Vietcombank regains top spot for largest pre-tax profit in Q1 2024
In the first quarter of 2024, Vietcombank reclaimed the top position for the largest pre-tax profit on the stock exchange, surpassing real estate giant Vinhomes.
Vietcombank (VCB) reclaimed the top position for the largest pre-tax profit on the stock exchange in the first quarter.
Despite a 4.4 per cent decline compared to the same period last year, VCB's pre-tax profit reached VNĐ10.7 trillion (US$436.7 million). However, the bank's financial statements indicate a decrease in revenue from various sources such as net interest income, service profits, foreign exchange trading and securities trading.
Additionally, VCB's total assets contracted by 4 per cent compared to the beginning of the year, amounting to slightly over VNĐ1.77 quadrillion. Both customer loans and deposits experienced a 3 per cent decrease compared to the end of 2023. Meanwhile, VCB's bad debt increased from nearly 1 per cent at the end of 2023 to 1.26 per cent in the first three months of 2024.
Currently, VCB shares are trading at VNĐ92,500 ($3.78) per share on the stock market. Since the beginning of the year, VCB's price has increased by 2.44 per cent. The highest closing price recorded was VNĐ97,400 per share on February 28, while the lowest closing price was VNĐ88,900 per share on February 23. — VNS
