ABBANK earns $301.4M profit in H1

An ABBANK transaction office. In the first half of this year the bank achieved pre-tax profits of VNĐ558 billion (US$301.4 million). — Photo courtesy of ABBANK

HCM CITY — An Bình Commercial Joint Stock Bank (ABBANK) has reported pre-tax profits of VNĐ558 billion (US$301.4 million) for the first half of the year, equivalent to 56 per cent of its full-year plan.

Deposits as of June 30 were VNĐ135 trillion and loans outstanding were VNĐ131.8 trillion, meeting 94 per cent of its targets for the year.

The bank provisioned VNĐ640 billion for bad loans, an increase of 10.36 per cent over the same period last year. The non-performing loan ratio was below 3 per cent in accordance to the Circular No.11/202/TT-NHNN of the State Bank of Vietnam.

Its capital adequacy was 12.1 per cent, up 1 percentage point from the end of 2023 and higher than the minimum requirement of 8 per cent stipulated by the central bank.

The number of customers using digital banking and the number of online transactions increased by 4.77 per cent and 98.18 per cent.

The bank has also worked to improve the customer experience on digital platforms.

This year the bank has launched many preferential loan packages to support customers, especially small and medium-sized enterprises. — VNS