Hanoi (VNS/VNA) - Multiple banks recorded prosperous business results in the first nine months of 2021 despite the negative impacts caused by the COVID-19 pandemic, with some even exceeding business targets for the whole year.

Viet A Commercial Joint Stock Bank (VietABank) reported 9-month pre-tax profit of 522 billion VND (22.9 million USD), up three times over the same period last year. The profit from securities trading increased sharply, up 4.7 times over the same period in 2020 with 107.6 billion VND.

The total accumulated banking income in nine months still decreased by 6.3 percent year-on-year, while operating expenses increased by 5.1 percent. As a result, the bank's net profit before provision expenses decreased by 12.3 percent compared to the same period in 2020, reaching only 747 billion VND.

VietABank sharply reduced provision expenses in the past nine months, from 864 billion VND in the same period last year to 225 billion VND by the end of the third quarter of 2021. The sharp decrease in provision expenses was partly because the bank had settled all bonds at the Vietnam Asset Management Company (VAMC) since August, thus reducing the pressure on provisioning for VAMC bonds. In the third quarter of 2021 alone, the risk provision was only 19 billion VND, while in the third quarter of 2020, this number reached 476.5 billion VND.

Bac A Commercial Joint Stock Bank (BacABank) announced 9-month pre-tax profit of 702 billion VND, up 34 percent year-on-year, mainly thanks to the provisioning for risks which decreased by 70 percent over the same period last year.

In the third quarter, BacABank recorded profit of 94 billion VND from securities activities, nearly 12 times higher than the level of the same period in 2020.

Petrolimex Group Commercial Joint Stock Bank (PG Bank) recorded pre-tax of 272 billion VND in nine months, up 107 percent over the same period last year, completing 88 percent of the yearly plan. Provision expense dropped sharply by 64 percent year-on-year, to 93 billion VND.

However, bad debt increased by 13 percent compared to the beginning of the year to 708 billion VND, bringing the ratio of bad debt to total outstanding loans from 2.44 percent to 2.75 percent.

Lien Viet Post Bank Joint Stock Commercial Bank (LienVietPostBank)’s total operating income reached 7.01 trillion VND in nine months of 2021 and increased 35 percent year-on-year, of which net interest income increased by 33.8 percent, profit from service activities increased by 52.9 percent and profit from forex trading increased by 86 percent.

Although LienVietPostBank's risk provisioning increased by 2.76 times over the same period last year, the bank's pre-tax profit still reached 2.8 trillion VND, up 61 percent over the same period in 2020 and nearing the target of 3.2 trillion VND for the this year.

Orient Commercial Joint Stock Bank (OCB) recorded 9-month pre-tax profit rising by one and a half times against last year, reaching 3.77 trillion VND, reaching 68 percent of the year’s plan.

OCB said that the bank focused on the strategy of promoting asset quality rather than scale, taking advantage of quality long-term capital with lower capital costs from investment trusts and issuing valuable papers.

Total net revenue of OCB in the third quarter of 2021 increased by 23.3 percent against last year, reaching 6.24 trillion VND. The bad debt ratio decreased from 2.15 percent from last year to 1.51 percent at the end of the third quarter.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) announced 9-month profit of 17.1 trillion VND, up 60 percent compared to the same period last year, completing 86 per cent of the whole year’s plan. In third quarter alone, Techcombank's pre-tax profit reached 5.56 trillion VND, up 40 percent over the same period last year.

The bank also has the highest current account savings account (CASA) in the banking industry with 49 percent at the end of the third quarter of 2021, up from 46.1 percent in the previous quarter. CASA at Techcombank has increased by 59.1 percent in the past 12 months and reached 155 trillion VND; in which deposits of individual and corporate customers increased by 27 percent and 114.8 percent respectively over the same period last year.

Setting a target of 135 billion VND in pre-tax profit for this year, Saigon Industrial and Commercial Joint Stock Bank (Saigonbank) has just announced its 9-month pre-tax profit of 194 billion VND, up by 9.6 percent over the same period in 2020, exceeding the yearly plan by 44 percent.

The latest report of VietCapitalBank also recorded a 9-month pre-tax profit of 385 billion VND, up 181 percent year-on-year, higher than the yearly target of 290 billion VND.

Maritime Commercial Joint Stock Bank (MSB) reported 4.1 trillion VND of pre-tax profit in nine months, which has far exceeded the yearly plan of 3.2 trillion VND. Compared to the same period of 2020, MSB's profit increased more than 2.5 times.

Southeast Asia Commercial Joint Stock Bank (SeABank) announced 9-month pre-tax profit of 2.53 trillion VND, up 123 percent over the same period in 2020 and exceeding 5 percent of the yearly plan. Particularly in the third quarter, the bank's pre-tax profit was 974 billion VND, up 110 percent over the same period last year./.