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Banks report high profit in H1 despite COVID-19
Vietnam+ - 7/7/2021 4:22:12 PM
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 Many banks have reported high profit in the first half of 2021 despite impacts of COVID-19 pandemic.
Tien Phong Commercial Bank (TPBank) announced that its revenue surged 27.74 percent over the same period last year to over 6.23 trillion VND (270.42 million USD), with pre-tax profit reaching over 3 trillion VND (130.22 million VND), up 47.8 percent year on year.
The bank also enjoyed good signs in many other business indicators, with total assets hitting more than 242 trillion VND, close to its target of 250 trillion VND for the whole year.
Meanwhile, the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) posted a 74 percent rise in pre-tax profit to about 13 trillion VND.
With the result, the bank has completed three fourths of its yearly target of 16.8 trillion VND in profit.
The SSI Securities on July 5 reported that the majority of banks under its watchlist enjoyed high profit, including MSB, ACB and VPB. Techcombank, BIDV, and HDB were also predicted to post positive growth in the second quarter and the first six months of 2021.
In its recent report, Yuanta Securities Vietnam forecast that the credit growth of the whole sector will reach 12-13 percent this year.
Earlier, experts from Viet Dragon Securities (VDSC) predicted that the banking sector will experience a period of high profit this year with growth of 27 percent despite the COVID-19 pandemic./.
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