A majority of banks expected their business results to continually improve in Q4 2022, helping them gain profit for the whole year.

According to the latest survey on the sentiment of banks for the fourth quarter of 2022 released by the State Bank of Vietnam (SBV) recently, 88.3% of banks expected profitability in 2022, which reflects the strong recovery of the economy.

The survey also revealed that 70.4-75.9% of banks expected improved business performance in the fourth quarter and the whole year.

Previously, many banks also announced impressive growth after nine months of 2022.

Asia Commercial Joint Stock Bank (ACB) was the latest bank to announce that it completed more than 90% of the annual plan with consolidated pre-tax profit of 13.5 trillion VND, an increase of more than 50% over the same period last year.

With this profit, ACB is currently ranked third in terms of profit among banks that have so far announced business results in the first nine months of 2022, just behind Vietnam Technological and Commercial Joint Stock Commercial Bank (Techcombank) and Joint Stock Commercial Bank Vietnam Prosperity (VPBank) with pre-tax profit of 20.8 trillion VND and 19.8 trillion VND, respectively.

Vietnam International Commercial Joint Stock Bank (VIB) also reported positive business performance in the first nine months of 2022 with a total revenue of more than 13.3 trillion VND, up by 29% year-on-year (yoy), and a non-interest income of more than 2.4 trillion VND, contributing 17% to the bank’s total operating income. Thanks to the good control of operating costs, VIB gained more than 7.8 trillion VND of pre-tax profit in the period, up by 46% yoy, and its return on equity ratio (ROE) was 30%, among the market leaders.

Nguyen Duc Thach Diem, general director of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), said when the SBV has implemented monetary tightening policies, Sacombank has applied measures to ensure safe, effective and stable activities. As a result, Sacombank’s pre-tax profit in the first nine months of 2022 reached 4.44 trillion VND, completing 84.1% of the yearly plan, and its mobilisation and lending scale both grew positively.

The total bad debts and outstanding assets recovered and handled by Sacombank were more than 14.7 trillion VND, helping the bank significantly reduce financial pressure. Therefore, Sacombank’s accumulated net interest income in the first three quarters of 2022 increased by 17.3%. The bank’s service income also grew by 82.3% from the segment of insurance distribution, while the foreign exchange trading also rose by 44.6% year-on-year. Thanks to that, the non-credit income recorded a contribution of nearly 40% of Sacombank’s total income.

The preliminary business results of many other commercial banks in the first nine months of 2022 also showed positive numbers such as Tien Phong Commercial Joint Stock Bank (TPBank) with a pre-tax profit of 5.92 trillion VND, up nearly 35% year-on-year; Saigon-Hanoi Commercial Joint Stock Bank (SHB) with 9.03 trillion VND, up 79%; and Southeast Asia Commercial Joint Stock Bank (SeABank) with 4.01 trillion VND, up 58.7%./.