Borrowing Over VND 2,000 Billion from the State Bank, Eximbank Targets a 54% Surge in Pre-Tax Profit by 2024

Eximbank experienced a comprehensive growth spurt in the fourth quarter. Net interest income increased by 9% year-on-year, surpassing VND 1,518 billion.

Non-interest income sources saw a surge, with service income increasing by 5.8 times (VND 742 billion) and foreign exchange trading profits soaring by 7.7 times (VND 185 billion). Additionally, the bank successfully turned losses from securities investment trading into gains.

Operating expenses rose by only 6%, reaching VND 967 billion. Consequently, profit from business operations climbed by 64% to VND 2,075 billion. Eximbank set aside nearly VND 265 billion in provisions for the quarter, resulting in a pre-tax profit of over VND 1,810 billion, an impressive 80% increase year-on-year.

For the full year 2024, Eximbank’s pre-tax profit exceeded VND 4,188 billion, a substantial 54% increase from the previous year. However, the bank fell short of its annual target, achieving only 80% of the VND 5,180 billion pre-tax profit goal.

As of the end of 2024, Eximbank’s total assets stood at VND 239,768 billion, reflecting a 19% increase from the beginning of the year. Meanwhile, deposits with other credit institutions decreased by 30% (to VND 29,829 billion), and outstanding loans reached VND 165,154 billion, a rise of 18%.

Borrowings from the State Bank of Vietnam witnessed a sharp increase to VND 2,079 billion, compared to nearly VND 20 billion at the start of the year. Customer deposits grew by 7% year-to-date, totaling VND 167,447 billion. Notably, Eximbank recorded VND 7,602 billion in borrowings from other credit institutions at the year’s end, while none were reported at the beginning of the year.

The bank’s total non-performing loans as of December 31, 2024, amounted to VND 4,180 billion, a 12% increase from the beginning of the year. However, the NPL ratio improved, declining from 2.65% to 2.53% during this period.

Han Dong

– 19:12 24/01/2025

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