In the second quarter of 2024 alone, the bank's core business grew strongly. Thanks to a significant reduction in interest expenses on deposits, PVcomBank earned nearly VND 763 billion in net interest income, 4.9 times higher than the same period last year.
Simultaneously, the Bank also increased its non-interest income sources. Net income from services reached nearly VND 66 billion, a 2% increase compared to the same period last year, thanks to reduced costs related to payment services, trust services, and agency services.
The bank restructured its income-generating assets and portfolio, including both stocks and bonds, resulting in a sharp 69% increase in net income from securities trading, reaching nearly 98 billion VND.
Notably, thanks to the increased recovery of previously written-off debts, other income quadrupled compared to the same period last year, reaching over 92 billion VND.
As a result, PVcomBank's net profit from business operations reached over 554 billion VND, thanks to strengthened core business activities and reduced operating costs.
Despite strong business growth in the second quarter, the economy remains volatile and unpredictable. Therefore, PVcomBank proactively increased its reserve buffer, setting aside over VND 794 billion for credit risk provisions, which impacted profits in the quarter. However, strengthening these reserves will enable the bank to be more proactive in managing risks and ensuring continued operations in the future.
Combined with the positive results in the first quarter, PVcomBank's pre-tax profit for the first six months of 2024 reached nearly 70 billion VND, an increase of over 58% compared to the same period last year. As a result, PVcomBank has achieved over 64% of its profit target after only two quarters.
Over the past period, despite the weak capital absorption capacity of the economy, PVcomBank has strengthened solutions to help customers and businesses access capital, promoting capital growth in the economy. As of June 30, 2024, PVcomBank's credit increased by nearly 6% compared to the beginning of the year, reaching VND 104,836 billion.
Thanks to enhanced debt handling and recovery measures, PVcomBank's loan quality improved significantly at the end of the second quarter compared to the beginning of the year, recording a sharp decrease in loans in categories 4 and 5.
Due to proactively balancing capital sources to optimize costs, PVcomBank's market 1 mobilization decreased slightly to VND 175,583 billion.
Source: https://laodong.vn/kinh-doanh/pvcombank-tang-gan-60-loi-nhuan-trong-nua-dau-nam-2024-1378210.ldo
