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Eximbank (EIB) reached nearly VND307 billion in pre-tax profit in Q3/2023 

 Saturday, November 25,2023

AsemconnectVietnam - Eximbank (Code: EIB) has just released its financial report with pre-tax profit in the third quarter of 2023 reaching VND306.9 billion, down 76% over the same period, due to a decrease in revenue from main activities.

Specifically, in the third quarter of 2023, Eximbank's main source of revenue decreased by 42% to nearly VND869 billion. Meanwhile, non-interest income sources grew, such as profit from services increased by 10%, trading of investment securities changed from loss to profit, profit from other activities increased by 43%.
The main source of revenue dropped sharply, causing net profit from business activities to decrease by 51%, to only nearly VND477 billion. In addition, this quarter Eximbank switched from reversing VND296 billion to setting up provisions of more than VND170 billion, so the Bank only had pre-tax profit of nearly VND307 billion, down 76% over the same period.
Accumulated in the first 9 months of 2023, Eximbank's net interest income decreased by 23%, to nearly VND3,200 billion. Profit before tax for 9 months reached more than VND1,712 billion, down 46% over the same period. Thus, compared to the plan of VND5,000 billion pre-tax profit in 2023, Eximbank has only achieved 34% of the target after the first 3 quarters of this year.
As of the end of September 2023, Eximbank's total assets reached VND191,337 billion, an increase of 3.4% compared to the beginning of the year. Lending and customer deposit activities both increased at a slower rate than most banks that reported results for the third quarter of 2023. Of which, loans increased by 4.2% compared to the beginning of the year, reaching nearly VND136,000 billion.
By the end of the third quarter of 2023, Eximbank's bad debt ratio showed signs of improvement compared to the second quarter, decreasing from VND3,625 billion to VND3,593 billion, corresponding to a bad debt ratio of 2.64% compared to 1.8% at the beginning of the year.
N.Nga
Source: VITIC/Tinnhanhchungkhoan

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