Banks report record profits in first half of 2019

Wednesday, 2019-07-24 17:04:16
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Vietcombank tops the list of banks with the largest profits in the first half of this year. (Illustrative image)
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NDO –A large number of commercial banks have reported their highest ever profits in the first six months of 2019 and almost all banks have completed over 50% of their yearly profit targets.

Vietcombank tops the list of banks with the largest profits in the first half of this year, they posted profit before tax (PBT) exceeding VND10 trillion (US$430 million) for the first time.

The bank recorded PBT at VND11.28 trillion (US$485.04 million), up 40.7% compare to the same period in 2018 and it has also completed 55% of the yearly profit target.

MB also announced PBT at over VND4.3 trillion (US$184.9 million), equivalent to 50.5% of the yearly target, up 22.5% over the corresponding period in 2018.

ACB also confirmed its PBT at trillions of Vietnamese dong in the first half of the year. The PBT of the bank hit VND3.6 trillion (US$154.8 million), equivalent to 50% of the target set for the whole year at VND7.2 trillion.

Other banks also declared PBT at trillions of Vietnamese dong including VIB, TPBank, Sacombank, and ABBank at VND1.82 trillion, VND1.62 trillion, VND1.5 trillion and VND1.26 trillion respectively.

According to experts, big profits were attributed to positive credit growth and good control of non-performing loans during the first half of this year.

Besides credit growth, the revenue from services such as retail, banking fees, digital banking, and others also contributed significantly to the large profits of banks.

With such a positive result, experts expect that the banking sector will continue to grow strongly in the remaining months of this year, especially since some commercial banks are allowed by the State Bank to expand credit room.