Top 10 most profitable banks in Vietnam in 2023

Vietcombank maintaining top position

According to statistics, the total pre-tax profit of 28 banks that have published financial statements (excluding Agribank) increased by 3.8% over the same period last year, reaching nearly 203,500 billion VND. Previously, in the first three quarters of the year, the profits of these banks decreased by 2.5%.

Vietcombank continued to maintain the top position in profit with profit after tax of 33,054 billion VND, an increase of 10.5% over the same period last year. However, this giant's profits slowed down in the fourth quarter of 2023.

Thanks to strong business results in the last quarter of the year, BIDV rose to win the runner-up position from Techcombank with profit after tax of 22,027 billion VND, an increase of 20% over the same period. MB also improved one place in the rankings, to third place with a profit of VND 20,667 billion, an increase of 18.3%.

VietinBank also increased one level in the rankings with a profit of 20,133 billion VND, 18.5% higher than the same period last year. On the contrary, the 2022 profit runner-up, Techcombank, dropped to the 5^th place with 18,191 billion VND in profit before tax, down 11% over the same period.

VPBank, the bank that ranked 6^th in profit in 2022, fell to 8^th place and was replaced by ACB. VPBank's after-tax profit in 2023 was 8,641 billion VND, down 48.9%. HDBank rose two places and ranked 7^th with a profit of 10,366 billion VND, a growth of 25.9%.

Meanwhile, VIB dropped to the 9^th place with profit after tax being almost flat. Sacombank took SHB's place in the top 10 when this bank recorded a 53.1% increase in profit in 2023, the highest in the list of 28 banks that have published reports.

In this list, there are 13 banks recording positive growth in profit after tax in 2023, higher than the results of the first three quarters of the year. Sacombank leads, followed by Nam A Bank (45%) and SaigonBank (40.5%).

Meanwhile, BVBank (Ban Viet) is the bank with the deepest decrease in profit, 84.3% lower than 2022. In addition, NCB is the only bank to report a loss for the whole year 2023. Some other banks with declining profits are ABBank (down 66.5%), VPBank (down 48.9%), PGBank (down 29.7%) or Eximbank (down 26.5%).

In terms of absolute value, the highest profit after tax growth belongs to BIDV, about 3,678 billion VND higher than in 2022. The second and third positions belong to MB and VietinBank, showing that large banks are gradually narrowing the gap with champion Vietcombank.

On the contrary, VPBank's full year profit after tax decreased by 8,268 billion VND and Techcombank's by 2,245 billion VND.

Profit after tax ranking of banks in 2023

Source: vietnambiz

Compiled by VBI