management and compliance strategy.
Positive Signs in Exports and Imports: Early 2024
Vietnam’s total import-export turnover in January 2024 reached nearly $64.22 billion, representing an increase of 37.7% compared to the same period last year. This positive signal in the trade of goods shows a promising start to the year 2024.
Vietnam’s economy predicted to have a rapid boost in the early months, as various indicators skyrocket.
These statistics indicate that Vietnam’s economic prospects in 2024 are quite positive.
Bank Bonus 2024: 4-Month Salary Surprise, Where…0 VND
Amidst the declining business results of many banks in 2023, the Tet bonus for employees has also significantly decreased. In fact, some branches do not have any Tet bonus or only give symbolic bonuses to their employees.
Once a formidable competitor in the stock market, the total market capitalization of the entire real estate industry is now less than the combined market capitalization of three banks.
If you combine the market cap of Vietcombank and BIDV, along with the market cap of Vietinbank (which is approximately 960 trillion VND), it already surpasses the market cap of the top 30 largest real estate enterprises (which is around 788 trillion VND).
VPBank strengthens its system in 2023, laying the foundation for sustainable growth
By 2023, VPBank has made significant strides in expanding its customer base and scaling up its operations. The bank has managed to make progress amidst challenging macroeconomic conditions, focusing its resources on strengthening its system and building momentum for sustainable growth in 2024 and beyond.
