vpbank reports 67 percent profit increase and expands fdi customer base

VPBank has reported a significant increase in its consolidated pre-tax profit for the first three quarters of 2024, with a year-on-year growth of 67%. The bank's robust ecosystem, stable credit growth, and enhanced debt collection efforts have contributed to this success.

Financial Performance

The bank's consolidated operating income (TOI) increased by nearly 23% to over VND 9 trillion during this period, driven by interest income. The bank has achieved a cost-to-income ratio (CIR) of 32% through process automation and digitalization initiatives.

Debt Collection and Asset Quality Management

Debt collection and asset quality management have been key factors in VPBank's financial results. The consumer finance subsidiary, FE Credit, reported a profit of nearly VND 9 billion in the third quarter, and the bank's consolidated risk-handled debt collection increased by 90% compared to the same period last year. The non-performing loan (NPL) ratio has been maintained below 3%.

Strategic Partnerships

VPBank has entered into strategic partnerships to enhance its market presence, including a credit contract with the Japan Bank for International Cooperation (JBIC) to finance renewable energy and power transmission projects. The bank has also expanded its customer base, particularly within the foreign direct investment (FDI) segment.

Digital Transformation

VPBank has embraced digital transformation to improve customer experience and operational efficiency. The bank's brand value has increased by nearly 6% in 2024, reaching USD 1.35 billion, positioning it among the top 10 most valuable brands in Vietnam.

Commitment to Clients and Businesses

VPBank's commitment to addressing the needs of its clients and supporting businesses affected by external factors has solidified its reputation as a reliable financial institution.

Overall, VPBank's financial performance, strategic partnerships, and commitment to innovation position it as a strong player in the banking sector.

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