A Vietcombank transaction office in Hà Nội. Vietcombank remained the champion in terms of profit in the country’s banking industry, with H1 pre-tax profit of VNĐ20.5 trillion, up 18 per cent over the same period last year. — VNA/VNS Photo

Five banks in Việt Nam recorded a pre-tax profit of more than VNĐ10 trillion (US$422 million) in the first six months of this year, financial statements of the banks showed.

Vietcombank remained the champion in terms of profit in the country’s banking industry, with H1 2023's pre-tax profit of VNĐ20.5 trillion (US$866 million), up 18 per cent over the same period last year. Vietcombank's profit was a whopping 1.5 times higher than that of the second-ranked bank, BIDV.

With a pre-tax profit of more than VNĐ13.8 trillion (US$583 million) in H1 2023, up 26 per cent over the same period last year, BIDV made a spectacular jump to rank second against the sixth position last year. This was the highest profit ever achieved by BIDV in the first six months of a year.

In third position was Military Bank (MB) with a consolidated pre-tax profit of more than VNĐ12.7 trillion (US$536 million) in the first half of the year, up 7 per cent over the same period last year. MB also had a strong demand deposit ratio, reaching 37 per cent, the highest in the banking system.

VietinBank ranked fourth with a narrow profit gap with MB as its pre-tax profit reached more than VNĐ12.5 trillion (US$528 million), up 8 per cent over the same period last year.

All four of the top banks recorded positive profit growth in the second quarter of 2023 and H1 2023.

Techcombank was the fifth most profitable bank with more than VNĐ11.2 trillion (US$473 million), down 20 per cent over the same period last year. Despite the negative growth, this result was still in line with the bank's expectations, reaching 51 per cent of its yearly plan.

The next five banks following Techcombank in the Top 10 saw pre-tax profits of nearly VNĐ10 trillion (US$422 million) for ACB, VNĐ6.07 trillion (US$456 million) for SHB, VNĐ5.64 trillion (US$238 million) for VIB, VNĐ5.48 trillion (US$231 million) HDBank, and more than VNĐ5.1 trillion (US$215 million) for VPBank.

Among the banks, VPBank recorded the biggest drop in profit. The parent company of VPBank had a pre-tax profit of nearly VNĐ7.9 trillion in the first six months of the year, but the loss of the bank’s subsidiary FE Credit dragged down its consolidated profit to only more than VNĐ5.1 trillion, down 66 per cent over the same period last year. — VNS