Banks post positive results in Q4 2020
Among companies that released fourth quarter results, many banks ended the year on a positive note.
Among companies that released fourth quarter results, many banks ended the year on a positive note.
With the growth of credit services, Vietcombank (VCB)'s profit surged in the fourth quarter of 2020 despite a double increase in cost contingency.
In the fourth quarter, the bank posted a rise of 20.3 per cent against 2019 to nearly VND10.4 trillion in net interest income.
Its profit from services recorded an outstanding performance, up 247 per cent against the same period to nearly VND3.1 trillion. This result is equivalent to that of the first nine months.
While Vietcombank's total revenue rose nearly 35 per cent to over VND14.39 trillion, its operation cost also went up by 7.7 per cent to more than VND3.43 trillion.
The bank reported an increase of nearly 29 per cent year-on-year in profit after tax to over VND5.67 trillion. However, in 2020, the profit after tax slightly decreased by 0.3 per cent against 2019 to nearly VND18.5 trillion.
VPBank (VPB) also had positive results in the fourth quarter of last year. Even though the bank recorded a decline in net interest income, down 0.5 per cent year-on-year to VND13.3 trillion, its profit before tax still increased by 16 per cent to VND3.6 trillion. VPBank's profit after tax in the fourth quarter climbed by 15.6 per cent to VND2.9 trillion.
For the whole of 2020, its consolidated profit after tax also posted an increase of more than 26 per cent against 2019 to over VND10.4 trillion.
Another bank that recorded good performance in 2020 is Sacombank (STB). In the fourth quarter, the bank's net interest income surged 70 per cent year-on-year to over VND3 trillion. It reported a significant climb in profit from selling shares, up more than 515 per cent to VND120 billion.
While its operation cost also rose sharply by 53 per cent to nearly VND4 trillion, the bank's allowance for credit losses decreased by 86.4 per cent to VND63.6 billion.
In the quarter, the profit after tax climbed by 57.4 per cent year-on-year to VND836.6 billion. Sacombank's profit after tax in 2020 was up by 9.3 per cent to VND2.7 trillion.
Meanwhile, Saigonbank (SGB) is the first bank posting a loss in the fourth quarter of last year.
In the report, Saigonbank reported a loss of VND56 billion in profit before tax. The plunge in net interest income was the reason for the loss. Its net interest income reduced nearly 30 per cent to VND144 billion.
In 2020, the bank's profit after tax declined by 32.9 per cent year-on-year to over VND97 billion. — VNS
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