AsemconnectVietnam - According to the consolidated financial report, Kienlong Commercial Joint Stock Bank (KienlongBank; UpCOM: KLB) has impressive business growth, with pre-tax profit surpassing VND1,100 billion for the first time in 2024.

According to data from the recently released financial report, Kienlongbank's pre-tax profit in the fourth quarter of 2024 reached VND352 billion.
Operating expenses in the quarter showed signs of a slight increase, mainly due to investment in technology enhancement and improvement, focusing on developing products and services on digital channels according to each segment and customer group. With this result, the total accumulated pre-tax profit in 2024 exceeded VND1,100 billion, completing 139% of the annual plan.
By the end of the fourth quarter of 2024, KienlongBank's total assets reached VND92,176 billion, an increase of VND5,204 billion (equivalent to 6%) over the same period last year, affirming its position as a sustainable commercial bank.
Total capital mobilization reached VND82,906 billion, an increase of VND6,963 billion (equivalent to 9.2%); outstanding credit reached VND61,431 billion, an increase of VND8,852 billion (equivalent to 16.8%) over the previous year - recording a credit growth coefficient higher than the average rate of the entire banking industry.
The early and proactive implementation of Basel III and synchronous ESG standards along with many modern management tools helps KienlongBank increase the proportion and quality of capital, build a larger reserve buffer to reduce operational risks. In addition, the Bank also improves its ability to grasp and create a solid risk management framework, contributing to the safe, effective and sustainable development of business activities.
In 2024, the Bank also elected additional members of the Board of Directors and the Supervisory Board at the Extraordinary General Meeting of Shareholders in October. The completion of the senior personnel structure not only aims to improve management capacity and promptly respond to the Law on Credit Institutions 2024, but also helps the Bank build and propose appropriate strategies and orientations in each period to achieve the set goals.
Regarding asset quality, as of December 31, 2024, KienlongBank recorded a bad debt ratio of 1.91%, which is low compared to the general level of the whole industry, ensuring compliance with the requirements of the State Bank. To achieve this result, the Bank has well controlled credit capital, limited risks, focused capital flows on selected areas, promoted capital sources for key products including expanding rice cultivation loans in the Mekong Delta and lending products associated with Women's Union members, farmers, etc.
Although controlling and maintaining the bad debt ratio well, with a cautious attitude and proactive mindset in all situations, KienlongBank has allocated and optimized resources in provisioning activities. This is to improve asset quality, strengthen the solid buffer, increase the bad debt coverage ratio, and ensure safe and sustainable operations. By the end of 2024, the Bank's bad debt coverage ratio reached 80%, a sharp increase compared to the previous year.
N.Nga
Source: VITIC/Tinnhanhchungkhoan