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Vietbank (VBB) reached nearly VND419 billion profit before tax in 9 months of 2023 

 Monday, November 27,2023

AsemconnectVietnam - Vietnam Thuong Tin Commercial Joint Stock Bank (Vietbank, stock code: VBB) has just announced business results for the third quarter and the first 9 months of 2023.

Specifically, cumulatively in the first 9 months of the year, the Bank's net interest income decreased by 4% compared to the same period last year, to just over VND1,276 billion, mainly due to a decrease in loan interest income and a decrease in interest income from debt securities business.
Non-interest income sources also decreased, such as profits from services down 5%, profits from foreign exchange trading down 8%, profits from investment securities down 32%. Profit from other activities decreased by 52%, to just over VND95 billion, because income from real estate transfer deposits was only VND8.6 billion, a decrease of 91%.
Although Vietbank reduced its credit risk provision costs by 58%, only deducting nearly VND89 billion, but because net profit from business activities decreased by 32%, to more than VND507 billion, this bank made a profit first. Tax is nearly VND419 billion, down 22% over the same period last year.
In particular, in the third quarter of 2023 alone, Vietbank's pre-tax profit was nearly VND50 billion, down 67% because most revenue sources decreased over the same period.
Thus, compared to the plan of VND960 billion in pre-tax profit set for the whole year, Vietbank has only achieved nearly 44% after the first 9 months of this year.
By the end of the third quarter of 2023, the Bank's total assets increased by 10% compared to the beginning of the year, to VND125,079 billion. Of which, customer loans increased by 12%; Customer deposits increased by 13% compared to the beginning of the year.
Vietbank's total bad debt as of September 30, 2023 is nearly VND2,891 billion, an increase of 24% compared to the beginning of the year. Among them, the sharpest increase was in sub-standard debt. The ratio of bad debt to outstanding loans increased from 3.65% at the beginning of the year to 4.06%.
N.Nga
Source: VITIC/Tinnhanhchungkhoan

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