AsemconnectVietnam - Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank, UPCoM: VBB) has just announced its consolidated financial report for the fourth quarter of 2024, with pre-tax profit of nearly VND311 billion. Accumulated for the whole year of 2024, the bank's pre-tax profit was more than VND1,131 billion.

In the last quarter of 2024, VietBank's net interest income decreased by 3% compared to the same period, to nearly VND699 billion. The reason given by VietBank was due to the promotion of capital mobilization activities, so the cost of capital mobilization increased, reducing net interest income. However, accumulated for the whole year, Vietbank's main income still increased by 41%, recording more than VND2,811 billion in total net interest income.
Net profit from services was nearly VND27 billion in the fourth quarter of 2024, up 5% compared to the same quarter. Accumulated for the whole year increased by 32%, recording nearly VND137 billion in net profit from services. At the same time, foreign exchange trading activities became a bright spot when earning more than VND25 billion in profit, 3 times higher than the same period, thanks to favorable fluctuations in market exchange rates. However, investment securities trading activities only earned more than VND7 billion in profit in the fourth quarter, down 80%, due to unfavorable interest rate developments in the market, so the bank maintained a stable portfolio for the rest of the year. Accumulated for the whole year of 2024, this segment of Vietbank's activities decreased by 76%.
Income from other activities was more than VND456 billion in the last quarter of 2024, 8 times higher than the same period, due to the collection of debts that had been handled for risks. Accumulated for the whole year also grew significantly when recording nearly VND454 billion in income from other activities.
As a result, VietBank's net operating profit reached more than VND751 billion in the fourth quarter of 2024, up 89% year-on-year. However, the Bank has set aside more than VND440 billion for credit risk provisions, 21 times higher than the same period, resulting in only nearly VND311 billion in pre-tax profit, down 21% compared to the fourth quarter of the same period. Accumulated for the whole year of 2024, VietBank set aside nearly VND804 billion for risk provisions. However, the bank still had a pre-tax profit of more than VND1,131 billion, up 39% compared to 2023. This is also VietBank's most positive profit in the past 5 years and for the first time exceeded VND1,000 billion. Compared to the target set by VietBank at VND950 billion and the target of VND1,050 billion in pre-tax profit for the whole year of 2024, this bank has completed both plans assigned by the 2024 annual shareholders' meeting.
By the end of 2024, VietBank's total assets reached VND162,855 billion, an increase of 18% compared to the beginning of the year. Of which, customer loans increased by 16%. Meanwhile, customer deposits only increased slightly by 5% compared to the beginning of the year. The ratio of bad debt/outstanding debt increased slightly from 2.56% at the beginning of the year to 2.66%.
N.Nga
Source: VITIC/Tinnhanhchungkhoan