As of June 30, 2024, ABBANK reported impressive financial results with total capital mobilization reaching VND 135,086 billion, and total outstanding loans amounting to VND 131,784 billion. The bank has accomplished 94% of its assigned targets for the year, with a pre-tax profit of VND 558 billion, representing a 56% completion of the annual plan.
ABBANK has set aside VND 640 billion in credit risk provisions, reflecting a surge of 10.36% in the bad debt coverage ratio compared to the same period last year. The bank maintains its strong asset quality, with a non-performing loan ratio below 3% as per the State Bank of Vietnam’s Circular No. 11/2021/TT-NHNN.
Additionally, ABBANK continues to demonstrate its robust capital adequacy ratio, with a CAR of 12.1%, marking a 1.0% increase from the end of 2023 and surpassing the minimum requirement of >=8% set by the State Bank of Vietnam (SBV).
Source: CafeF
The number of digital banking users and online transactions witnessed a significant growth of 4.77% and 98.18%, respectively, in the first six months of 2024 compared to the same period in 2023. These results showcase a positive shift in the second quarter’s business performance, despite market challenges, and indicate a successful digital migration and growth among individual customers at ABBANK.
ABBANK’s leadership shared that in 2024, the bank remains committed to allocating resources to its transformation journey, guided by McKinsey, a global management consulting firm. ABBANK aims to provide customer support based on a deep understanding of their needs and specific industries, adopting a targeted approach rather than solely focusing on expanding its reach. The bank also intends to enhance customer experiences on digital channels.
New developments in the currency market, deposit rates may soon rise again
In a recent macroeconomic analysis report published by VDSC, Dragon Securities made some noteworthy observations about the currency market developments in February 2024.
