More than 9.2 million billion VND deposited in banks

According to the third quarter financial reports recently released by 27 listed banks, up to 26 banks recorded positive growth in customer deposits.

Of which, SeABank is the bank with outstanding deposit growth (14.4%) compared to the previous quarter. Accumulated in the first 9 months of the year, the deposit balance at this bank reached more than 140,000 billion VND.

Next is HDBank with a deposit growth rate of 10.4% in the third quarter. In the first 9 months of the year, this bank mobilized more than 341,000 billion VND, leading among banks with a growth rate of 58%.

VPBank also made an impression when customer deposits as of September 30 reached more than VND421,000 billion, up 8.7% compared to the previous quarter and up 39% compared to the beginning of the year.

The group of other joint stock commercial banks has a fairly high growth rate of customer deposits compared to the beginning of the year such as NamA Bank (21%), VietBank (24.9%), SHB (18.2%), BacABank (18.2%), OCB (12.7%), MSB (11%),

Accordingly, as of September 30, the total amount of customer deposits at 27 joint stock commercial banks reached more than VND9.22 trillion, an increase of 11% compared to the beginning of the year.

With its existing prestige and position, the group of state-owned commercial banks including BIDV, Vietcombank and VietinBank respectively lead the industry in terms of customer deposits (Agribank has not yet announced its third quarter financial report).

Specifically, the amount of deposits at BIDV is 1,567 trillion VND, up 7.5% compared to the beginning of the year. At Vietcombank it is 1,340 trillion VND, up 8.5%, and at VietinBank it is 1,310 trillion VND, up 4.9% compared to the beginning of the year.

Although the growth rate of customer deposits at the three banks mentioned above is lower than that of many commercial banks, in terms of absolute numbers, it is clear that this group of "big guys" has no rivals.

Meanwhile, Sacombank is the bank that mobilized the most money among the private banks, reaching 507,000 billion VND. Next are MB, ACB, SHB, VPBank, Techcombank, HDBank, LPBank, and VIB. These are banks with deposit balances of 200,000 billion VND or more.

TPBank is the only bank to record negative growth in this criterion when deposits in the first 9 months of the year reached more than 193,000 billion VND, down 0.6%.

Unexpected bank pays huge interest

With customer deposits continuously increasing to record levels in the first 9 months of the year, especially in the last 2 quarters, although the interest rates announced by banks have dropped to an unprecedented low, 27 listed banks have spent heavily on paying interest to depositors.

According to statistics, the total amount of interest paid by these 27 banks to depositors in the first 9 months of the year was VND 398,723 billion, a sharp increase of 79% over the same period in 2022 and equivalent to nearly 5% of the total capital mobilized by these banks.

Of course, the banks leading in deposit interest payments are also the banks leading in deposit volume.

Specifically, BIDV spent more than VND63,000 billion just to pay interest to depositors, an increase of 61% compared to the first 9 months of last year. VietinBank ranked second with VND53,000 billion, an increase of 58%; Vietcombank spent VND40,565 billion, a sharp increase of 76%; SHB spent VND26,754 billion, an increase of 73%; Sacombank spent VND23,855 billion, a sharp increase of 92%.

VPBank's interest expense also increased "hugely", reaching 112% after the bank spent 19,500 billion VND.

ACB also spent up to 19,000 billion VND on interest payments, an increase of 83% over the same period; HDBank also spent a large amount of 17,500 billion VND, an increase of 118%.

Even the growth rate of interest expenses at MB and Techcombank reached 128% and 151% respectively with the figures of 16,000 billion VND and 14,500 billion VND.

Techcombank and MSB are the two banks with the strongest growth in deposit interest payments. The increase at MSB is up to 159% compared to the first 9 months of last year.

In addition, some banks have increased their interest payment expenses by more than 100% compared to the same period last year, such as: ABBank (100%), TPBank (109%), KienLongBank (113%).

The sharp increase in interest payments by banks in the first nine months of the year was not due to high interest rates but mainly due to the continuous increase in deposits from the population in recent months.

The latest figures just released by the State Bank show that in August, people deposited an additional VND43,723 billion into the banking system. This increase is a significant improvement compared to the VND6,700 billion in the previous July or the VND35,300 billion in June and VND14,700 billion in May.