Which banks are making the most profits?
Many banks are making huge profits after the first three quarters, and the market is also witnessing the strong rise of some financial institutions with increasing profits.
With pre-tax profit in the first 9 months of 2023 reaching VND 29,550 billion, the giant Vietcombank (VCB) continues to maintain its position as the champion in profit in the banking industry. Vietcombank's third quarter profit is also the highest in the system, reaching VND 9,051 billion, an increase of VND 19.6% compared to the beginning of the year. Vietcombank is also far ahead of the remaining banks in the system in terms of profit. Top 2 and Top 3 on the rankings are MB (VND 20,019 billion) and BIDV (BID) (VND 19,763 billion), respectively.
MB reported pre-tax profit in the third quarter of VND7,284 billion, up 16% over the same period. Meanwhile, BIDV recorded a pre-tax profit in the third quarter of VND12% down to VND5,893 billion. Accordingly, MB has taken the "runner-up" position in 6-month profit from BIDV.
The next two banks, ranked in the Top 4 and Top 5, are VietinBank (VND 17,401 billion) and Techcombank (TCB) (VND 17,115 billion) with profits closely following each other, with insignificant differences. These two banks also have quite similar profit targets for 2023 (VND 22,000-22,500 billion). Currently, Techcombank has completed 78% of the yearly plan, while VietinBank has completed 77%.
ACB (ACB) of Chairman Tran Hung Huy ranked 6th in the ranking with pre-tax profit for 9 months reaching 15,024 billion VND, up 11% over the same period. The bank is on track, completing 75% of the yearly plan (more than 20,000 billion VND).
Although there was no profit of tens of thousands of billions of VND, after 3 quarters of 2023, the market witnessed the strong rise of HDBank (HDB) and VIB Bank (VIB) when these two banks surpassed the "big guy" VPBank (VPB) in terms of profit.
Accordingly, in the first 9 months of 2023, HDBank's pre-tax profit reached more than VND 8,600 billion, an increase of 81% compared to 2022. VIB also "accelerated" with pre-tax profit reaching more than VND 8,300 billion, an increase of 71% compared to the same period last year.
While its main "competitors" are accelerating, VPBank is showing signs of "regression".
SHB (SHB) ranked 9th with pre-tax profit of VND8,509 billion and VPBank (VND8,279 billion) ranked last. It can be seen that the profits of these 4 banks do not differ much, only a few hundred billion VND apart. Accordingly, the rankings in the last quarter of the year may be disrupted again.
According to financial reports of the units, out of 23 banks, 13 banks have decreased accumulated profits, 9 banks have increased accumulated profits and 1 bank is losing hundreds of billions of dong.
Update on banking business results on the afternoon of October 30: Another bank reported profit, one and a half times higher than the same period last year.
