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Vietnamese banks report strong Q1 growth

In Q1 of 2024, several banks in Vietnam reported strong performance indicators, highlighted by significant credit growth. SeABank achieved a pre-tax profit of over VND1.5tr (USD60m), marking a 41% increase from the previous year, with total revenues rising 4.6% to nearly VND6.44tr. Similarly, ACB reported a 3.7% credit growth, surpassing the industry average, and an estimated profit of VND4.9tr. VIB’s credit growth was about 1%, with profits holding steady at more than VND2.6tr. OCB saw a credit increase of 4.6% and raised VND1.2tr in pre-tax profits. Overall, the banking sector is expected to see a 20% profit increase in the first quarter, supported by favourable credit policies and enhancements in digital banking, according to MB Securities Company and the State Bank of Vietnam.


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