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Leading banks in Vietnam reported strong profit growth in Q3 2024, driven primarily by credit activities. Vietcombank's pre-tax profit rose 18% to over $445 million, while BIDV and VietinBank also saw significant increases. The banking sector anticipates continued growth, with projections of 15-17% profit growth for 2024, supported by improved credit demand and competitive lending rates.
VPBank has been recognized as one of the Top 10 Large-Cap Companies with the Best Corporate Governance in 2024, marking its 17th consecutive award. This recognition highlights the bank"s commitment to enhancing corporate governance standards in line with international practices, contributing to its sustainable development strategy. With a consolidated pre-tax profit of nearly 13.9 trillion dongs and a leading registered capital of 79.34 trillion dongs, VPBank continues to strengthen its position in the financial sector while promoting environmental and social values.
VPBank is launching a campaign to encourage biometric verification and ID document updates, offering customers a chance to win one of 63 iPhone 16 Promax phones valued at 35 million VND each. From November 7, 2024, to January 23, 2025, customers will receive a lucky draw code for each verification completed, with weekly draws for prizes. As of January 1, 2025, unverified accounts will face transaction restrictions, emphasizing the bank's commitment to enhancing security and compliance with regulations.
Cake by VPBank has launched Vietnam's first fully cloud-based Card Management System in partnership with Visa, utilizing Visa Cloud Connect on Google Cloud infrastructure. This innovative platform enhances payment processing efficiency, reduces costs, and supports various card and transaction types, promoting cashless payments and financial inclusion in the digital economy. The collaboration underscores Cake's commitment to leveraging advanced technologies for seamless customer experiences.
Cake by VPBank has partnered with Visa to launch a cloud-based card management system (CMS) on Google Cloud, enhancing payment processing in Vietnam. This innovative platform, which is the first of its kind globally to utilize Visa Cloud Connect, supports various card types while ensuring high security standards. The collaboration aims to promote cashless payments and financial inclusion in the region.
VPBank reported a consolidated pre-tax profit of nearly VND 13.9 trillion for the first nine months of 2023, marking a 67% increase year-on-year, driven by strong interest income and effective debt collection strategies. The bank aims to leverage growth in retail, SMEs, and foreign direct investment segments, anticipating a recovery in the real estate market and increased demand for home loans. Despite challenges in the market, VPBank expects credit demand to strengthen, supported by improved macroeconomic indicators and government measures.
VPBank and JBIC have signed a $3 million credit agreement to support renewable energy projects in Vietnam, aligning with national emission reduction goals. The bank reported a 9-month pre-tax profit of nearly VND 13.9 trillion, driven by interest income, while maintaining a low bad debt ratio below 3%. Looking ahead, VPBank aims to enhance growth in retail, SMEs, and FDI segments, anticipating a recovery in the property market and increased demand for home loans and credit cards.
Vietnam’s VPBank (HoSE: VPB) and Dabaco (HoSE: DBC) have been added to the MSCI Frontier Markets Index in the latest review, which now includes 211 tickers. Vietnam maintains the largest weight in the index at 25%, followed by Romania and Morocco. Additionally, eight Vietnamese stocks were added to the MSCI Frontier Markets Small Cap Index, while six were removed, with DBC transitioning to the main index. Changes will take effect after the market close on November 29, with the next review scheduled for February 11, 2025.
VPBank has been recognized for the 6th consecutive time as one of the Top 20 enterprises with the highest ESG scores in the Vietnam Sustainable Development Index, outperforming industry averages in environmental, social, and governance components. With a market capitalization exceeding 156 billion USD, the bank continues to lead in sustainable practices, including implementing Climate-Related Financial Disclosure to support its net zero emissions goal. In Q3 2024, VPBank reported a pre-tax profit of nearly 67 trillion VND, reflecting a 13.9% increase year-on-year, while also securing a significant credit contract with JBIC for renewable energy projects.
VPBank has secured its position in the Top 20 companies with the highest ESG scores in the VNSI basket for the sixth consecutive time, demonstrating strong performance in environmental, social, and governance practices. With a market capitalization exceeding VND 202 trillion (~$6.4 billion), it remains among the top five stocks in 2024. The bank is also recognized for its commitment to climate-related financial disclosure, supporting Vietnam's goal of achieving net zero emissions.
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