An Bình Commercial Joint Stock Bank (ABBANK) achieved breakthroughs in transaction volumes on its digital banking platform and credit growth in the first nine months of the year.

It said its constant efforts to improve customer experience and service quality through digital transformation initiatives have paid off with transaction volume per customer increasing steadily since the beginning of the year.

In Q3 the number of digital banking transactions done by personal customers surged by 47 per cent from the previous quarter and 82 per cent year-on-year, while for corporate customers they rose by 248 per cent and 145 per cent.

The latter was driven by the bank's introduction of the new ABBANK Business digital banking platform with enhanced features to support effective corporate financial management.

The bank achieved VNĐ290 billion in fee-based revenues in Q3, up 43 per cent from the preceding quarter.

As of September 30 its total deposits were worth VNĐ147 trillion, up 8.8 per cent from Q2 and 1.6 per cent for the year. Total loans outstanding increased by 6.3 per cent and 3.5 per cent.

Its capital adequacy ratio was 11.02 per cent, much higher than the 8 per cent stipulated by the State Bank of Vietnam.

Its non-performing loan ratio remained well under control at below the 3 per cent threshold set by the SBV.

In a prudent approach to credit operations, ABBANK allocated over VNĐ1.16 trillion for credit risk provision, achieving an NPL coverage ratio of 53 per cent, alongside a high-value collateral portfolio.

ABBANK's pre-tax profit for the first nine months of 2024 was VNĐ252 billion (US$9.9 million), lower than its expectation due to the increased bad debt provisioning in response to the market situation and the impact of natural disasters, it said.

To support customers affected by Typhoon Yagi, the bank announced in September interest rate cuts of up to 1.5 percentage points for existing individual customers with business loans at the bank and up to 1 per cent for SME customers.

In addition to post-disaster support policies, the bank has also rolled out various preferential lending programmes for retail and corporate customers this year. — VNS