Banks set sight on joining billion-dollar profit club

Thursday, Mar 21, 2024 15:36

Vietcombank has revealed a targeted increase of at least 10 per cent in pre-tax profit. — Photo

Having achieved profits exceeding VNĐ20 trillion (equivalent to US$833 billion) in 2023, several banks are now setting their sights on entering the billion-dollar profit club this year.

Several major banks have cautiously set profit targets, albeit still in the billion-dollar range, while others aim to nearly double their growth pending approval at annual shareholder meetings.

Vietcombank has revealed a targeted increase of at least 10 per cent in pre-tax profit, while MB Bank – the third-highest profit earner in the industry – is working toward a 10 per cent profit growth to reach VNĐ28 trillion (roughly $1.2 billion).

Lưu Hoài Sơn, the head of the Planning and Marketing Department at MB Bank, said that the bank expects a higher credit growth rate than the 16-per-cent set by the State Bank of Vietnam (SBV). Based on this, the pre-tax profit is projected to rise by 10 per cent compared to the previous year.

Meanwhile, ACB and HDBank anticipate their pre-tax profits to be 10 per cent and more than 20 per cent higher, respectively.

Although BIDV and VietinBank have yet to announce their targets, it is unlikely the figures will be lower than those achieved last year.

The Asia Commercial Bank’s Board of Directors said it believes that with the government's solutions to help ease difficulties in the real estate and corporate bond markets, the economy may recover this year. However, the toughest challenge is still the non-performing loans. — VNS

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