The Military Bank has released its financial report for the third quarter with the pre-tax profit of VND3.9 trillion, an increase of 29 percent over the same period last year. The accumulated pre-tax profit of the bank in the first nine months of the year reached VND11.9 trillion, up by 46 percent. Meanwhile, its net interest income soared by 31 percent to VND19 trillion.

Though the business community is facing difficulties because of Covid-19, the NPL ratio of the bank was relatively low, which decreased from 1.09 percent earlier this year to 0.95 percent.

TPBank has reported a profit increase of 45 percent in the first nine months of the year to VND4.4 trillion. The profit increase 70 percent for ABBank, reaching VND1.56 trillion.

Techcombank, owned by billionaire Ho Hung Anh, has reported pre-tax profit of VND5.56 trillion in Q3, up by 40 percent, and VND17 trillion in the first three quarters. Its 9-month post tax reached VND13.7 trillion, up by 60 percent.

LienVietPostBank had pre-profit of VND766 billion, the same as the corresponding period last year, while its post-tax profit increased by 60 percent to VND2.228 trillion.

Most of the banks which have released Q3 finance reports made high profits in the first nine months of the year, though Q3 was the time when business activities were frozen because of the lockdown.

Bank share prices have been increasing sharply over the last two years and a new price level has been set up, which is 2-3 times higher than previously. The price increases have helped bankers get rich quickly.

According to Forbes, Techcombank President Ho Hung Anh has stock assets of $2.4 billion, while his wife, Nguyen Thi Thanh Thuy, who has VND10 trillion, is one of three richest women in the stock market. Thuy now ranks 13th among the richest stock billionaires in Vietnam.

Bank shares are considered a ‘pillar’ of the stock market. The information about banks’ capital increases, credit limit lifting and good business performance in Q3 as well as the first quarters of the year will support bank share prices.

Rong Viet Securities (VDSC) predicted that the banking system will witness a strong profit growth cycle in 2021, despite Covid-19.

Vietnam’s economy is believed to recover in 2021. Businesses are going to resume their production and business activities, which will help ease pressure on banks to make provisions against risks and reduce the bad debt ratio. Banking is the sector which benefits the most from the recovery of the national economy. 

V. Ha

The richest banker revealed, with assets worth US$2 billion

Techcombank shares (TCB) of billionaire Ho Hung Anh have been increasing in price. Forbes estimates that Anh now has $2 billion in stock assets. Other recent developments of the country's wealthy:

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Though the growth rate slowed down in the third quarter, banks still made high profits. However, the lending interest rates are expected to stay high.