KienlongBank reported impressive financial results for the first quarter, with net interest income surpassing 849 billion VND, marking a remarkable 39% increase year-over-year.
The bank experienced growth in non-interest income streams as well. Service income rose by 41% to nearly 160 billion VND, attributed to higher revenue from payment services, office rentals, and insurance-related activities.
Foreign exchange operations also contributed to the bank’s success, with profits surging by 87% to almost 21 billion VND due to increased spot transactions and cost-saving measures.
Notably, other operations yielded a profit of nearly 104 billion VND, a significant 3.7 times higher than the previous year. This remarkable improvement was a result of recovering over 111 billion VND in non-performing loans through prudent risk management strategies.
Operating expenses increased by 30% to 579 billion VND, mainly due to a near 50% rise in staff costs.
Consequently, the bank’s profit from business operations climbed by 70% to 555 billion VND. Despite a 78% increase in credit risk provisions, amounting to 198 billion VND, KienlongBank recorded a remarkable pre-tax profit of nearly 357 billion VND, reflecting a 67% year-over-year growth.
With regards to annual targets, the bank has accomplished nearly 26% of its full-year profit goal of 1,379 billion VND after the first quarter.
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KLB’s Q1 2025 Financial Performance. In VND billion
Source: VietstockFinance
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As of the first quarter’s end, KienlongBank’s total assets grew by 5% from the beginning of the year to reach 97,164 billion VND. Notably, the bank’s deposits at the State Bank of Vietnam increased by 31% to 5,495 billion VND, while deposits at other credit institutions decreased by 20% to 12,301 billion VND. Customer lending, a key indicator of the bank’s core business, rose by 11% to 67,958 billion VND.
On the funding side, deposits from other credit institutions also declined by 19% to 12,2259 billion VND, while customer deposits demonstrated a healthy increase of 12% to 70,989 billion VND.
As of March 31, 2025, KienlongBank’s non-performing loan ratio witnessed a slight increase, standing at 2.17% compared to 2.02% at the beginning of the year. The total non-performing loans amounted to 1,471 billion VND, representing a 19% rise during the period.
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KLB’s Loan Quality as of March 31, 2025. In VND billion
Source: VietstockFinance
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Hàn Đông
– 1:28 PM, April 29, 2025
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