ACB: Q1/2024 CREDIT INCREASED 38%, THREE TIMES HIGHER THAN THE INDUSTRY AVERAGE

( HCMC ) - With the recently announced Financial Report for the first quarter of 2024, ACB continues to be a top bank in the private banking group, with a growth rate far exceeding the industry average in a challenging context.

On a good growth trajectory, ACB is sticking to its 2024 business target

According to the report, ACB's credit reached 506 trillion VND, and mobilization reached nearly 493 trillion VND. Compared to the beginning of the year, the growth rates of credit and mobilization were 3.8% and 2.1%, respectively, higher than the industry's growth rate. In particular, the CASA ratio recorded an impressive growth rate of 23.7%. In addition, good growth from core business activities, interest income and income from service activities brought ACB's total income to nearly 8.2 trillion VND, up 3.1%. ACB's ROE ratio was 23.4%, ACB continued to lead the market in terms of efficiency.

As of the end of March 2024, the bank's consolidated pre-tax profit reached VND4.9 trillion, completing 22% of the annual plan. Quarterly profit decreased slightly compared to the same period in 2023 due to extraordinary income and increased loan provisioning in the same period in 2023. Currently, ACB's bad debt ratio is still well controlled at 1.45%. Excluding the impact of debt groups according to CIC, ACB's bad debt ratio is only 1.3%.

ACBS has impressive growth and is one of the effective investment segments of ACB Group.

In the Q1/2024 report, ACB noted a bright spot from ACB Securities Company (ACBS) with impressive growth when pre-tax profit doubled compared to the same period. The main reason was that most of ACBS's income increased. In particular, income from margin lending activities contributed greatly to ACBS's income growth, increasing 3 times over the same period. Investment activities also showed a growth rate of 2 times compared to the same period. Recently, ACBS increased its capital to 7,000 billion VND, ranking in the Top 5 securities companies with the largest charter capital in Vietnam, demonstrating ACB Group's long-term commitment to continue to invest heavily in effective business segments.

Focus on developing customer segments of FDI enterprises, green/social enterprises

From the beginning of 2024, ACB will focus on developing the FDI enterprise segment as a strategic direction in business. With the goal of "taking customers as the center", ACB provides services suitable for FDI customers such as payments (domestic, international), foreign currency transactions, exchange rate insurance services such as Forward contracts, CCS 2-currency swap contracts, credit granting (trade finance, project finance, guarantees). Currently, ACB is serving FDI customers from many countries/territories such as: Korea, Japan, China, Taiwan (China), Singapore, Thailand, EU countries such as France, Germany, ... and is continuing to expand this important customer segment.

In addition, also in the first quarter of 2024, ACB launched a green/social credit package with a limit of VND 2,000 billion and an interest rate of only 6%/year, preferential terms of up to 24 months and exemption/reduction of early repayment fees. By the end of the quarter, ACB had disbursed 36% of the green/social credit package, equivalent to VND 714 billion.

Enhance seamless customer experience on ACB ONE Digital Bank

Since the beginning of 2024, ACB has continuously launched digital banking products and services according to the needs of each customer segment. By improving customer experience in a modern and new trend-oriented way, by the end of the first quarter of 2024, ACB has served 7.3 million customers.

It is known that ACB has deployed the ACBS account registration feature on the ACB ONE Digital Banking application, helping customers to participate in investment or transactions easily and seamlessly on just one application with high security.

In early April, ACB also announced that it had completed a one-touch payment technology ecosystem with high security when ACB Visa cardholders can use Apple Pay, Google Pay, Samsung Pay and Garmin Pay. Cooperating with technology giants helps ACB continue to increase the bank's coverage in the payment ecosystem, consistent with the direction of building a "Convenient. Smooth Pay" payment experience for customers.

Most recently, ACB has innovated its benefit policy for ACB international credit cardholders to increase value and create a continuous preferential experience throughout the year for customers. Specifically, from now on, ACB Visa Infinite, ACB Privilege Signature and ACB Visa Signature cardholders when traveling abroad or making online payments on foreign websites will enjoy a foreign currency transaction fee of only 0%, currently considered the most competitive fee on the market.

It can be seen from the business results of the first quarter of 2024 that ACB is still maintaining a good and cautious growth rate in the context of many economic challenges, but is also boldly seeking and developing new directions to better serve customers, completing the business goals set at the beginning of the year.