PVcomBank increases profit by more than 58% in the first half of 2024

As a result, PVcomBank's net profit from business activities reached more than 554 billion VND, thanks to the strengthening of its core business and reduction in operating costs.

Although business activity grew strongly in the second quarter, economic There are still unpredictable fluctuations, so PVcomBank is proactively increasing the reserve buffer, withdrawing more than VND 794 billion in credit risk reserves, thus affecting profits during the quarter.

In addition to the positive results in Q1, PVcomBank's profit before tax was almost VND70 billion, an increase of more than 58% compared to the same period last year.

In recent years, despite the weakness of capital absorption in the economy, PVcomBank has strengthened solutions to help customers and businesses access capital sources, boosting capital outflow growth. As of 30/6/2024, PVcomBank's credit increased by almost 6% compared to the beginning of the year, recording VND104. 836 billion.

Thanks to the strengthening of debt processing and recovery measures, PVcomBank's loan quality at the end of Q2 improved markedly compared with the beginning of the year, recording a sharp decline in Group 4 and 5 debts.

Due to the proactive balancing of capital resources, in order to optimize costs, PVcomBank's market 1 mobilization decreased slightly to VND 175. 583 billion.